Interest Rate Hike: There is good news for those who keep their hard earned money in the bank. Actually, there is a chance to earn more interest with Axis Bank. This private sector bank has increased the interest rates on FDs.
After the increase in the repo rate by the RBI, the banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Axis Bank of the private sector of the private sector has increased the rates of interest on fixed deposits ie FD.
Axis Bank has increased the interest rates for FDs below Rs 2 crore. According to the bank’s website, the new rates have come into effect from November 5, 2022. The bank has increased the interest rates by up to 115 bps on deposits with maturities ranging from 46 days to 10 years. Axis Bank is now offering interest rates ranging from 3.50% to 6.50% for general public and 3.50% to 7.25% for senior citizens on deposits maturing in 7 days to 10 years. The maximum interest rate on deposits with maturity between 3 to 10 years will now be 7.25% for senior citizens and 6.50% for general public.
Axis Bank’s new FD rates
will continue to offer 3.50% interest rate on FDs maturing in 7 days to 45 days, but on deposits maturing in 46 days to 60 days, the bank has increased the interest rate from 3.50% to 4% have make. An interest rate of 4.50% will now be offered on deposits maturing in 61 days to 3 months. Interest rate of 4.50% will now be given on deposits maturing in 3 months to 6 months. Axis Bank has increased the interest rate on deposits maturing in 6 months to 9 months from 50 bps to 5.50% and on deposits maturing in 9 months to 1 year by 75 bps to 5.75%.
RBI has increased the repo rate
for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent for the fourth consecutive time. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased the rates of fixed deposits.
It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
