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Private sector bank hikes interest rates on fixed deposits

Mumbai: Leading private sector bank  in the country, Axis Bank hiked interest rates on fixed deposits of less than Rs 2 Cr. The lender  is now providing interest rates on deposits maturing in 7 days to 10 years that range from 3.5% to 7.00% for the general public and 3.5% to 7.75% for senior citizens. The general public will now get a maximum interest rate of 7.26% on deposits due in 2 years to 30 months, while senior citizens will now receive a maximum interest rate of 8.01%.

The bank is giving an interest rate of 3.50% on deposits maturing in the next 7 days to 45 days, and an interest rate of 4.00% on deposits maturing in the next 46 days to 60 days. On deposits with a tenor of 61 days to 3 months, Axis Bank is giving an interest rate of 4.50%, and on deposits with a tenor of 3 months to 6 months, the bank is offering an interest rate of 4.75%.

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Deposits that mature in 6 to 9 months will earn interest at a rate of 5.75%, and those that mature in 9 to 12 months will earn interest at a rate of 6.00%. Deposits maturing in 1 year to 1 year 24 days will get an interest rate of 6.75% and for those maturing in 1 year 25 days to 13 months, will fetch an interest rate of 7.10%. Axis Bank will offer an interest rate of 6.75% on deposits maturing in 13 months to 2 years. Deposits maturing in 2 years to 30 months will fetch a maximum interest rate of 7.26% and those maturing in 30 months to 10 years, will fetch an interest rate of 7%.

 

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