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Axis Bank hikes FD interest rate by 15bps
August 14, 2023
Axis Bank has hiked the fixed deposit interest rate on one tenure by 15 basis points (bps) for amounts below ₹2 crore. The new rate is effective from August 11, 2023, according to the bank’s website.
After the revision, Axis Bank offers interest rates between 3.5% and 7.20% on tenures ranging from 7 days to 10 years. The minimum investment for fixed deposit is ₹5000 if booked via internet banking or mobile banking. If booking through the branch, the minimum amount is ₹10,000.
On July 17, 2023, the bank had cut interest rate by 10 bps on tenure of 16 months to less than 17 months to 7.10% from 7.20%.
The latest fixed deposit interest rates offered by the bank is 3.50% for deposits maturing in 7 to 45 days and 4.00% for deposits maturing in 46 to 60 days. On deposits with maturities ranging from 61 days to three months, Axis Bank is now giving interest rates of 4.50% and 4.75% for deposits with tenure 3 months to 6 months.
Deposits that mature in 6 to 9 months will receive an interest rate of 5.75%, and 6.00% interest will be paid on deposits that mature in 9 months to less than a year.
Fixed deposits maturing in one year to one year, four days earn 6.75%, while deposits maturing in one year, 5 days to less than 13 months earn 6.80%. The bank provides 7.10 percent on 13-month and less-than-two-year deposits.
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