Axis Bank hikes FD interest rate by 15 bps on this tenure

Customers who invest in Axis Bank's Fixed Deposit Scheme will benefit greatly. The bank has increased interest rates on some term FD schemes.

Any investor who invests money will get the benefit of additional returns. Bank has implemented new interest rates from 11th August 2023. Axis Bank has hiked the one-term FD interest rate by 15 bps for deposits below Rs 2 crore.

After the revision in interest rates, Axis Bank has said that it is offering its customers the opportunity to invest in FDs with tenures ranging from 7 days to 10 years. During this period, the interest rate benefit will be between 3.5% to 7.20%.

According to Axis Bank, the minimum investment amount has been fixed at Rs 5000 when booking an FD through internet banking or mobile banking.

A minimum amount of Rs 10,000 has been fixed to book an FD at the branch. Explain that FD investment is a guaranteed return investment. In addition to early withdrawal facility, customers can also avail loan on FD.

Axis Bank's proposed new FD interest rates will fetch 3.50% interest on maturity in 7 to 45 days. 4.00% interest will be paid for FDs maturing in 46 to 60 days.

4.50% interest is offered on FDs with tenors of 61 days to three months. At this time 4.75% interest rate is being paid on FDs with tenure of 3 months to 6 months.

The bank will offer an interest rate of 5.75% on FDs maturing in 6 to 9 months. 6.00% interest will be paid on FDs maturing in less than 9 months to one year. An investor will get 6.75% interest on FDs maturing in one year to four days.

6.80% interest will be paid on term deposits of 5 days to 13 months less than one year. The bank will offer 7.10 percent interest rate on FDs of 13 months and less than two years. Axis Bank has hiked its interest rate for 2 years to less than 30 months by 15 bps to 7.05%.

Axis Bank offers the benefit of additional interest rate to senior citizens who make FD investments. FDs for senior citizens with tenors of 7 days to 10 years are offering interest rates ranging from 3.50% to 7.95%. The bank has said that they have less than 2 years to 30 months.