Axis Bank of the private sector has increased the interest rates on fixed deposits ie FDs. The bank has increased FD rates of different tenures by 5 basis points (BPS). According to the bank’s website, the new rates have come into effect from April 21, 2023. Explain that to invest in Axis Bank’s online FD, you have to deposit at least Rs 5000.
Axis Bank is offering interest ranging from 3.50 per cent to 7 per cent on fixed deposits ranging from 7 days to 10 years. The bank is offering the highest interest rate of 7.20 per cent on FDs maturing in 2 years to 30 months, while senior citizens will get interest at the rate of 7.95 per cent on FDs of this period.
Axis Bank’s new FD rates
will continue to offer an interest rate of 3.50 per cent on FDs maturing in 7 days to 45 days. The bank will pay 4% interest on deposits maturing in 46 days to 60 days. An interest rate of 4.50 per cent will be offered on deposits maturing in 61 days to 3 months. Now 4.75 percent interest rate will be given on deposits maturing in 3 months to 6 months. Axis Bank will offer 5.75 percent interest rate on deposits maturing in 6 months to 9 months. 6% interest rate will be available on deposits maturing in 9 months to 1 year.
The pace of increase in the repo rate has stopped after 6 consecutive shocks.
Recently, the Reserve Bank of India (RBI) has given great relief to the common man. Actually, in the first MPC meeting of the new financial year, it has been announced to keep the repo rate stable. The repo rate has been retained at 6.50 per cent. Earlier, RBI had increased the repo rate by 2.50 percent from May 2022 to February 2023.
