Last Updated: November 07, 2022, 15:13 IST
Axis Bank Latest FD Rates: Leading private sector lender Axis Bank has announced an interest rate hike on FDs under Rs 2 crore. The bank raised the interest rates by up to 115 basis points for selected tenure, effective from Saturday, November 5.
With the new rates, Axis Bank’s FD rates now range between 3.5 to 6.5 per cent for the general public and 3.5 to 7.25 per cent for senior citizens. While the interest rate offered on a tenure slab of 7 days to 45 days remains at 3.50 per cent, deposits maturing in 46 days to 60 days will now have an interest rate hike by 50 bps, from 3.50 to 4 per cent. There has been an interest rate hike by 50 bps on deposits with a tenure of 61 days to 3 months, too. The bank will now offer an interest rate of 4.50 per cent on these deposits. An interest rate of 4.50 per cent can now be availed on deposits maturing in 3 to 6 months, up by the 4.25 per cent interest rate in effect earlier. Axis Bank has pushed up the interest rate on deposits maturing in 6 months to 9 months, taking it to 5.50 per cent. The bank will offer a 5.75 per cent interest rate on deposits maturing in 9 months to a year.
Senior citizens will now have an interest rate ranging from 5.50 to 7.25 per cent. These are on fixed deposits with maturities ranging from six months to ten years.
Similarly, changes in interest rates for the fixed deposit plus were announced. These are deposits made of Rs 2 crores or above. For a tenure of 30 to 45 days, the interest rate ranges from 5 to 5.50 per cent. The maximum interest rates can be availed for a tenure of 1 year to less than one year and five days. The interest rate per annum for this period ranges from 7.20 to 7.30 per cent. The maximum tenure is 5 years to 10 years has an interest rate of 6.80 per cent per annum. Premature withdrawal is not permitted for this fixed deposit scheme.
How to choose the right fixed deposit
- According to the Axis Bank website, when selecting which FD to invest in, keep the following factors in mind.
- Check the interest rates offered by the bank and if possible lock into the highest rate
- Try to match the tenure of the FD with your financial goal to ensure the availability of funds as and when you need it
- Check the conditions for premature withdrawal i.e., penalty if any or time period before a withdrawal is permitted
- Check if it is possible to open the FD online as it will save you time.
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