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Axis Bank raises interest rates on FDs

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Guwahati: Axis Bank, a private sector lender, has increased interest rates on fixed deposits under Rs. 2 crore.

On fixed deposits of 7 days to 29 days and 30 days to 3 months, the bank will provide interest rates of 2.50 percent and 3%, respectively. Axis Bank will continue to provide interest rates of 3.50 percent and 4.40 percent on term deposits due in three to six months and six to nine months, respectively.

Deposits maturing in 9 months to less than a year will continue to earn 4.75 percent, whereas deposits maturing in 1 year to less than a year 11 days will earn 5.45 percent, a 20 basis point increase. Axis Bank increased the interest rate on fixed deposits maturing in 2 years to less than 5 years by 10 basis points, from 5.60% to 5.70%, while the rate on deposits maturing in 5 years to 10 years stayed unchanged at 5.75%.

Senior citizens will get interest rates ranging from 2.5% to 6.5% on fixed deposits ranging from 7 days to 10 years. After an interest rate rise on deposits due in more than one year to five years, senior citizens will get interest rates ranging from 6.10% to 6.350%. Axis Bank is now offering a maximum interest rate of 6.50 percent on deposits of 5 to 10 years. Axis Bank currently offers a maximum interest rate of 6.50 percent on deposits of 5 to 10 years.

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