Mumbai: Private sector bank in the country, Axis Bank has revised interest rates on Fixed Deposit Plus. The new interest rates are applicable from March 8, 2022. The new rate will be applicable to deposits of Rs 2 crore and above with maturity period of from 7 days to 10 years.
Earlier on March 5, Axis Bank had increased the interest rate of domestic fixed deposits rates less than Rs 5 crore.
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Several other public sector and private banks have also increased interest rates on fixed deposits. These banks include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank and ICICI Bank, among others.
Earlier the Axis Bank had launched Digital Fixed Deposit for a minimum term period of 6 months. The maximum term under the digital fixed deposit plan is 120 months or about 10 years. One can deposit a maximum of Rs 2 lakh in digital fixed deposit accounts. Investors don’t need to visit banks to start investing in the newly digital fixed deposit by Axis Bank. Investors can open their digital FD accounts via video KYC (Know Your Customer) verification while sitting at their homes. The complete process is digital and can be completed online in a matter of a few minutes.
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