Axis Bank has changed the interest rate on its FDs. This amendment has been done only in FDs of 1 tenure and the old interest rates will be applicable on all other tenure FDs. After the increase in the repo rate by the RBI, many banks have changed the interest rates.
Axis Bank has increased interest rates on FDs below Rs 2 crore. According to the official website of the bank, the new interest rates are effective from August 11, 2022. After the revision, the bank has increased the interest rates on FDs maturing in 17 months and less than 18 months.
The bank has changed the interest rate of only this tenure FD and all other tenure FDs will get interest at the old rate. The bank offers FDs ranging from 7 days to 10 years. At the same time, its interest ranges from 2.50 percent to 5.75 percent. Significantly, after the increase in the repo rate by the RBI, many banks have increased the interest rates on FDs. Let us see what are the interest rates on FD of Axis Bank.
What is the interest rate on FDs of which tenure the bank will continue to offer 2.50% interest rate on FDs maturing in 7 days to 29 days. The bank will continue to offer an interest rate of 3.00% on FDs maturing in 30 days to 3 months. Axis Bank will continue to offer an interest rate of 4.65% on FDs maturing in 3 months to 6 months. The bank will continue to offer an interest rate of 4.40% on FDs maturing in 7 to 8 months. The bank will give an interest rate of 4.65% on FDs maturing in 9 months. At the same time, interest rate of 4.75% will continue to be offered on FDs maturing in more than 9 months and less than 1 year.
On FDs maturing in 1 year to 1 year 11 days, the interest rate of 5.45% will continue to be offered and on FDs maturing in 1 year 11 days to 1 year 25 days, the bank will continue to offer an interest rate of 5.75. Axis Bank will continue to offer an interest rate of 5.60% on FDs maturing in 1 year 25 days to 17 months, the bank will continue to offer an interest rate of 5.60%. The bank has increased the interest rate on FDs maturing from 17 months to 18 months from 5.60% to 6.05%.
The old rate will continue for other tenors. The bank will continue to offer an interest rate of 5.60% on FDs maturing in 18 months to 2 years. On FDs maturing in 2 years to 5 years, the bank will continue to offer an interest rate of 5.70% and on FDs maturing in 5 years to 10 years, the bank will continue to offer an interest rate of 5.75%.
SBI also increased the interest rate on FDs, on
the other hand, SBI has announced an increase in interest rates for FDs of less than Rs 2 crore. According to the bank’s official website, the new interest rates are effective from August 13, 2022. SBI has increased interest rates by 15 basis points over several tenors in response to the revision. SBI Fixed Deposit interest rates now range from 2.90% to 5.65% for general public and 3.40% to 6.45% for senior citizens on deposits of 7 days to 10 years.
