Private sector Axis Bank has revised its interest rates on domestic fixed deposits below ₹2 crore, which will come into effect from October 1, 2022. The move comes a day after the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points to a three-year high of 5.90 percent.
With this, Axis Bank joined other lenders like ICICI Bank, Bank of India and RBL who have raised interest rates on fixed deposits. According to the official website, the bank now offers an interest rate of 6.15 percent to the general public and 6.90 percent to senior citizens on deposits maturing within 15 months to less than two years.
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Axis Bank offers an interest rate of 2.75 percent for deposits that mature within seven days to 29 days. On other days, an interest rate of 3.25 percent is offered for deposits that mature within 30 days to three months. The private sector lender offers 3.75 percent interest on deposits maturing within three to six months, while 4.65 percent interest is offered on deposits maturing within six to nine months.
However, the bank offers an interest rate of 4.75 percent for term deposits under ₹2 crore maturing within nine months to one year, while 5.45 percent is offered on term deposits maturing in one year to 1 year and 11 days. Axis Bank offers 5.75 percent interest on deposits maturing in 1 year 11 days to less than a year 1 and 25 days, while 5.60 percent interest is given to deposits that mature in 1 year and 25 days to 15 months.
Customers with deposits maturing between 15 months to two years have been offered an interest rate of 6.15 percent, while those maturing in the next two to five years have an interest rate of 5.70 percent, Axis Bank’s official website said. Deposits that mature in five to ten years have an interest rate of 5.75 percent.
Axis Bank offers an interest rate between 4.90 percent and 6.50 percent on the tenure of the deposit from six months to ten years. Deposits maturing between 15 months and two years will give senior citizens an interest rate of 6.90 percent.