Axis Bank Hikes FD Rates By 20 Bps, Sr Citizens Can Now Earn Up To 8.05%

The private sector lender Axis Bank has hiked its interest rates on fixed deposits of less than Rs 2 Cr. According to the bank's official website, the new rates take effect on August 14, 2023. The bank increased FD rates by 20 basis points across a variety of tenures in response to the change. The general public will now receive a maximum return of 7.30% on FDs maturing in 16 to 17 months, while elderly individuals can earn 8.05%.

Axis Bank FD Rates

The bank will continue to give an interest rate of 3.50% on fixed deposits maturing in the next 7 days to 45 days, while Axis Bank will continue to offer an interest rate of 4.00% on deposits maturing in the next 46 days to 60 days. The interest rates offered by Axis Bank will remain at 4.50% for deposits held for 61 days to three months and 4.75% for deposits held for three months to six months. Deposits with maturities between 6 and 9 months will continue to earn interest at a rate of 5.75%, while deposits with maturities between 9 and 12 months will continue to earn interest at a rate of 6%.

The bank will continue to give an interest rate of 6.75% on FDs due in 1 year to 1 year 4 days, while Axis Bank will continue to offer an interest rate of 6.80% on FDs maturing in 1 year 5 days to 13 months. On deposits with a tenor of 13 to 16 months, Axis Bank will continue to give an interest rate of 7.10%, but on deposits with a tenor of 16 to 17 months, the bank has increased the interest rate by 20 basis points, from 7.10% to 7.30%. Deposits maturing in 17 months to 2 years will continue to fetch an interest rate of 7.10% but those maturing in 2 years to 30 months will now fetch 7.20% up by 15 bps from 7.05% earlier.

On FDs tenure of 30 months to 10 years, Axis Bank will continue to offer an interest rate of 7%. A fixed deposit at Axis Bank allows for simple transfers from your savings account and requires a minimum contribution of Rs 5000 while a Tax-saving FD requires a minimum investment of Rs 100 and a maximum investment of Rs 1,50,000. Senior citizens can get FD rates from 3.50 to 7.75% p.a. from Axis Bank for terms lasting between 7 days and 10 years. These rates are effective as of August 14, 2023.