The leading private sector lender Axis Bank has hiked interest rates on fixed deposits of less than ₹2 Cr. According to the bank’s official website, the revised rates took effect on January 10, 2023. Following the modification, Axis Bank is now providing interest rates on deposits maturing in 7 days to 10 years that range from 3.5% to 7.00% for the general public and 3.5% to 7.75% for senior citizens. The general public will now get a maximum interest rate of 7.26% on deposits due in 2 years to 30 months, while senior citizens will now receive a maximum interest rate of 8.01%.
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Axis Bank FD Rates
The bank is giving an interest rate of 3.50% on deposits maturing in the next 7 days to 45 days, and Axis Bank is offering an interest rate of 4.00% on deposits maturing in the next 46 days to 60 days. On deposits with a tenor of 61 days to three months, Axis Bank is giving an interest rate of 4.50%, and on deposits with a tenor of three months to six months, the bank is offering an interest rate of 4.75%.
Deposits that mature in 6 to 9 months will earn interest at a rate of 5.75%, and those that mature in 9 to 12 months will earn interest at a rate of 6.00%. On deposits maturing in 1 year to 1 year 24 days, the bank is promising an interest rate of 6.75% and for those maturing in 1 year 25 days to 13 months, Axis Bank will offer an interest rate of 7.10%. Axis Bank will offer an interest rate of 6.75% on deposits maturing in 13 months to 2 years. Deposits maturing in 2 years to 30 months will fetch a maximum interest rate of 7.26% and those maturing in 30 months to 10 years, will fetch an interest rate of 7%.
Axis Bank FD Rates (axisbank.com)
Senior citizen residents will now get interest rates ranging from 3.50% to 7.75% on deposits due in 7 days to 10 years. The highest interest rate that can be provided to elderly adults is 8.01% for deposits that mature in 2 years to 30 months. One may establish a fixed deposit digitally with Axis Bank by depositing a minimum of Rs. 5,000 for a variable duration that can range from 7 days to a maximum of 10 years. Your options for receiving interest payments on FDs include monthly, quarterly, and upon maturity. Additionally, Axis Bank gives you the choice of an automatic roll-out function, which transfers the interest gained on your fixed deposit to a chosen savings account.
Meanwhile, Indian Overseas Bank (IOB) increased interest rates on a special 444-day tenor by up to 45 basis points and currently provides 7%. The latest update becomes effective on January 10, 2023. UCO Bank, hiked its fixed deposit interest rates by 50 bps on a range of tenors, starting from 1 year to 5 years and above. For deposits under ₹2 crore, Bank of India (BOI) raised interest rates on special term deposits with buckets of 444 days beginning on January 10, 2023. BOI is now giving an interest rate of 7.55% for older citizens and 7.05% for regular customers on this tenor.
