Home / Money / Personal Finance /  Axis Bank hikes interest rates by 25 bps on fixed deposits of less than 2 Cr

Axis Bank has announced an interest rate hike for its fixed deposits below 2 crore. According to the bank's official website, the new interest rates went into effect today, September 9, 2022. The bank has raised interest rates across a range of tenors in response to the change. The bank has hiked interest rates on fixed deposits by 25 bps for maturities ranging from 7 days to 6 months.

Axis Bank FD Rates

On fixed deposits maturing in 7 days to 29 days the bank has hiked the interest rate by 25 bps from 2.50% to 2.75% and on fixed deposits maturing in 30 days to 3 months Axis Bank has hiked the interest rate by 25 bps from 3% to 3.25%. Fixed deposits maturing in 3 months to 6 months will now fetch an interest rate of 3.75% which was earlier 3.50% a hike of 25 bps. On fixed deposits maturing in 6 months to 7 months and 7 months to 8 months, the bank will continue to offer an interest rate of 4.65% and 4.40% respectively and fixed deposits maturing in 8 months to 9 months will continue to offer an interest rate of 4.65%.

The interest rate on fixed deposits maturing in 9 months to 1 year will continue at 4.75%, while the interest rate on term deposits maturing in 1 year to 1 year and 11 days will stay constant at 5.45%. On fixed deposits maturing in 1 year 11 days to 1 year 25 days, Axis Bank will continue to give an interest rate of 5.75%, and on fixed deposits maturing in 1 year 25 days to 2 years, the bank will continue to promise an interest rate of 5.60%. On term deposits maturing in 2 to 5 years, the bank will continue to pay an interest rate of 5.70%, and on fixed deposits maturing in 5 to 10 years, it will pay an interest rate of 5.75%.

Axis Bank FD Rates
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Axis Bank FD Rates (axisbank.com)

Axis Bank FD Rates For Senior Citizens

On fixed deposits maturing in 7 days to 29 days, senior citizens will get an interest rate of 2.75% and on fixed deposits maturing in 30 days to 3 months, senior citizens will now get an interest rate of 3.25%. Fixed deposits maturing in 3 months to 6 months will continue to fetch an interest rate of 3.75% and term deposits maturing in 6 months to 7 months senior citizens will now get an interest rate of 4.90%. Senior citizens will now get an interest rate of 4.65% and 4.90% on fixed deposits maturing in 7 months to 8 months and 8 months to 9 months. On fixed deposits maturing in 9 months to 1 year, senior citizens will now get an interest rate of 5.00%.

Axis Bank FD Rates
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Axis Bank FD Rates (axisbank.com)

Senior citizens will now get an interest rate of 6.20% on fixed deposits maturing in 1 year to 1 year 11 days and they will get an interest rate of 6.50% on term deposits maturing in 1 year 11 days to 1 year 25 days. Fixed deposits maturing in 1 year 25 days to 2 years will now pay an interest rate of 6.35% to senior citizens, and term deposits maturing in 2 years to 5 years will pay an interest rate of 6.45% to senior citizens. On fixed deposits maturing in 5 years to 10 years, senior citizens will get an interest rate of 6.50%.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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