Axis Bank cuts Fixed Deposit Interest Rate: Instead of increasing the interest rate of select FD schemes, Axis Bank has shocked millions of investors by reducing it. The bank is offering the highest interest rate of 7.85% on FD.
Crores of investors of Axis Bank have got a big shock. In fact, investors waiting for interest rate hike in FD schemes have got a cut. The bank has reduced instead of increasing the interest rates on select FD schemes. The bank has said that the interest rate on FDs with deposits of less than Rs 2 crore has been cut by 10 bps.
Axis Bank said that the revision in FD interest rates is being made effective from 26 July 2023. According to the bank, interest rate between 3.5% to 7.10% is being given for a period ranging from 7 days to 10 years. Let us tell you that before this the bank had increased by 10 basis points.
New interest rates on Axis Bank FD
- Axis Bank is now offering 3.50% interest rate for FDs maturing in 7 to 45 days.
- Interest rates of 4.00% are being given for FDs maturing in 46 to 60 days.
- The bank is now offering an interest rate of 4.50% and 4.75% on FDs with maturity ranging from 61 days to three months.
- Paying 5.75% interest on FDs maturing in 6 to 9 months.
- 6.00% interest rate will be available on FDs maturing in tenure less than 9 months to one year.
- 6.75% interest is being received on FDs maturing in one year to four days.
- 6.80% interest will be given on FDs maturing in less than one year to 5 days to 13 months.
- The bank is paying 7.10 percent interest rate on FDs with maturity of 13 months and less than two years.
- Axis Bank is offering 7.05% for tenure less than 2 years to 30 months.
- The bank has reduced the interest rate on FDs with tenure less than 16 months to 17 months by 10 basis points, after which the interest rate has come down from 7.20% to 7.10%.
Axis Bank Interest Rates for Senior Citizens
After the revision in FD interest rates, the bank is now offering interest rates ranging from 3.50% to 7.85% to senior citizens on FDs with tenures ranging from 7 days to 10 years. At the same time, the highest interest rate of 7.85% has been offered on FDs with a tenure of 13 months to less than 2 years.
Premature penalty on Axis Bank
FD According to Axis Bank’s website, you can withdraw FD money before maturity. But for this a penalty of 1.0% will have to be paid. However, if you wish to make a partial withdrawal, Axis Bank does not charge any penalty on the first partial withdrawal up to 25% of the principal amount.
