Mumbai: Leading private sector lender Axis Bank has revised its interest rates for domestic fixed deposits less than Rs2 crore. The decision was taken as the apex bank in the country, Reserve Bank of Indian (RBI) hiked its , repo rate by 50 basis points to a three-year high of 5.90%. The lender will now give interest rate of 6.15% for general public and 6.90% for senior citizens on the deposits maturing in 15 months to less than 2 years.
Deposits that mature in 7 days to 29 days will fetch an interest rate of 2.75% and deposits maturing in 30 days to 3 months will get 3.25% interest. Deposits maturing in 3 months to 6 months will an interest rate of 3.75% and deposits maturing in 6 months to 9 months will attract an interest rate of 4.65%.
Term deposits less than Rs 2 crore maturing in 9 months to 1 year will get an interest rate of 4.75%, while a 5.45% is being offered on term deposits maturing in 1 year to 1 year and 11 days. Axis Bank offers interest rate of 5.75% on deposits maturing in 1 year 11 days to less than 1 year and 25 days, while an interest rate of 5.60% is being offered on deposits maturing in 1 year and 25 days to 15 months.
Deposits maturing in 15 months to 2 years will now get an interest rate of 6.15%, while those maturing in 2 to 5 years attract an interest rate of 5.70%. Deposits maturing in 5 to 10 years will fetch an interest rate of 5.75%.