Mumbai: Leading private sector bank in the country, Axis Bank has hiked its interest rates on fixed deposits of less than Rs 2 crores. The decision was taken as the Reserve Bank of India’s monetary policy committee raised repo rate hike by 25 bps to 6.50%. The new rates came into effect on Saturday, February 11, 2023.
The lender now offers interest rates on deposits maturing in 7 days to 10 years that range from 3.50% to 7% for the general public and 6% to 7.75% for senior citizens. The bank will give interest of 8.01% for senior citizens and 7.26% for non-senior individuals for fixed deposits with a maturity between 2 years to 30 months. The bank will now be now offering 3.5% of interest on fixed deposits that mature in the next 7 days to 45 days, while the interest rate of 4% on deposits that mature in the next 46 days to 60 days.
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It offers 4.5% and 4.75% interest on deposits with terms ranging from 61 days to 3 months and 3 months to 6 months, respectively. The FD that matures in 6 to 9 months will get an interest of 5.75% and those which mature between 9 to 12 months shall earn an interest of 6%.
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