Axis Bank reduces FD interest rate on tenure and increases rates on these fixed deposit tenors
In a surprising move, Axis Bank has reduced the interest rate on one tenure and increased its fixed deposit interest rates by 5 basis points (bps) on other select tenures. The new rates are effective from April 21, 2023.Latest Axis Bank fixed deposit interest rates
After the revision, Axis bank offers interest rates between 3.5% to 7.20% on tenures ranging from 7 days to 10 years.
The bank now offers a fixed deposit interest rate of 3.50% for deposits that mature in 7 to 45 days, and offers fixed deposit interest rate of 4.00% for deposits that mature in 46 to 60 days. Axis Bank is currently offering interest rates of 4.50% and 4.75% on deposits with maturities ranging from 61 days to three months and 3 months to 6 months, respectively. Deposits that mature in 6 to 9 months after the modification will now 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.
Also read: Best FDs: Banks offering interest rates up to 8% on 2-year fixed deposits
On fixed deposits maturing in one year to one year and 24 days, the bank has increased by 5 bps to 6.60%; on deposits maturing in one year 25 days to less than 13 months, the interest rate is 7.10%. On deposits of 13 months and less than two years, the bank will offer 7.15%.
The bank has reduced interest rates on the tenure with highest interest rate. The interest rate was reduced from 7.26% to 7.20% on tenure of 2 years to less than 30 months. Remaining tenure will earn 7% interest rate.
Axis Bank fixed deposit interest rates
DEPOSITSBELOW RS.2 CRORE7 days to 14 days3.515 days to 29 days3.530 days to 45 days3.546 days to 60 days461 days 4.53 months 4.754 months 4.755 months 4.756 months 5.757 months 5.758 months 5.759 months 610 months 611 months to 11 months 24 days611 months 25 days 61 year to 1 year 4 days6.81 year 5 days to 1 year 10 days6.81 year 11 days to 1 year 24 days6.81 year 25 days 7.113 months 7.1514 months 7.1515 months 7.1516 months 7.1517 months 7.1518 Months 7.152 years 7.230 months 73 years 75 years to 10 years7 Source: Bank website
Axis Bank senior citizen interest rate
After the revision, the bank has reduced the interest rates on the tenure with highest interest rate from 8.01 to 7.95%.
Source: Bank websiteDon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!
This story originally appeared on: India Times - Author:Faqs of Insurances
