Interest rates

Axis Bank raises interest rates on 1-year FD Wef March 21, 2022

Investment

oi-Vipul Das

|

Axis Bank, a private sector lender, today announced a 5 basis point hike in interest rates on one-year term deposits. The bank used to grant an interest rate of 5.25% on deposits of less than Rs 2 crore maturing in 1 year 11 days to 1 year 25 days, but following today’s amendment or effective in from 03/21/2022, the bank will now pay 5.30 percent interest rate on said above term. Older people were previously offered an interest rate of 5.9% on the same money order by the bank, but they would now receive an interest rate of 5.95%. Except for this period, the bank’s interest rates remained stable.

Axis Bank FD rates for regular customers

The bank will provide the following interest rates to the general public on fixed deposits of less than Rs 2 crore maturing in 7 days to 10 years from 21 March 2022. On term deposits maturing in 5 to 10 years, non-seniors get a maximum interest rate of 5.75%.

tenors Interest rate in % pa
7 days to 14 days 2.5
15 days to 29 days 2.5
30 days to 45 days 3
46 days to 60 days 3
61 days to less than 3 months 3
3 months to less than 4 months 3.5
4 months to less than 5 months 3.5
5 months to less than 6 months 3.5
6 months to less than 7 months 4.4
7 months to less than 8 months 4.4
8 months to less than 9 months 4.4
9 months to less than 10 months 4.4
10 months to less than 11 months 4.4
11 months to less than 11 months 25 days 4.4
11 months 25 days to less than 1 year 4.4
1 year to less than 1 year 5 days 5.1
1 year 5 days to less than 1 year 11 days 5.15
1 year 11 days to less than 1 year 25 days 5.3
1 year 25 days to less than 13 months 5.15
13 months to less than 14 months 5.15
14 months to less than 15 months 5.15
15 months to less than 16 months 5.2
16 months to less than 17 months 5.2
17 months to less than 18 months 5.2
18 months to less than 2 years 5.25
2 years to less than 30 months 5.4
30 months to less than 3 years 5.4
3 years to less than 5 years 5.4
5 years to 10 years 5.75
Source: Bank website. WEF 21/03/2022

Axis Bank FD rates for seniors

Effective March 21, 2022, Axis Bank will offer seniors the following interest rates on fixed deposits of less than Rs 2 crore maturing in 7 days to 10 years. Seniors will earn a maximum interest rate of 6.50% on term deposits maturing in 5 to 10 years. On deposits maturing in 6 months to 10 years, seniors will continue to benefit from a supplement of 0.50% on top of the normal rate.

tenors Interest rate in % pa
7 days to 14 days 2.5
15 days to 29 days 2.5
30 days to 45 days 3
46 days to 60 days 3
61 days to less than 3 months 3
3 months to less than 4 months 3.5
4 months to less than 5 months 3.5
5 months to less than 6 months 3.5
6 months to less than 7 months 4.65
7 months to less than 8 months 4.65
8 months to less than 9 months 4.65
9 months to less than 10 months 4.65
10 months to less than 11 months 4.65
11 months to less than 11 months 25 days 4.65
11 months 25 days to less than 1 year 4.65
1 year to less than 1 year 5 days 5.75
1 year 5 days to less than 1 year 11 days 5.8
1 year 11 days to less than 1 year 25 days 5.95
1 year 25 days to less than 13 months 5.8
13 months to less than 14 months 5.8
14 months to less than 15 months 5.8
15 months to less than 16 months 5.85
16 months to less than 17 months 5.85
17 months to less than 18 months 5.85
18 months to less than 2 years 5.9
2 years to less than 30 months 6.05
30 months to less than 3 years 6.05
3 years to less than 5 years 6.05
5 years to 10 years 6.5
Source: Bank website. WEF 21/03/2022

Article first published: Monday, March 21, 2022, 11:59 a.m. [IST]