Axis Bank hikes interest rates on fixed deposits for THESE years

New Delhi: Interest rates on fixed deposits of less than Rs 2 crore have been hiked by Axis Bank, a private sector lender. The bank announced this on June 16, 2022, and as a result of the interest rate change, the bank increased interest rates on one- to five-year fixed deposits.

On fixed deposits of 7 days to 29 days and 30 days to 3 months, the bank will offer interest rates of 2.50 percent and 3%, respectively. On term deposits maturing in 3 months to 6 months and 6 months to 9 months, Axis Bank would continue to offer interest rates of 3.50 percent and 4.40 percent, respectively. Deposits maturing in 9 months to less than 1 year will continue to earn 4.75 percent interest, whereas deposits maturing in 1 year to less than 1 year 11 days will earn 5.45 percent interest, an increase of 20 basis points.

The bank increased the interest rate on fixed deposits maturing in one year 11 days to one year 25 days by 50 basis points, from 5.25 percent to 5.75 percent. Axis Bank will now offer a 5.60 percent interest rate on deposits maturing in one year, 25 days to less than 15 months, up from 5.25 percent previously. This is a 35 basis point increase. Deposits maturing in 15 months to less than two years will now pay 5.60 percent rather than 5.30 percent, an increase of 30 basis points.

The interest rate on fixed deposits maturing in 2 years to less than 5 years has been hiked by 10 basis points by Axis Bank, from 5.60 percent to 5.70 percent, while the rate on deposits maturing in 5 years to 10 years has stayed unchanged at 5.75 percent.

On fixed deposits of 7 days to 10 years, senior residents would receive interest rates ranging from 2.50 percent to 6.50 percent. After an interest rate hike on deposits maturing in more than one year to five years, senior persons will receive interest rates ranging from 6.10 percent to 6.35 percent. Axis Bank is now offering senior citizens a maximum interest rate of 6.50 percent on 5- to 10-year deposits.

In the meantime, HDFC Bank has raised its fixed deposit interest rates today. HDFC Bank is now offering an interest rate of 2.75 percent to 5.75 percent to the general public and 3.25 percent to 6.50 percent to senior citizens on deposits of less than Rs 2 crore, effective June 17, 2022.