Private lender Axis Bank hikes interest rates on FDs below 2 crore; Check the new rates

The interest rate on Fixed Deposits (FDs) under 2 crore has been raised by private lender Axis Bank by 25 bps. The bank`s website states that the increased rates will go into effect on September 9. The bank has raised the interest rates on different tenor FDs, which range in length from 7 days to 10 years.

New Delhi: Private lender Axis bank has increased the interest rate on Fixed Deposit (FDs) below 2 crore by 25 bps. The new rates will be effective from September 9, according to the bank’s website.  The bank has hiked interest rates on various tenor FDs ranging from 7 days to 10 years and the interest rates are range between 2.75 % to 5.75 %.

Axis Bank FD Rates below 2 crore

The bank has increased rate by 25 bps from 2.50 % to 2.75 % on FDs maturing in 7 days to 14 days and 15 days to 29 days. The new rate for FDs maturing between 30 days to 45 days, 46 days to 60 days, and 61 days to less than 3 months is 3.25 %. An interest rate of 3.75 % will be given for tenors of 3 months to less than 4 months, 4 months to less than 5 months, and  5 months to less than 6 months.

For FDs maturing between 6 months to less than 7 months, an interest rate of 4.65 % will be provided now. Ironically, an interest rate of 4.40 % will be given for that maturing between 7 months to less than 8 months. 4.65 % interest rate is for between 8 months to less than 9 months.  The rate is now 4.75 % for the FDs maturing between 9 months to less than 1 year, that goes to5.45 % for 1 year to 1 year 11 days.

The interest rate will keep the same for the FDs maturing between 1 year 25 days to less than 2 years. It is now 5.70 % for over 2 years to less than 5 years. And the interest rate for FDs between 5 years to 10 years is 5.75 %.