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Axis Bank has hiked interest rates on fixed deposits (FDs) for various tenors. According to the Axis Bank website, the new rates will come into effect from May 12, 2022. Axis Bank offers term deposits ranging from seven to ten years. 

Axis Bank latest FD rates effective 12 May

Following the latest interest rate hike, Axis Bank will pay interest rates in the range of 2.5 percent to 5.75 percent across various FD tenors.

Axis Bank FD rates for senior citizens

Senior citizens will get an interest rate ranging from 2.5% to 6.50% on deposits maturing in 7 days to 10 years.

State Bank of India (SBI) also hiked interest rates on Domestic Bulk Term Deposits of 2 crore and above with effect from 10th May 2022.

A clutch of banks announced hike in their interest rates on fixed deposits, shortly after the Reserve Bank of India (RBI) hiked the key policy rate on May 4 in an unscheduled announcement.

Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, and ICICI Bank announced deposit rate hikes across multiple tenor baskets for retail customers.

 

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