Bank Fixed Deposit rates are up again. Private sector lender Axis Bank has hiked the FD rates recently. The bank has raised interest rates on retail fixed deposit which are less than Rs. 2 Crore. Post this rate hike, now Axis Bank offers fixed deposit interest rate of 3.5%-6.5% for regular customers and interest rate of 3.5%-7.25% for its senior citizen customers. The bank has increased the interest rates in many slabs and even has raised maximum of 1.15% in specific tenure. Extra interest to senior citizens is offered from 6 months tenure onwards and the extra interest ranges from 0.25% to as high as 0.75%. Let’s take a closure look at the new rates below :
- 7 days – 45 days interest rate is at 3.5%. There is no change in this tenure.
- 46 days – 60 days rate is now at 4%. Axis Bank has hiked 0.5% in this slab.
- 61 days – less than 6 months now will give 4.5%, here also bank has raised 0.5% interest rate for the customers.
- 6 months – less than 9 months is now available at 5.25%. If you are senior citizen then take 0.5% extra which is 5.50% for your fixed deposit.
- 9 months – less than 1 year, offers 5.5%. Axis Bank offers 5.75% to senior citizens for the same tenure.
- 1 year – less than 18 months has been revised to 6.25%. Senior citizens get 7.00% for this period which is 0.75% extra.
- 18 months – less than 3 years is offering 6.3% post revision. 7.05% is offered for senior citizens for this tenure.
- 3 years – 10 years offers 6.5% interest rate which is the highest interest on fixed deposit from Axis Bank. Senior citizens will be getting 7.25% in this tenure which is 0.75% extra.
The revised retail fixed deposit interest rates indicate that the bank is looking for more longer tenure deposits ranging between 3-10 years for stable deposit growth.
Not only the above withdrawable retail deposits but also non-withdrawable retail fixed deposits of less than Rs. 2 Cr have seen increase in rates. Here are the new rates of Axis Fixed Deposit Plus (non-withdrawable retail Fixed Deposit of less than Rs. 2 crore) :
- 30 days – 45 days @ 5%.
- 46 days – less than 3 months @ 6% rate.
- 3 months – less than 6 months offers 6.3%.
- 6 months – less than 9 months now at 6.55%.
- 9 months – less than 1 year @ 6.8%
- 1 year – 1 year 5 days offers 7.20%. This is the highest interest offered in Axis Fixed Deposit Plus.
- 1 year 5 days – less than 30 months is @ 7%.
- 3 years – 10 years is now offering 6.80%.
All the above mentioned new rates are effective from 5th November 2022. Investors can book their fixed deposits with new rates of Axis Bank for long term benefits.
