Axis Bank Revises FD Rates; Earn Up To 7.10% On 15 Months-5 Yrs Tenure

On its fixed deposits under Rs 2 crore, Axis Bank has made revisions. According to the bank, the latest FD rates will allow the general public to earn up to 7.10%, while senior citizens will be able to earn 7.60% on tenures of 15 months to 5 years. As per the official website of Axis Bank, the new FD interest rates are effective as of 12th October 2023 which means that the announcement came after the Reserve Bank of India (RBI) maintained the status quo and kept the repo rate unchanged at 6.5% for the fourth time on its MPC meeting held on 6th October.

Axis Bank FD Rates

The bank now offers a 3% interest rate on deposits due in 7 to 29 days, while Axis Bank is now offering a 3.50% interest rate on deposits maturing in 30 to 45 days. Axis Bank is now providing interest rates of 4.25% on deposits with terms of 46 to 60 days and 4.50% on FDs with terms of 61 to 3 months.

An interest rate of 4.75% will be paid on deposits held for 3 to 6 months, and 5.75% will be paid on FDs held for 6 to 9 months. On FDs maturing in 9 months to 1 year, the bank will pay an interest rate of 6% and on those maturing in 1 year to 15 months, Axis Bank will pay a 6.70% return. Deposits maturing in 15 months to 5 years will pay a maximum return of 7.10% and those maturing in 5 years to 10 years will pay a 7% return.

You can open an FD account with Axis Bank by depositing a minimum amount of Rs 5,000 if booking via net or mobile banking and Rs 10,000 if booking via a branch. The tenure ranges from seven days to 10 years. Additionally, Axis Bank offers tax-saver FDs that let you benefit from Section 80C exemption on investments up to Rs. 1.5 lakh.

The bank is now providing a 7.10% return on tax-saving FDs for a lock-in term of 5 years on the principal amount.
"FDs can be prematurely withdrawn apart from "Fixed Deposit Plus". Interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower," mentioned Axis Bank on its website.