New Delhi: With an increase in the policy repo rate of the central bank, it is anticipated that fixed deposit and lending rates will also rise. Though, RBI hiked the repo rate previously in four tranches. The 35 basis point rate rise by the RBI for the December policy will benefit FD depositors once more. Banks have sharply raised their FD rates since May in response to the outcomes of the RBI’s policy decisions, which has strengthened the allure of FD investments.
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Fixed deposit interest rates for sums under Rs 2 crore have been raised at Axis Bank. Beginning on December 15, 2022, the new rates will be in effect. On November 15, 2022, the bank had earlier increased the FD rates. Fixed deposit interest rates for maturities between 6 months and 9 months have climbed to 5.75 percent following the most recent increase. A 6 percent interest rate will now be paid on deposits that mature in 9 months to less than a year.
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For tenures of between one year and less than two years, the bank will give an interest rate of 6.75 percent.
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The bank is giving a 7 percent interest rate on deposits that mature in two years or less than ten years. For tenures ranging from 7 days to 10 years, Axis Bank offers interest rates between 3.50 percent and 7.75 percent for senior folks.
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