Axis Bank has reduced its fixed deposit interest rate of a single tenure by 20 basis points

Axis Bank reduces FD interest rate by 20 bps on this tenor: Check details The latest FD interest rates are effective from May 18, 2023

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8% FD interest in traditional banks: Where will you get the best return — public sector or private banks?In a surprising move when other banks are increasing their fixed deposit interest rates or even keeping them unchanged, Axis Bank has reduced its fixed deposit interest rate of a single tenure by 20 basis points. The latest FD interest rates are effective from May 18, 2023.
After the revision, Axis Bank offers interest rates between 3.5% to 7.10% on tenures ranging from 7 days to 10 years.

Latest Axis Bank fixed deposit interest rates

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 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.

On fixed deposits maturing in one year to one year to one year four days, the bank has lowered by 5 bps and now offers 6.75%; on deposits maturing in one year 5 days to less than 13 months, the interest rate is now offering 6.80% from earlier 7.10%, a reduction of 20 bps. On deposits of 13 months and less than two years, the bank will offer 7.10 from earlier 7.15%.

The interest rate was reduced from 7.20% to 7.05% on tenure of 2 years to less than 30 months. Remaining tenure will earn a 7% interest rate.


Axis Bank senior citizen interest rate
After the revision, the bank will now offer an interest rate between 3.50% to 7.85% on tenures ranging from 7 days to 10 years.
Source: Bank website

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This story originally appeared on: India Times - Author:Faqs of Insurances