New Delhi. The private sector’s Axis Bank has increased interest rates on fixed deposits, i.e. FDs. The bank increased the FD rates of various maturities by 5 basis points (bps). According to the bank’s website, the new rates came into effect on April 21, 2023. Explain that you need to deposit at least Rs 5000 to invest in Axis Bank online FD.
Axis Bank offers interest rates between 3.50% and 7% on term deposits with maturities from 7 days to 10 years. The bank offers the highest interest rate of 7.20 percent on FDs with a term of 2 years to 30 months, while seniors receive interest at 7.95 percent on FDs of this period.
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New Axis Bank FD rates
Interest rates of 3.50 percent will continue to be offered for FDs with a term of 7 to 45 days. The bank pays 4% interest on deposits with a maturity of 46 to 60 days. An interest rate of 4.50% is offered for deposits with a maturity of 61 days to 3 months. Now 4.75 percent interest rate is granted on deposits maturing in 3 months to 6 months. Axis Bank offers an interest rate of 5.75 percent on deposits with a maturity of 6 to 9 months. An interest rate of 6% is granted for deposits with a term of 9 months to 1 year.
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The pace of repo rate rise halted after 6 consecutive tremors
Recently, the Reserve Bank of India (RBI) brought great relief to the common man. In fact, at the first MPC meeting of the new financial year, it was announced that the repo rate would remain stable. The repo rate was kept at 6.50 percent. Previously, the RBI had increased the repo rate by 2.50 percent from May 2022 to February 2023.
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FIRST RELEASED : April 22, 2023 at 4:54 p.m. CET
