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Leading bank hikes interest rates on fixed deposits

Mumbai: Leading private sector bank in the country, Axis Bank increased interest rates on fixed deposits below  Rs 2 crore.  The new rates are in effect from November 5, 2022. The bank increased interest rates on deposits with maturities ranging from 46 days to 10 years by up to 115 bps.

Axis bank will give an interest rate of 3.50% on fixed deposits maturing in 7 days to 45 days. Deposits maturing in 46 days to 60 days will get an  interest rate of  4%. Deposits maturing in 61 days to 3 months will now fetch  an interest rate of 4.50% and deposits maturing in 3 months to 6 months will now fetch an interest rate of 4.50%.

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Axis Bank has hiked interest to 5.50% on deposits maturing in 6 months to 9 months and the bank has hiked interest to 5.75% on deposits maturing in 9 months to 1 year.

On deposits maturing in 1 year to 15 months the lender  will now offer an interest rate of 7% and on those maturing in 15 months to 18 months will now fetch an interest rate of 7% . Deposits maturing in 18 Months to 2 years will now fetch an interest rate of 7.05% and those maturing in 2 years to 3 years will now fetch an interest rate of 7.05%. Axis Bank has hiked interest rates by 115 bps from 6.10% to 7.25% on deposits maturing in 3 years to 10 years.

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