Axis Bank, a private sector lender, has changed the interest rates on domestic term deposits of less than 2 crore rupees.
The interest rates on domestic term deposits under Rs. 2 crores have changed thanks to the private sector lender Axis Bank. On October 1, 2022, the new rates went into effect, according to the bank's official website. The interest rates on fixed deposits have been raised by Axis Bank, Bank of India (BOI), ICICI Bank, and RBL Bank in response to the RBI's decision to raise the repo rate by 50 basis points to 5.90% on Friday. The maximum interest rate on fixed deposits offered by Axis Bank is 6.15% for the general public and 6.90% for senior citizens, with maturities ranging from 15 months to less than 2 years.
Axis Bank FD rates
The bank will give an interest rate of 2.75 per cent on deposits maturing in 7 days to 29 days, whereas Axis Bank is already offering an interest rate of 3.25 per cent on deposits maturing in 30 days to 3 months. Fixed deposits with maturities between three and six months will now pay interest at a rate of 3.75 per cent, and term deposits with maturities between six and nine months will now pay interest at a rate of 4.65 per cent. Axis Bank is currently offering term deposits maturing in 9 months to 1 year at an interest rate of 4.75 per cent, and term deposits maturing in 1 year to 1 year and 11 days at an interest rate of 5.45 per cent.
Axis Bank will now offer an interest rate of 5.60 per cent on term deposits maturing in 1 year, 25 days to 15 months, while the bank will also pay a rate of 5.75 per cent on deposits maturing in 1 year, 11 days to less than 1 year, 25 days. Axis Bank is currently paying an interest rate of 5.70 per cent on term deposits maturing in the next 2 years to 5 years while offering a maximum interest rate of 6.15 per cent on deposits due in the next 15 months to 2 years. Axis Bank now offers a 5.75 per cent interest rate on fixed deposits with maturities of five to ten years.
Axis Bank FD rates for senior citizens
With respect to deposits with maturities between six months and ten years, Axis Bank offers senior customers an additional interest rate benefit. Currently, Axis Bank offers senior citizens an interest rate on the tenure band described above that varies from 4.90 per cent to 6.50 per cent. Aged citizens will now receive a maximum interest rate of 6.90 per cent on fixed deposits with maturities between 15 months and 2 years.
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 "Axis Bank hikes its domestic retail fixed deposit rates to 6 percent")
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