Axis Bank raises FD interest rates

Private lender, Axis Bank has raised the interest rates on fixed deposits (FDs) of less than Rs 2 crore in line with the Reserve Bank of India’s (RBI) 25 basis point hike in the repo rate to 6.50% on February 8, 2023. The new rates will be effective from February 11, 2023, according to the Axis Bank website.

Following the recent hike, Axis Bank is offering interest rates on FDs maturing in 7 days to 10 years, ranging from 3.50% to 7.00% for the general public, and 6.00% to 7.75% for senior citizens.

The bank has raised interest rates on deposits that mature in the next 7 days to 45 days, and is now offering a rate of 3.50%. Axis Bank is now offering an interest rate of 4.00% on deposits maturing in 46 to 60 days.

Axis Bank is offering an interest rate of 4.50% and 4.75% on deposits with maturities ranging from 61 days to three months and three months to six months, respectively.

For deposits that mature in 6 to 9 months, interest rates will be paid at a rate of 5.75%, while deposits that mature in 9 to 12 months will earn an interest rate of 6.00%.

The bank is currently offering an interest rate of 6.75% on FDs maturing in 1 year to 1 year and 24 days, and a rate of 7.10% on deposits maturing in 1 year and 25 days to 13 months. Deposits with maturities between 13 months and two years will earn an interest rate of 6.75%, while deposits with maturities ranging from two years to thirty months will earn interest at a rate of 7.26%.

On deposits with tenors ranging from 30 months to 10 years, Axis Bank is now offering an interest rate of 7.00%. Senior citizens will receive an additional interest rate over and beyond the usual rates on FDs expiring in 6 months to 10 years.