Axis bank reduces interest rate on retail domestic fixed deposit.

Axis Bank has modified the interest rates on domestic term deposits under Rs. 2 crores. The new rates are in effect as of today, October 1, 2022, according to the bank's official website.

Following the Reserve Bank of India’s decision to increase the repo rate by 50 basis points to 5.90 per cent on Friday, Axis Bank has followed the Bank of India (BOI), Industrial Credit and Investment Corporation of India (ICICI) Bank, and RBL (erstwhile Ratnakar Bank Limited) Bank in raising the interest rates on fixed deposits.

Axis Bank is now offering fixed deposits maturing in 15 months to less than 2 years with a maximum interest rate of 6.15 per cent for the general public and 6.90 per cent for senior citizens.

Axis Bank Fixed Deposit rates for non-senior citizens

On deposits maturing in 7 days to 29 days the bank will offer an interest rate of 2.75 per cent and on deposits that mature in 30 days to 3 months, Axis Bank is now offering an interest rate of 3.2 per cent.

Fixed deposits that mature in 3 months to 6 months will now fetch an interest rate of 3.75 per cent and term deposits that mature in 6 months to 9 months will now offer an interest rate of 4.65 per cent Axis Bank is now offering an interest rate of 4.75 per cent on term deposits maturing in 9 months to 1 year and the bank will offer an interest rate of 5.45 per cent on term deposits that mature in 1 year to 1 year and 11 days.

The bank will now give an interest rate of 5.75 per cent on deposits maturing in 1 year, 11 days to less than 1 year, 25 days, while Axis Bank will now offer an interest rate of 5.60 per cent on term deposits maturing in 1 year, 25 days to 15 months.

On deposits due in the next 15 months to 2 years, Axis Bank is now giving a maximum interest rate of 6.15 per cent, while on term deposits maturing in the next 2 years to 5 years, the bank is now offering an interest rate of 5.70 per cent. At Axis Bank, fixed deposits with maturities between five and ten years currently earn an interest rate of 5.75 per cent.

Axis Bank Fixed Deposit rates for senior citizens

Axis Bank provides older persons with an additional interest rate advantage on deposits that mature in 6 months to 10 years. Axis Bank is now giving elderly folks an interest rate on the aforementioned tenure band that ranges from 4.90 per cent to 6.5 0 per cents.

Fixed deposits with maturities between 15 months and 2 years will now provide elderly residents with a maximum interest rate of 6.90 per cent.

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