New Delhi: One of the largest private lenders, Axis Bank, raised interest rates on fixed deposits worth less than Rs 2 crore once again on November 15, 2022. On November 5, 2022, the bank raised interest rates on deposits with maturities ranging from 46 days to 10 years by up to 115 bps. For the second time in a month, the bank has raised FD rates, this time by up to 20 bps on a range of tenors.
The bank increased the interest rate on fixed deposits maturing in the next 15 to 18 months by 15 basis points to 6.4 percent and in the following 18 to 3 years by up to 20 basis points to 6.5 percent in light of the most recent increase announced on Tuesday. (Also Read: Financial Crisis? Get loan up to Rs 35 lakh online from SBI in few clicks; check details)
The bank will continue to give an interest rate of 3.5 percent on FDs maturing in 7 days to 45 days, and 4 percent on FDs maturing in 46 days to 60 days. Deposits that mature in 61 days to 6 months will continue to earn 4.5 percent interest, while those that mature in 6 months to 9 months will earn 5.25 percent interest. (Also Read: Earn up to Rs 3 lakhs per month by just investing Rs 25,000 in THIS business; Details inside)
The interest rates offered by Axis Bank will remain at 5.5 percent for FDs maturing in 9 months to 1 year and 6.25 percent for those maturing in 1 year to 15 months. The bank increased the interest rate on fixed-rate debt (FDs) with maturities between 15 and 18 months by 15 basis points (bps), from 6.25 percent to 6.4 percent, and by 20 bps, from 6.25 percent to 6.5 percent, on FDs with maturities between 18 and 3 years.
Deposits will continue to earn interest at a rate of 6.5 percent for maturities between three and ten years.
Axis Bank offers older citizens extra interest rate incentives on deposits with maturities ranging from six months to ten years. Senior citizens will now receive a maximum interest rate of 7.25 percent on deposits at Axis Bank with maturities ranging from 18 months to 10 years.