Axis Bank has reduced the fixed deposit interest rate on one tenure by 10 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from August 18, 2023, according to the Axis Bank website.
The bank has reduced 10 bps on tenure of 16 months to less than 17 months on tenure from 7.30% to 7.10%.
After the revision, Axis Bank offers interest rates between 3.5% and 7.20% on tenures ranging from 7 days to 10 years.
The bank now offers fixed deposit interest rates of 3.50% for deposits maturing in 7 to 45 days and 4.00% for deposits maturing in 46 to 60 days. Axis Bank now offers interest rates of 4.50% and 4.75% on deposits with maturities ranging from 61 days to three months.Deposits maturing in 6 to 9 months will earn 5.75% interest, while deposits maturing in 9 months to less than a year will earn 6.00% interest.
Fixed deposits maturing in one year to one year, four days earn 6.75%, while deposits maturing in one year, 5 days to less than 13 months earn 6.80%. The bank provides 7.10 percent on 13-month and less-than-two-year deposits. . Axis Bank offers 7.20% on tenure of 2 years to less than 30 months.
Axis Bank offers 7.05% on tenure of 2 years to less than 30 months. Remaining tenure will earn a 7% interest rate.
Source: Bank website
Axis Bank senior citizen interest rate
After the revision, the bank will now offer an interest rate between 3.50% to 7.95% on tenures ranging from 7 days to 10 years. The highest interest rate of 7.95% is offered on tenure 2 years to less than 30 months.
Premature penalty on fixed deposits
According to the Axis Bank website, “You can flexibly withdraw the money from fixed deposits before maturity subject to a penalty of 1.0%. However, if you wish to withdraw the money only partially, then Axis Bank levies no penalty on first partial withdrawal of up to 25% of the principal amount.”
