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Business News/ Money / Personal Finance/  Axis Bank hikes interest rates on fixed deposits (FDs) by up to 75 bps
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Axis Bank hikes interest rates on fixed deposits (FDs) by up to 75 bps

The private sector lender Axis Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr

Axis Bank is now offering interest rates on fixed deposits maturing in 7 days to 10 years that range from 3.50% to 6.10% for the general public and 3.50% to 6.85% for senior citizens. (MINT_PRINT)Premium
Axis Bank is now offering interest rates on fixed deposits maturing in 7 days to 10 years that range from 3.50% to 6.10% for the general public and 3.50% to 6.85% for senior citizens. (MINT_PRINT)

The private sector lender Axis Bank has hiked its interest rates on fixed deposits of less than 2 Cr. According to the bank's official website, the new rates take effect on October 14, 2022. The bank raised interest rates in response to the modification by up to 75 basis points. Axis Bank is now offering interest rates on fixed deposits maturing in 7 days to 10 years that range from 3.50% to 6.10% for the general public and 3.50% to 6.85% for senior citizens.

Axis Bank FD Rates

The bank increased its interest rate from 2.75% to 3.50% for deposits maturing in 7 days to 29 days, a 75 bps increase, and from 3.25% to 3.50% for deposits maturing in 30 days to 60 days, a 25 bps increase. Deposits maturing in 61 days to three months will now provide an interest rate of 4.00%, up from 3.25% previously—a 75 basis point increase—and deposits maturing in three months to six months will now provide an interest rate of 4.25%, up from 3.75% previously—a 50 basis point increase.

On deposits with maturities between 6 and 9 months, Axis Bank increased interest rates by 35 basis points, from 4.65% to 5%. The bank increased interest rates on deposits maturing in 10 months to 1 year from 4.75% to 5.00% by 25 basis points, and Axis Bank increased interest rates on deposits maturing in 1 year to 1 year 11 days from 5.45% to 6.10% by 65 basis points. Deposits maturing between 1 year 11 days and 1 year 25 days will now earn an interest rate of 6.10%, up from 5.75% previously—a 35 basis point increase—and deposits maturing between 1 year 25 days and 15 months will now earn an interest rate of 6.10%, up from 5.60% previously—a 50 basis point increase.

On deposits maturing in 15 months to 2 years, Axis Bank will continue to give an interest rate of 6.15%, while on deposits maturing in 2 years to 3 years, the bank has increased the interest rate by 50 basis points to 6.20% from 5.70%. The bank increased the interest rate on deposits maturing in 3 to 5 years by 40 basis points to 6.10% from 5.70%, and Axis Bank increased the interest rate on deposits maturing in 5 to 10 years by 35 basis points to 6.10% from 5.75%.

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

Axis Bank FD Rates For Senior Citizens

On deposits that mature in 6 months to 10 years, Axis Bank provides older persons with additional interest rate benefits. Axis Bank is giving older folks a maximum interest rate of 6.95% on deposits that mature in two to three years.

Axis Bank FD Rates For Senior Citizens
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Axis Bank FD Rates For Senior Citizens (axisbank.com)

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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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Published: 14 Oct 2022, 03:15 PM IST
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