Axis Bank Fixed Deposit Interest Rate: Leading private sector lender Axis Bank has announced major alterations on its fixed deposit (FD) interest rates for account holders who open such accounts. This comes days after the country’s biggest public sector State Bank of India (SBI), as well as private lender HDFC Bank, also revised their fixed deposit interest rates. The move was announced a month after the Reserve Bank of India, or RBI, kept its repo rates unchanged. Axis Bank has made the announcement in a notification on its official website, via a chart which displays all the plans for fixed deposits.
Axis Bank FD Interest Rate Hike — Key Details
Axis Bank, which is among some of the more popular private lenders in the country, has notified on its official website that the new rates of interest on fixed deposits will be applicable on deposits below Rs 2 crore. The new rates will be applicable from Thursday, January 20, which is today as per the bank’s website.
From Thursday, Axis Bank will provide an interest rate of 2.50 per cent to 3.00 per cent on domestic term deposits. This is to be done on the deposits of less than Rs 2 crore maturing in seven days to 29 days and 30 days to less than three months. The account investors will get an interest of 3.50 per cent to 4.40 per cent on fixed deposits that will mature in three months to less than six months and six months to less than one year.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Axis Bank from January 20, 2022 (for general public):
7 days to 14 days: 2.5 per cent
15 days to 29 days: 2.5 per cent
30 days to 45 days: 3 per cent
46 days to 60 days: 3 per cent
61 days less than 3 months: 3 per cent
3 months less than 4 months: 3.5 per cent
4 months less than 5 months: 3.5 per cent
5 months less than 6 months: 3.5 per cent
6 months less than 7 months: 4.4 per cent
7 months less than 8 months: 4.4 per cent
8 months less than 9 months: 4.4 per cent
9 months less than 10 months: 4.4 per cent
10 months less than 11 months: 4.4 per cent
11 months less than 11 months 25 days: 4.4 per cent
11 months 25 days less than 1 year: 4.4 per cent
1 year less than 1 year 5 days: 5.1 per cent
1 year 5 days less than 1 year 11days: 5.15 per cent
1 year 11days less than 1 year 25days: 5.25 per cent
1 year 25 days less than 13 months: 5.15 per cent
13 months less than 14 months: 5.15 per cent
14 months less than 15 months: 5.15 per cent
15 months less than 16 months: 5.2 per cent
16 months less than 17 months: 5.2 per cent
17 months less than 18 months: 5.2 per cent
18 months less than 2 years: 5.25 per cent
2 years less than 30 months: 5.4 per cent
30 months less than 3 years: 5.4 per cent
3 years less than 5 years: 5.4 per cent
5 years to 10 years: 5.75 per cent
The rising interest rates in most banks is likely to come as good news for depositors who have been earning one of the lowest rates of interest for almost 20 years. If the base rate rises further, we are likely to see a few more increases in rates of interest going forward.
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