Axis Bank – a private sector lender – has announced a hike in interest rates of fixed deposits of less than Rs 2 crore. The hike in FD rates is in line with the Reserve Bank of India’s (RBI) decision to raise the key interest rates by 25 basis points to 6.5 per cent interest rates.
The bank now offers interest rates on deposits maturing in 7 days to 10 years that range from 3.50 per cent to 7 per cent for the general public and 6 per cent to 7.75 per cent for senior citizens.
The fixed deposits with a maturity between two years to thirty months will get a maximum return of 8.01 per cent for senior citizens and 7.26 per cent for non-senior individuals, according to the Axis Bank’s website. The new rates shall be effective from February 11, 2023.
It also noted that it shall be now offering 3.5 per cent of interest on fixed deposits that mature in the next 7 days to 45 days, while the interest rate of 4 per cent on deposits that mature in the next 46 days to 60 days.
According to the revised rates, it offers 4.5 per cent and 4.75 per cent interest on deposits with terms ranging from 61 days to three months and three months to six months, respectively.
Similarly, the FD that matures in six to nine months will get an interest of 5.75 per cent and those which mature between nine to 12 months shall earn an interest of 6 per cent, as per the bank.
The fixed deposits that mature in 1 year to 1 year 24 days will offer an interest rate of 6.75 per cen% and for those maturing in 1 year 25 days to 13 months, Axis Bank is now offering an interest rate of 7.10 per cent.
