Axis Bank Hikes Fixed Deposit (FD) Interest Rates By 30 Bps On 1 Year-15 Months Tenure Effective From Today

India's 4th largest private sector lender by market cap Axis Bank has announced an interest rate hike on its fixed deposits of less than Rs 3 Cr. Fixed deposit customers of Axis Bank can now get 30 bps higher interest rates on a range of tenures ranging from 1 year to 15 months. According to Axis Bank's official website, the latest interest rates remain in effect as of June 19. Fixed deposit interest rate hike announcement of Axis Bank came after India's largest lender State Bank of India (SBI) hiked interest rates by 25 bps on tenures of below 1 year on 15th June.

Axis Bank FD Rates

The bank will still give a 3.00% interest rate on deposits that mature between 7-29 days, while Axis Bank will continue to charge a fixed interest rate of 3.50% on deposits maturing in 30-45 days. The interest rate on Axis Bank fixed deposits will be steady at 4.25% for terms between 46 and 60 days and 4.50% for terms between 61 and three months. Deposits that mature in three to six months will still provide an interest rate of 4.75%, while those that mature in six to nine months will still yield a return of 5.75%.

Axis Bank has increased the interest rate on term deposits that mature in one year to fifteen months by 30 bps, from 6.70% to 7%. Term deposits maturing in nine months to one year will still receive the same interest rate of 6.00%. The interest rate of 7.10% for a 15- to 17-month term and 7.20% for a 17- to 18-month term has not been altered by Axis Bank. Axis Bank will keep on paying 7.10% interest on deposits maturing in 18 months to 5 years, and 7% interest on deposits maturing in 5 years to 10 years.

7 - 14 days: 3.00%
15 - 29 days: 3.00%
30 - 45 days: 3.50%
46 - 60 days: 4.25%
61 days - 3 months: 4.50%
3 months - 3 months 24 days: 4.75%
3 months 25 days - 4 months: 4.75%
4 months - 5 months: 4.75%
5 months - 6 months: 4.75%
6 months - 7 months: 5.75%
7 months - 8 months: 5.75%
8 months - 9 months: 5.75%
9 months - 10 months: 6.00%
10 months - 11 months: 6.00%
11 months - 11 months 24 days: 6.00%
11 months 25 days - 1 year: 6.00%
1 year - 1 year 4 days: 7.00%
1 year 5 days - 1 year 10 days: 7.00%
1 year 11 days - 1 year 24 days: 7.00%
1 year 25 days - 13 months: 7.00%
13 months - 14 months: 7.00%
14 months - 15 months: 7.00%
15 months - 16 months: 7.10%
16 months - 17 months: 7.10%
17 months - 18 months: 7.20%
18 Months - 2 years: 7.10%
2 years - 30 months: 7.10%
30 months - 3 years: 7.10%
3 years - 5 years: 7.10%
5 years to 10 years: 7.00%

Based on the tenure option selected, older individuals are liable for interest at a rate that is around 50-60 basis points over and above the standard rate.