Axis Bank has reduced fixed deposit interest rates on select tenures by up to 50 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from September 15, 2023, according to the Axis Bank website.
After the revision, Axis Bank offers interest rates between 3% and 7.10% on tenures ranging from 7 days to 10 years.
Also read: Should FD investors wait or book their FDs now as RBI holds repo rate?
The bank has reduced 50 bps on tenure ranging from 7 days to 29 days from 3.50% to 3%.While, it has increased by 25 bps on tenure of 46 days to 60 days from 4% to 4.25%
The bank has reduced 10 bps on tenure ranging between 1 year 5 days to 15 months from 6.80 to 6.70. ON tenure of 1 year to 1 year 4 days, the bank reduced by 5 bps from 6.75% to 6.70%.
Also read: Fixed deposit interest rates start seeing a dip in banks; how to select FD tenure now for maximum returns
The bank now offers fixed deposit interest rates of 3% for deposits maturing in 7 to 45 days and 4.25% 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 and 3 months to less than 6 months respectively.
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 6.70%, while deposits maturing in one year, 5 days to less than 15 months earn 6.70% The bank provides 7.10 percent on 15-month to less than 30 months. The bank has reduced 10 bps on tenure of 2 years to less than 5 years.
Axis Bank fixed deposits will earn a 7% interest rate on tenure from 5 years to 10 years.
| Tenure | Deposits below Rs 2 crore |
| 7 days to 14 days | 3 |
| 15 days to 29 days | 3 |
| 30 days to 45 days | 3.5 |
| 46 days to 60 days | 4.25 |
| 61 days < 3 months | 4.5 |
| 3 months < 4 months | 4.75 |
| 4 months < 5 months | 4.75 |
| 5 months < 6 months | 4.75 |
| 6 months < 7 months | 5.75 |
| 7 months < 8 months | 5.75 |
| 8 months < 9 months | 5.75 |
| 9 months < 10 months | 6 |
| 10 months < 11 months | 6 |
| 11 months to 11 months 24 days | 6 |
| 11 months 25 days < 1 year | 6 |
| 1 year to 1 year 4 days | 6.7 |
| 1 year 5 days to 1 year 10 days | 6.7 |
| 1 year 11 days to 1 year 24 days | 6.7 |
| 1 year 25 days < 13 months | 6.7 |
| 13 months < 14 months | 6.7 |
| 14 months < 15 months | 6.7 |
| 15 months < 16 months | 7.1 |
| 16 months < 17 months | 7.1 |
| 17 months < 18 months | 7.1 |
| 18 Months < 2 years | 7.1 |
| 2 years < 30 months | 7.1 |
| 30 months < 3 years | 7.1 |
| 3 years < 5 years | 7.1 |
| 5 years to 10 years | 7 |
Axis Bank senior citizen interest rate
After the revision, the bank will now offer an interest rate between 3.50% to 7.75% on tenures ranging from 7 days to 10 years. The highest interest rate of 7.75% is offered on tenure of 5 years to 10 years.
