Mumbai: Private sector bank in the country, Axis Bank has revised interest rates on fixed deposits. The new interest rates are applicable on FDs ranging from tenure of 7 seven days to 10 years. The new interest rates are applicable from January 20, 2022.
The bank will give an interest rate of 2.50% on term deposits with a maturity period of 7 to 30 days. The interest rate of FDs with tenure of 30 days to less than 3 months will now attract an interest rate of 3%. Fixed deposits ranging between 3 to 6 months will now get an interest rate of 3.5%. The interest rate on fixed deposits with maturity in six months to 11 months 25 days has been changed to 4.40%.
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Axis Bank will now offer an interest rate of 5.10% on fixed deposits maturing in 11 months 25 days to less than 1 year. Term deposits maturing in 1 year 5 days to less than 1 year 26 days will attract an interest of 5.25%, Mint reported. Axis Bank will continue offering 50 bps more interest to senior citizens opening a fixed deposit account. Such investors will receive an interest ranging from 2.50% to 6.50% on term deposits with maturity periods ranging from 7 days to 10 years.
The interest rates mentioned above are applicable on fixed deposits worth less than Rs 2 crore. Earlier the State Bank of India (SBI) and HDFC Bank had hiked its interest rates on fixed deposit (FD).
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