According to the Axis Bank website, the bank has increased the interest rates from 5.6 per cent to 6.15 per cent for fixed deposits maturing between 15 months to two years.
Fixed deposits maturing between 7-29 days fetch an interest rate of 2.75 per cent. The interest rate of FDs maturing from 30 days to three months is 3.25 percent. According to the bank’s website, an interest rate of 3.75 percent is available on FDs ranging from 3 months to 6 months.
The interest rate for fixed deposits maturing from six months to nine months is 4.65 per cent. With FDs maturing between more than nine months to one year, the bank offers an interest rate of 4.75 per cent. Axis Bank offers an interest rate of 5.45 per cent on fixed deposits for tenors ranging from one year to one year up to 11 days. The bank offers an interest rate of 5.75 per cent for FDs maturing between 11 days in a year and 25 days in a year.
An interest rate of 5.6 percent is available on FDs with tenors ranging from one year, 25 days to 15 months. The bank offers an interest rate of 5.70 per cent on FDs ranging from two years to five years. Fixed deposits maturing between five years one day to 10 years fetch an interest rate of 5.75 per cent.
Axis Bank FD Interest Rates Effective October 1, 2022
Source: Axis Bank Website
Senior Citizen FD Interest Rates
The bank has also increased the interest rates of its fixed deposits with fixed tenure for senior citizens. The interest rates for fixed deposits maturing between 15 months to two years have gone up from 6.35 per cent to 6.9 per cent with effect from October 9, 2022.
Investors can check here Axis Bank Senior Citizen FD Interest Rates (Effective October 1, 2022)
Source: Axis Bank Website
Bank FD interest rates will increase further
Just after RBI’s latest repo rate hike on September 30, 2022, other banks like Bank of India and RBL Bank FD interest rates also increased. This was the fourth repo rate hike by the central bank since May 2022.
“… these frequent repo rate hikes have given further impetus to FD interest rates. The era of low FD rates is now definitely behind us, and FD investors can look forward to better days. The pace of rate hike is few and far between. This is expected to continue for more time,” said Adil Shetty, CEO, bankbazaar.com.