Bank FD Hike: Big news for FD investors! This bank has increased FD interest rates, check new rates

Bank FD Hike: Axis Bank has hiked the fixed deposit interest rate on one tenure by 10 basis points (bps)for amounts below Rs 2 crore. The new rate is effective from July 17, 2023, according to the bank’s website.

After the revision, Axis Bank offers interest rates between 3.5% and 7.20% on tenures ranging from 7 days to 10 years.

Latest Axis Bank fixed deposit interest rates

The latest fixed deposit interest rates offered by the bank is 3.50% for deposits maturing in 7 to 45 days and 4.00% for deposits maturing in 46 to 60 days. On deposits with maturities ranging from 61 days to three months, Axis Bank is now giving interest rates of 4.50% and 4.75% for deposits with tenure 3 months to six months.

Deposits that mature in 6 to 9 months will receive an interest rate of 5.75%, and 6.00% interest will be paid on deposits that mature in 9 months to less than a year.

The bank offers 6.75% for fixed deposits maturing in one year, one year, or one year and four days, and 6.80% for deposits maturing in one year, 5 days to less than 13 months. The bank offers give 7.10 percent on deposits made for 13 months and under two years. However, bank has now increased on tenure of 16 months to less than 17 months by 10 bps to 7.20%, which is the highest interest rate offered by the bank.

Axis Bank offers 7.05% on tenure of 2 years to less than 30 months. Remaining tenure will earn a 7% interest rate.

Bank FD Hike

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 of 16 months to less than 17 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 upto 25% of the principal amount.”

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