Axis Bank increased FD interest rates by 0.25 percent, know the new rates

Axis Bank on Friday announced an increase in the interest rate on fixed deposits (FD) of less than Rs 2 crore. According to the official website of the bank, the new interest rates have been implemented from September 9, 2022. The bank has increased the interest rate on FDs from seven days to six months by 25 basis points or 0.25 percent. 

Axis Bank has increased the interest rate of FDs from 7 days to 29 days by 0.25 percent, now investors will get 2.75 percent interest on FDs of this period instead of 2.5 percent. On FDs ranging from 30 days to 3 months, now customers will get 3.25 percent interest instead of 3 percent. The interest rate has also been increased by 0.25 percent on FDs ranging from 3 to 6 months. Now investors will be given an interest of 3.75 percent instead of 3.50 percent on making FD of this period. 

Apart from this, investors will be given an interest of 4.65 percent instead of 4.40 on making FD for 6 months more and up to 7 months. There has been no change in the interest rates of FDs above 8 months and up to 9, currently it is 4.65 percent.

Rate of interest on FDs with tenor more than one year

Axis Bank has not made any change in FD interest rates for more than one year.Customers will get 5.45 percent on FDs with maturity from 1 year to 1 year 11 days, 5.75 percent on FDs with maturity from 1 year 11 days to 1 year 25 days, 5.60 percent on FDs with maturity from 1 year 25 days to 2 years Percentage, 5.70 percent on FDs of more than 2 years and up to 5 years and for more than 5 years and up to 10 yearsInterest of 5.75 percent is being given on FD.

RBI hikes interest rates

RBI has increased the repo rate by up to 1.4 per cent in the last four months to control inflation, after which all public and private commercial banks are increasing interest rates.