With effect from November 5, Axis Bank, a private money lender, raised its interest rates on fixed deposits under 2 crore. Deposit interest rates were raised by up to 115 basis points for deposits maturing in the next 46 days to ten years.
Interest on maturities of three to ten years
With this, interest rates on deposits maturing in seven days to ten years range from 3.50 to 6.50 percent for the general public and from 3.50 to 7.25 percent for senior citizens. The maximum interest rate on deposits with maturities of three to ten years, on the other hand, is 7.25 percent for senior citizens and 6.50 percent for the general public.
The interest rate on Axis Bank fixed deposits maturing in seven to 45 days is 3.50 percent, but it has been raised to 4 percent for deposits maturing in 46 to 60 days, according to the report.
The interest rate on fixed deposits maturing in 61 days to three months has risen to 4.50% from 4% previously. Interest rates on deposits maturing in three to six months will begin at 4.25 percent and rise to 4.50 percent.
Revised interest rate
The private lender has raised the interest rate on deposits maturing in the next six to nine months from 5% to 5.50%, while the revised interest rate on deposits maturing in the next nine to twelve months is 5.75%.
The interest rate on fixed deposits maturing in one to fifteen months will rise from 6.10 percent to 7%. The interest rate on deposits maturing in 15 to 18 months will rise to 7% from 6.15% previously.
current interest rate
The current interest rate is 7.05%, compared to 6.15% for fixed deposits maturing in 18 to two years. The new rate for two- to three-year deposits is 7.05 percent.
Axis Bank is offering older customers additional interest rate incentives on deposits with maturities ranging from six months to ten years. It offers interest rates ranging from 5.50 to 7.25 percent in the aforementioned tenure slab.