New Delhi :
Axis Bank, a prominent banking institution, has made a marginal downward adjustment of 0.10% in its Fixed Deposit (FD) interest rates. This change specifically applies to FDs for a single tenure.
The updated interest rates took effect on August 18, 2023.
The bank’s current interest rate offerings range from 3.5% to 7.20%, catering to FDs spanning durations of 7 days to 10 years.
Notably, Axis Bank has augmented interest rates for FDs with amounts under Rs 2 crore. This rate adjustment follows a previous revision made by the bank in July.
Here is the breakdown of Axis Bank’s revised interest rates for FDs below Rs 2 crore:
- 7 days to 14 days: 3.50% (General Public), 3.50% (Senior Citizens)
- 15 days to 29 days: 3.50% (General Public), 3.50% (Senior Citizens)
- 30 days to 45 days: 3.50% (General Public), 3.50% (Senior Citizens)
- 46 days to 60 days: 4.00% (General Public), 4.00% (Senior Citizens)
- 61 days to < 3 months: 4.50% (General Public), 4.50% (Senior Citizens)
- 3 months to < 4 months: 4.75% (General Public), 4.75% (Senior Citizens)
- 4 months to < 5 months: 4.75% (General Public), 4.75% (Senior Citizens)
- 5 months to < 6 months: 4.75% (General Public), 4.75% (Senior Citizens)
- 6 months to < 7 months: 5.75% (General Public), 6.00% (Senior Citizens)
… and so on, for varying tenures.
Revised Rates and Duration Span
The revised rates vary across different time spans and categories, including senior citizens. The updated rates apply to tenures ranging from 7 days to 10 years.
Notably, the rates for FDs ranging from 2 years to less than 30 months and 30 months to less than 3 years stand at 7.20% and 7.00% respectively for the general public, with slightly higher rates for senior citizens.
This alteration reflects Axis Bank’s response to prevailing economic conditions and market dynamics, aiming to provide its customers with competitive and rewarding financial products.
