Interest rates

Axis Bank raises fixed deposit (FD) interest rates by up to 115 basis points

Axis Bank, one of India’s leading private sector banks, has raised interest rates on term deposits to below 2 crores. According to the bank’s website, the new rates are effective as of today, November 5, 2022. Following the change, the bank increased interest rates on deposits with maturities ranging from 46 days to 10 years up to 115 basis points. Axis Bank now offers interest rates on deposits with maturities of 7 days to 10 years ranging from 3.50% to 6.50% for the general public and 3.50% to 7.25% for seniors. Deposits maturing between three and ten years will now have a maximum interest rate of 7.25% for seniors and 6.50% for the general public.

Axis Bank FD Rates

On term deposits with a maturity between 7 and 45 days, the bank will continue to offer an interest rate of 3.50%, but on deposits with a maturity between 46 and 60 days, the bank raised the interest rate by 50 basis points, from 3.50% to 4%. Deposits maturing in 61 days to 3 months will now offer an interest rate of 4.50%, which was 4% previously, an increase of 50 bps, and deposits maturing in 3 months to 6 months , will now benefit from an interest rate of 4.50%, an increase of 25 bps. from 4.25%. Axis Bank increased the interest rate by 50 basis points from 5% to 5.50% on deposits with maturities of 6 months to 9 months and the bank raised the interest rate by 75 basis points from 5 % to 5.75% on deposits with maturities of 9 months to 1 year.

On deposits maturing in 1 year to 15 months will now offer an interest rate of 7% which was previously 6.10% an increase of 90 basis points and on those maturing in 15 months to 18 months will now look for an interest rate of 7% which was previously 6.15% an increase of 85 basis points. Deposits maturing in 18 months to 2 years will now earn an interest rate of 7.05%, which was previously 6.15%, a 90 basis point hike made by Axis Bank and those maturing in 2 years to 3 years will now pay an interest rate of 7.05%, which was previously 6.20%, an increase of 85 basis points. Axis Bank raised interest rates by 115 basis points from 6.10% to 7.25% on deposits with maturities of 3 to 10 years.

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Axis Bank FD Rates (axisbank.com)

Axis Bank FD rates for seniors

Axis Bank offers senior customers additional interest rate benefits on deposits with terms ranging from six months to ten years. Axis Bank now offers senior citizens an interest rate range of 5.50% to 7.25% on deposits maturing in the said tenor band.

Axis Bank FD rates for seniors

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Axis Bank FD rates for seniors (axisbank.com)

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