Axis Bank Hikes Interest Rates On Domestic Term Deposits (W.e.f. 12/05/2022)

Axis Bank, the country's third-largest private sector lender, has raised interest rates on domestic fixed deposits under Rs 2 crore. According to the bank's official website, the release has been made today, May 12th, 2022, and as a result of the revision interest rates on deposits of 9 months and above have been raised.

Axis Bank FD Rates For Non-Senior Citizens

The bank will continue to offer a 2.5 per cent interest rate on term deposits maturing in 7 to 29 days and a 3.00 per cent interest rate on deposits maturing in 30 days to 3 months. Axis Bank will continue to give a 3.50 per cent interest rate on fixed deposits maturing in 3 months to 6 months and a 4.40 per cent interest rate on deposits maturing in 6 months to less than 9 months.

The bank previously offered a 4.4 per cent interest rate on deposits maturing in 9 months to less than a year, but now it will be 4.75 per cent, a 35 basis point increase. The interest rate on deposits maturing in less than 1 year 5 days was 5.1 per cent, but it has now been raised to 5.25 per cent, a 15-basis-point increase.

On the other hand, the interest rate on deposits maturing in 1 year 5 days less than 1 year 11 days has been raised from 5.15 per cent to 5.25 per cent. Axis Bank formerly offered a 5.3 per cent interest rate on deposits maturing in 1 year 11 days or less than 1 year 25 days, however, that rate has now been cut to 5.25 per cent.

Whereas the bank previously offered a 5.15 per cent interest rate on deposits maturing in one year, 25 days to less than 15 months, the rate has now been raised to 5.25 per cent, a 10 basis point hike. Axis Bank used to give a 5.2 per cent interest rate on deposits maturing in 15 months to less than 18 months, but that rate has now been raised by 10 basis points to 5.3 per cent.

Previously, the bank offered a 5.25 per cent interest rate on deposits maturing in 18 months or less than 2 years, but now the interest rate will be 5.3 per cent. The bank previously offered a 5.4 per cent interest rate on deposits maturing in two years to less than five years, but now it will be 5.6 per cent, a 20 basis point increase. The interest rate on deposits maturing in 5 to 10 years has remained constant at 5.75 per cent.

Tenors	Interest rate in % p.a.
7 days to 14 days	2.5
15 days to 29 days	2.5
30 days to 45 days	3
46 days to 60 days	3
61 days to less than 3 months	3
3 months to less than 4 months	3.5
4 months to less than 5 months	3.5
5 months to less than 6 months	3.5
6 months to less than 7 months	4.4
7 months to less than 8 months	4.4
8 months to less than 9 months	4.4
9 months to less than 10 months	4.75
10 months to less than 11 months	4.75
11 months to less than 11 months 25 days	4.75
11 months 25 days to less than 1 year	4.75
1 year to less than 1 year 5 days	5.25
1 year 5 days to less than 1 year 11days	5.25
1 year 11days to less than 1 year 25days	5.25
1 year 25 days to less than 13 months	5.25
13 months to less than 14 months	5.25
14 months to less than 15 months	5.25
15 months to less than 16 months	5.3
16 months to less than 17 months	5.3
17 months to less than 18 months	5.3
18 months to less than 2 years	5.3
2 years to less than 30 months	5.6
30 months to less than 3 years	5.6
3 years to less than 5 years	5.6
5 years to 10 years	5.75
Source: Bank Website

Axis Bank FD Rates For Senior Citizens

Senior citizens will receive the following interest rates on their deposits as of May 12, 2022.

Tenors	Interest rate in % p.a.
7 days to 14 days	2.5
15 days to 29 days	2.5
30 days to 45 days	3
46 days to 60 days	3
61 days to less than 3 months	3
3 months to less than 4 months	3.5
4 months to less than 5 months	3.5
5 months to less than 6 months	3.5
6 months to less than 7 months	4.65
7 months to less than 8 months	4.65
8 months to less than 9 months	4.65
9 months to less than 10 months	5
10 months to less than 11 months	5
11 months to less than 11 months 25 days	5
11 months 25 days to less than 1 year	5
1 year to less than 1 year 5 days	5.9
1 year 5 days to less than 1 year 11days	5.9
1 year 11days to less than 1 year 25days	5.9
1 year 25 days to less than 13 months	5.9
13 months to less than 14 months	5.9
14 months to less than 15 months	5.9
15 months to less than 16 months	5.95
16 months to less than 17 months	5.95
17 months to less than 18 months	5.95
18 months to less than 2 years	5.95
2 years to less than 30 months	6.25
30 months to less than 3 years	6.25
3 years to less than 5 years	6.25
5 years to 10 years	6.5
Source: Bank Website

Axis Bank Savings Account Interest Rates

Axis Bank has also altered the interest rates on Savings Accounts with effect from May 10, 2022.

Balance Slabs	Applicable Rate of Interest w.e.f. 10th May, 2022
Less than Rs. 50 Lacs	3.00% p.a.
Rs. 50 Lacs and up to less than Rs. 10 Crs	3.50% p.a.
Rs. 10 Crs and up to less than Rs. 100 Crs	3.50% p.a.
Rs. 100 Crs and up to less than Rs. 200 Crs	3.50% p.a.
Rs. 200 Crs and up to less than Rs. 2,500 Crs	3.50% p.a.
Source: Bank Website