Private sector lender Axis Bank has modified its interest rates on fixed deposits under Rs 2 crore, effective from October 1. The Reserve Bank of India revised the repo rate by hiking it by 50 basis points on Friday, in a bid to tame inflation. The current repo rate stands at 5.9 per cent. Many banks have already increased their rate of interest so that more and more investors can put their money in fixed deposits. From now on, Axis Bank will offer a maximum interest rate of 6.15 per cent for the general public and 6.90 per cent for senior citizens for its various schemes.
Interest rates for general investors
For fixed deposits in 7 days-29 days timeframe, the bank will offer an interest rate of 2.75 per cent. For 30 days to 3 months, the interest rate is 3.25 per cent. Fixed deposits that mature in 3 months to 6 months will now fetch an interest rate of 3.75 per cent and term deposits that mature in 6 months to 9 months will now offer an interest rate of 4.65 per cent.
The bank will give a rate of 4.75 per cent for schemes maturing in 9 months to 1 year. The interest rate for the timeframe 1 year to 1 year and 11 days is 5.45 per cent.
For 1 year, 11 days to less than 1 year, 25 days, the interest rate is 5.75 per cent, while 1 year, 25 days to 15 months, the interest rate is slightly lower of 5.60 per cent.
On deposits due in the next 15 months to 2 years, Axis Bank is now giving a maximum interest rate of 6.15 per cent, while for 2 years to 5 years, the lender is offering an interest rate of 5.70 per cent. At Axis Bank, fixed deposits with maturities between 5 and 10 years currently earn an interest rate of 5.75 per cent.
FD rates for senior citizens
Like many other lenders, Axis Bank offers higher interest rates to senior citizens, which are applicable for schemes ranging from 6 months to 10 years. Axis Bank is now giving elderly folks an interest rate on the aforementioned tenure band that ranges from 4.90 per cent to 6.50 per cent. For the rest of the schemes, the rate of interest is the same as the general investors. Fixed deposits with maturities between 15 months and 2 years will now provide elderly residents with a maximum interest rate of 6.90 per cent.
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