Home / Money / Personal Finance /  Axis Bank hikes interest rates on fixed deposits of 1 to 5 years: Check details

Axis Bank, a private sector lender, has raised interest rates on fixed deposits of less than 2 crore. The bank made this announcement on June 16, 2022, and as a result of the interest rate modification, the bank increased interest rates on fixed deposits of one to five years.

Axis Bank FD Rates

The bank will provide interest rates of 2.50 per cent and 3 per cent on fixed deposits of 7 days to 29 days and 30 days to 3 months. Axis Bank will continue to provide interest rates of 3.50 per cent and 4.40 per cent on term deposits maturing in 3 months to 6 months and 6 months to 9 months. Deposits maturing in 9 months to less than 1 year will continue to collect 4.75 per cent interest, but deposits maturing in 1 year to less than 1 year 11 days will receive 5.45 per cent interest, a 20 basis point increase.

The bank upped the interest rate on fixed deposits maturing in 1 year 11 days to 1 year 25 days from 5.25 per cent to 5.75 per cent, a 50 basis point increase. Axis Bank will now give an interest rate of 5.60 per cent, up from 5.25 per cent before, on deposits maturing in 1 year, 25 days to less than 15 months, representing a 35 basis point increase. Deposits maturing in 15 months to less than two years will now pay 5.60 per cent instead of 5.30 per cent, a 30 basis point increase.

Axis Bank has raised the interest rate on fixed deposits maturing in 2 years to less than 5 years by 10 basis points, from 5.60 per cent to 5.70 per cent, while the interest rate on deposits maturing in 5 years to 10 years has remained steady at 5.75 per cent.

Axis Bank FD Rates
View Full Image
Axis Bank FD Rates (axisbank.com)

Axis Bank FD Rates For Senior Citizens

Senior citizens would get interest rates ranging from 2.50 per cent to 6.50 per cent on fixed deposits of 7 days to 10 years. Senior citizens will get an interest rate ranging from 6.10 per cent to 6.35 per cent after an interest rate hike on deposits maturing in more than one year to five years. Axis Bank is now providing older persons with a maximum interest rate of 6.50 per cent on deposits of 5 to 10 years.

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

Meanwhile, HDFC Bank has also hiked interest rates on fixed deposits today. Effective as of 17th June 2022, HDFC Bank is now offering an interest rate of 2.75% - 5.75% to the general public and 3.25% - 6.50% to senior citizens on deposits of less than 2 Cr.

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).
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks