New Year Bonanza: Axis Bank Hikes FD Rates; How It Compares With SBI?

In preparation for the new year 2024, Axis Bank has revised the interest rates on fixed deposits of less than Rs 2 Cr. as a gift to its customers. Along with SBI, Union Bank of India, IDBI Bank, and Kotak Mahindra Bank, Axis Bank has followed suit and announced an interest rate rise in response to the Reserve Bank of India's (RBI) decision to keep the benchmark repo rate at 6.5% for a fifth consecutive time at the December 8 MPC meeting. The talk of the town is that starting on December 26, 2023, Axis Bank will provide elderly folks with a 7.75% return on a five-to-ten-year tenure, while the general public would receive a maximum return of 7.10% on 15 months to 5 years tenure.

Axis Bank FD Rates

The bank is giving an interest rate of 3.00% on deposits that mature between 7-29 days, and Axis Bank is offering an interest rate of 3.50% on deposits maturing in 30-45 days. For deposits lasting 46 to 60 days, Axis Bank is giving an interest rate of 4.25%; for deposits spanning 61 days to three months, the rate is 4.50%. Deposits that mature between three and six months will yield an interest rate of 4.75%, while those that mature between six and nine months will provide an interest rate of 5.75%.

The bank is paying 6.00% interest on term deposits that mature between 9 months to 1 year, and Axis Bank is offering 6.70% interest on deposits maturing in 1 year to 15 months. When a deposit is made for a period of 15 months to 5 years, Axis Bank offers an interest rate of 7.10%, and when the deposit is made for a period of 5 years to 10 years, the bank pays an interest rate of 7.00%.

Axis Bank FD Rates For The General Public

7 - 14 days: 3.00%
15 - 29 days: 3.00%
30 - 45 days: 3.50%
46 - 60 days: 4.25%
61 days - 3 months: 4.50%
3 months - 3 months 24 days: 4.75%
3 months 25 days - 4 months: 4.75%
4 months to 5 months: 4.75%
5 months - 6 months: 4.75%
6 months - 7 months: 5.75%
7 months - 8 months: 5.75%
8 months - 9 months: 5.75%
9 months - 10 months: 6.00%
10 months - 11 months: 6.00%
11 months - 11 months 24 days: 6.00%
11 months 25 days - 1 year: 6.00%
1 year - 1 year 4 days: 6.70%
1 year 5 days - 1 year 10 days: 6.70%
1 year 11 days - 1 year 24 days: 6.70%
1 year 25 days - 13 months: 6.70%
13 months - 14 months: 6.70%
14 months - 15 months: 6.70%
15 months - 16 months: 7.10%
16 months - 17 months: 7.10%
17 months - 18 months: 7.10%
18 Months - 2 years: 7.10%
2 years - 30 months: 7.10%
30 months - 3 years: 7.10%
3 years - 5 years: 7.10%
5 years to 10 years: 7.00%

Axis Bank FD Rates For Senior Citizens

7 - 14 days: 3.50%
15 - 29 days: 3.50%
30 - 45 days: 4.00%
46 - 60 days: 4.75%
61 days - 3 months: 5%
3 months - 3 months 24 days: 5.25%
3 months 25 days - 4 months: 5.25%
4 months to 5 months: 5.25%
5 months - 6 months: 5.25%
6 months - 7 months: 6.25%
7 months - 8 months: 6.25%
8 months - 9 months: 6.25%
9 months - 10 months: 6.50%
10 months - 11 months: 6.50%
11 months - 11 months 24 days: 6.50%
11 months 25 days - 1 year: 6.50%
1 year - 1 year 4 days: 7.20%
1 year 5 days - 1 year 10 days: 7.20%
1 year 11 days - 1 year 24 days: 7.20%
1 year 25 days - 13 months: 7.20%
13 months - 14 months: 7.20%
14 months - 15 months: 7.20%
15 months - 16 months: 7.60%
16 months - 17 months: 7.60%
17 months - 18 months: 7.60%
18 Months - 2 years: 7.60%
2 years - 30 months: 7.60%
30 months - 3 years: 7.60%
3 years - 5 years: 7.60%
5 years to 10 years: 7.75%

Source: Bank Website

Meanwhile, on 27th December, SBI hiked its interest rates on retail term deposits of less than Rs 2 Cr by 50 bps. While older folks will receive 7.50% on 2 to 3 years and 5 to 10 years tenure, SBI is only providing a maximum return of 7% to the general public on tenures of 2 years to less than 3 years.