Home / Money / Personal Finance /  Axis Bank modifies domestic retail fixed deposit (FD) rates: Now offers up to 6%

Axis Bank, a private sector lender, has modified the interest rates on domestic term deposits under 2 crore. The new rates are in effect as of today, October 1st 2022, according to the bank's official website. Following the RBI's decision to increase the repo rate by 50 basis points to 5.90% on Friday, Axis Bank has followed Bank of India (BOI), ICICI Bank, and RBL Bank in raising the interest rates on fixed deposits. Axis Bank is now offering fixed deposits maturing in 15 months to less than 2 years with a maximum interest rate of 6.15% for the general public and 6.90% for senior citizens.

Axis Bank FD rates for non-senior citizens

On deposits maturing in 7 days to 29 days the bank will offer an interest rate of 2.75% and on deposits that mature in 30 days to 3 months, Axis Bank is now offering an interest rate of 3.25%. Fixed deposits that mature in 3 months to 6 months will now fetch an interest rate of 3.75% and term deposits that mature in 6 months to 9 months will now offer an interest rate of 4.65%. Axis Bank is now offering an interest rate of 4.75% on term deposits maturing in 9 months to 1 year and the bank will offer an interest rate of 5.45% on term deposits that mature in 1 year to 1 year and 11 days.

The bank will now give an interest rate of 5.75% on deposits maturing in 1 year, 11 days to less than 1 year, 25 days, while Axis Bank will now offer an interest rate of 5.60% on term deposits maturing in 1 year, 25 days to 15 months. On deposits due in the next 15 months to 2 years, Axis Bank is now giving a maximum interest rate of 6.15%, while on term deposits maturing in the next 2 years to 5 years, the bank is now offering an interest rate of 5.70%. At Axis Bank, fixed deposits with maturities between five and ten years currently earn 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

Axis Bank provides older persons with an additional interest rate advantage on deposits that mature in 6 months to 10 years. Axis Bank is now giving elderly folks an interest rate on the aforementioned tenure band that ranges from 4.90% to 6.50%. Fixed deposits with maturities between 15 months and 2 years will now provide elderly residents with a maximum interest rate of 6.90%.

Axis Bank FD rates for senior citizens
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Axis Bank FD rates for senior citizens (axisbank.com)
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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