The leading private sector lender Axis Bank has hiked interest rates on fixed deposits of less than ₹2 Cr. The bank made this announcement on 10/03/2023 and upon the announcement, the bank has hiked interest rates by 40 bps on tenors of 13 months to 2 years. After the declaration, the bank is promising interest rates between 3.50% and 7.00%. Axis Bank is now giving a maximum interest rate of 7.26% for the general public and 8.01% for senior citizens on a deposit tenor of 2 years to 30 months.
Axis Bank FD Rates
On fixed deposits maturing in 7 days to 45 days, Axis Bank will continue to offer an interest rate of 3.50% and the bank will continue to offer an interest rate of 4.00% on those maturing in 46 days to 60 days. Axis Bank will continue to offer an interest rate of 4.50% on a deposit tenor of 61 days to 3 months and an interest rate of 4.755 on a deposit tenor of 3 months to 6 months.
Deposits maturing in 6 months to 9 months will continue to fetch an interest rate of 5.75% and those maturing in 9 months to 1 year will continue to fetch an interest rate of 6.00%. On domestic term deposits maturing in 1 year to 1 year 24 days, the bank will continue to offer an interest rate of 6.75% and on those maturing in 1 year 25 days to 13 months, Axis Bank will continue to offer an interest rate of 7.10%.
Axis Bank has hiked the interest rate by 40 bps from 6.75% to 7.15% on a deposit tenor of 13 months to 2 years. Deposits maturing in 2 years to 30 months will continue to fetch an interest rate of 7.26% and those maturing in 30 months to 10 years will continue to fetch an interest rate of 7.00%.
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For fixed deposits that mature in the next six months to ten years, senior citizens will be given additional interest rates over and above the standard rates applicable to the general public.
As of Q3FY22, there were 4,700 domestic branches and extension counters spread throughout 2,665 centres. As of Q3FY23, the bank had maintained a network of 4,849 domestic branches and extension counters spread across 2,734 centres. By December 31, 2022, there were 15,674 ATMs and cash recyclers spread around the country.
Axis Bank unified its dominance among the major private lenders on March 1, 2023, by acquiring Citibank’s consumer businesses in India for a total price of INR 11,603 Cr. The bank will have access to Citi’s 6 offices, 21 branches, and 459 ATMs following the announcement.
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