Interest rates

Axis Bank revises interest rates on non-refundable term deposits

Investment

oi-Vipul Das

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Axis Bank, a private sector lender, has revised interest rates on non-redeemable fixed deposits. On March 8, 2022, the bank made this change. National Fixed Deposits Plus are non-withdrawable deposits in which the bank does not allow early withdrawal. Following the most recent adjustment, the bank currently offers deposits maturing between 7 days and 10 years at a rate of 3.05 to 4.65%.

Axis Bank interest rates on non-refundable deposits

Axis Bank started offering the following interest rates on “Fixed Deposit Plus” (unauthorized premature withdrawal) from 08/03/2022.

Tenors Rs 2 Cr to Rs 5 Cr Rs 5 Cr to Rs 10 Cr Rs 10 Cr to Rs 25 Cr Rs 25 Cr to Rs 50 Cr Rs 50 Cr to Rs 100 Cr Rs 100 Cr and more
7 days to 14 days 3.05 3.05 3.05 3.05 3.05 3.05
15 days to 29 days 3.05 3.05 3.05 3.05 3.05 3.05
30 days to 45 days 3.1 3.1 3.1 3.1 3.1 3.1
46 days to 60 days 3.1 3.1 3.1 3.1 3.1 3.1
61 days to less than 3 months 3.25 3.25 3.25 3.25 3.25 3.25
3 months to less than 4 months 3.85 4.05 4.05 4.05 4.05 4.05
4 months to less than 5 months 3.85 4.05 4.05 4.05 4.05 4.05
5 months to less than 6 months 3.85 4.05 4.05 4.05 4.05 4.05
6 months to less than 7 months 4.1 4.3 4.3 4.3 4.3 4.3
7 months to less than 8 months 4.1 4.3 4.3 4.3 4.3 4.3
8 months to less than 9 months 4.1 4.3 4.3 4.3 4.3 4.3
9 months to less than 10 months 4.15 4.35 4.35 4.35 4.35 4.35
10 months to less than 11 months 4.15 4.35 4.35 4.35 4.35 4.35
11 months to less than 11 months 25 days 4.15 4.35 4.35 4.35 4.35 4.35
11 months 25 days to less than 1 year 4.15 4.35 4.35 4.35 4.35 4.35
1 year to less than 1 year 5 days 4.3 4.8 4.8 4.8 4.8 5
1 year 5 days to less than 1 year 11 days 4.3 4.8 4.8 4.8 4.8 5
1 year 11 days to less than 1 year 25 days 4.3 4.8 4.8 4.8 4.8 5
1 year 25 days to less than 13 months 4.3 4.8 4.8 4.8 4.8 5
13 months to less than 14 months 4.3 4.8 4.8 4.8 4.8 5
14 months to less than 15 months 4.3 4.8 4.8 4.8 4.8 5
15 months to less than 16 months 4.3 4.8 4.8 4.8 4.8 5
16 months to less than 17 months 4.3 4.8 4.8 4.8 4.8 5
17 months to less than 18 months 4.3 4.8 4.8 4.8 4.8 5
18 months to less than 2 years 4.3 4.8 4.8 4.8 4.8 5
2 years to less than 30 months 4.55 4.8 4.8 4.8 4.8 4.8
30 months to less than 3 years 4.55 4.8 4.8 4.8 4.8 4.8
3 years to less than 5 years 4.65 4.9 4.9 4.9 4.9 4.9
5 years to 10 years 4.65 4.9 4.9 4.9 4.9 4.9
Source: Bank website

Axis Bank NRI Fixed interest rates on deposits

Effective March 8, 2022, the bank grants the following interest rates on NRI deposits where early withdrawals are not permitted

Tenors Rs 5 Cr to Rs 10 Cr Rs 10 Cr to Rs 25 Cr Rs 25 Cr to Rs 50 Cr Rs 50 Cr to Rs 100 Cr Rs 100 Cr and more
1 year to less than 1 year 5 days 4.8 4.8 4.8 4.8 5
1 year 5 days to less than 1 year 11 days 4.8 4.8 4.8 4.8 5
1 year 11 days to less than 1 year 25 days 4.8 4.8 4.8 4.8 5
1 year 25 days to less than 13 months 4.8 4.8 4.8 4.8 5
13 months to less than 14 months 4.8 4.8 4.8 4.8 5
14 months to less than 15 months 4.8 4.8 4.8 4.8 5
15 months to less than 16 months 4.8 4.8 4.8 4.8 5
16 months to less than 17 months 4.8 4.8 4.8 4.8 5
17 months to less than 18 months 4.8 4.8 4.8 4.8 5
18 months to less than 2 years 4.8 4.8 4.8 4.8 5
2 years to less than 30 months 4.8 4.8 4.8 4.8 4.8
30 months to less than 3 years 4.8 4.8 4.8 4.8 4.8
3 years to less than 5 years 4.9 4.9 4.9 4.9 4.9
5 years to 10 years 4.9 4.9 4.9 4.9 4.9
Source: Bank website

To note

Axis Bank has also recently revised interest rates on fixed deposits of less than Rs 2 Cr. The adjustment was made on 03/05/2022 and following the revision, the bank offers an interest rate of 2.5% – 5.75% to the general public and 2.5% – 6.50% to seniors on term deposits with an early withdrawal facility maturing in 7 days to 10 years. Check all the details here.