Mumbai, July 26, 2023, 01:10 PM IST: Axis Bank, one of India’s leading private sector banks, has announced revisions to its fixed deposit (FD) interest rates for amounts below ₹2 crore, effective from today. The new FD rates offer attractive returns for both general customers and senior citizens, ranging from 3.50% to 7.10% and 3.50% to 7.85%, respectively.
The bank’s latest FD rates cater to various tenures, providing customers with flexibility and competitive interest rates on their savings. For short-term deposits maturing in 7 days to 45 days, Axis Bank guarantees an interest rate of 3.50%. Deposits maturing in 46 days to 60 days will earn a 4% interest rate, while the rate increases to 4.50% for tenures of 61 days to three months.
As the tenures extend, the interest rates become more rewarding. Deposits with a tenor of three months to six months will fetch an interest rate of 4.75%, while those maturing in 6 to 9 months will earn interest at a rate of 5.75%. For tenures of 9 to 12 months, the bank promises an attractive interest rate of 6%. Moving into one year to 1 year 4 days, Axis Bank is offering an interest rate of 6.75%, and for deposits maturing in 1 year 5 days to 13 months, the interest rate is slightly higher at 6.80%.
The highlight of the revised FD rates is the enticing interest rate of 7.10% offered by Axis Bank on deposits held for 13 months to two years. However, the bank has made a marginal reduction of 10 basis points, bringing down the interest rate from 7.20% to 7.10% for the duration of 16 months to less than 17 months.
For longer-term investors, Axis Bank is providing a competitive interest rate of 7.05% on deposits held for two years to thirty months. The interest rate on deposits with maturities between 30 months and 10 years stands at a favorable 7%.
Senior citizens can avail themselves of even higher interest rates compared to the general public. The bank is offering rates ranging from 3.50% to 7.85% for senior citizens, providing a rewarding avenue for their savings.
Axis Bank’s latest FD rates aim to cater to the diverse financial needs of its customers while offering a range of tenures and competitive interest rates. Fixed deposits continue to be a popular investment choice for risk-averse investors seeking stable returns over a specific period. With Axis Bank’s revised FD rates, customers can now enjoy the dual benefits of safety and attractive returns.
As the market evolves, Axis Bank’s decision to revise its FD rates demonstrates its commitment to offering competitive financial solutions to its customers. Investors and depositors are encouraged to carefully consider their investment goals and tenure preferences before choosing the most suitable FD option offered by the bank.
