Private sector lender Axis Bank has increased interest rates on fixed deposits of less than 2 Cr. According to the bank’s official website, the new interest rates will come into effect on 11/08/2022. Following the revision, the bank has increased interest rates on fixed deposits maturing within 17 months to less than 18 months.

Axis Bank FD Rates

For fixed deposits maturing within 7 to 29 days, the bank will continue to offer an interest rate of 2.50% and for fixed deposits maturing within 30 days to 3 months, the bank will continue to offer an interest rate of 3.00%. For time deposits maturing within 3 to 6 months, Axis Bank will continue to offer an interest rate of 4.65% and for time deposits maturing between 7 months to 8 months, the bank will continue to offer an interest rate of 4.40%. Fixed deposits maturing after 8 months in 9 months will continue to yield an interest rate of 4.65% and fixed deposits maturing within 9 months to 1 year will continue to yield an interest rate of 4.75%.

For fixed deposits maturing in 1 year to 1 year, 11 days will continue to offer an interest rate of 5.45% and for time deposits maturing in 1 year 11 days to 1 year 25 days, the bank will continue to offer an interest rate of 5.75 %. Axis Bank will continue to offer interest of 5.60% for fixed deposits maturing within 1 year 25 days to 17 months the bank will continue to offer interest of 5.60%. For fixed deposits maturing from 17 to 18 months, the bank has increased the interest rate from 5.60% to 6.05%.

For fixed deposits maturing in 18 Months to 2 years, the bank will continue to offer 5.60% interest. For fixed deposits maturing within 2 to 5 years, the bank will continue to offer an interest rate of 5.70% and for fixed deposits maturing in 5 to 10 years, the bank will continue to offer an interest rate of 5.75%.

Axis Bank FD Rates

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Axis Bank FD Rates (axisbank.com)

SBI has increased interest rates on fixed deposits under 2 million. According to the bank’s official website, the new rates will come into effect from August 13, 2022. The revisions have enabled SBI to increase interest rates by 15 basis points for most borrowers. On the other hand, Reserve Bank of India hiked interest rates for all borrowers by 10 bps, the new rates will be effective from 10 August 2022 Reserve Bank of India.

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