Axis Bank Interest Rate Hike: Leading private sector lender Axis Bank has good news for its customers. Axis Bank has hiked interest rates on its fixed deposits and savings bank accounts after the Reserve Bank of India hiked its repo rates by a total of 90 basis points in two back to back monetary policy committee meets over a month.
Axis Bank FD Interest Rates
The Axis Bank FD rate hike comes at a time when leading banks are increasing their fixed deposit interest rates. The new rates have come into effect on June 13. The Axis Bank Fixed Deposit interest rate hike is applicable for deposits below Rs 2 crore, the bank has said in a notification.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Axis Bank from May 12, 2022:
7 days to 14 days: 2.50 per cent for General Public; 2.50 per cent for Senior Citizens
15 days to 29 days: 2.50 per cent for General Public; 2.50 per cent for Senior Citizens
30 days to 45 days: 3.00 per cent for General Public; 3.00 per cent for Senior Citizens
46 days to 60 days: 3.00 per cent for General Public; 3.00 per cent for Senior Citizens
61 days to less than 3 months: 3.00 per cent for General Public; 3.00 per cent for Senior Citizens
3 months to less than 4 months: 3.50 per cent for General Public; 3.50 per cent for Senior Citizens
4 months to less than 5 months: 3.50 per cent for General Public; 3.50 per cent for Senior Citizens
5 months to less than 6 months: 3.50 per cent for General Public; 3.50 per cent for Senior Citizens
6 months to less than 7 months: 4.40 per cent for General Public; 4.65 per cent for Senior Citizens
7 months to less than 8 months: 4.40 per cent for General Public; 4.65 per cent for Senior Citizens
8 months to less than 9 months: 4.40 per cent for General Public; 4.65 per cent for Senior Citizens
9 months to less than 10 months: 4.75 per cent for General Public; 5.00 per cent for Senior Citizens
10 months to less than 11 months: 4.75 per cent for General Public; 5.00 per cent for Senior Citizens
11 months to less than 11 months 25 days: 4.75 per cent for General Public; 5.00 per cent for Senior Citizens
11 months 25 days to less than 1 year: 4.75 per cent for General Public; 5.00 per cent for Senior Citizens
1 year to less than 1 year 5 days: 5.25 per cent for General Public; 5.90 per cent for Senior Citizens
1 year 5 days to less than 1 year 11 days: 5.25 per cent for General Public; 5.90 per cent for Senior Citizens
1 year 11 days to less than 1 year 25 days: 5.25 per cent for General Public; 5.90 per cent for Senior Citizens
1 year 25 days to less than 13 months: 5.25 per cent for General Public; 5.90 per cent for Senior Citizens
13 months to less than 14 months: 5.25 per cent for General Public; 5.90 per cent for Senior Citizens
14 months to less than 15 months: 5.25 per cent for General Public; 5.90 per cent for Senior Citizens
15 months to less than 16 months: 5.30 per cent for General Public; 5.95 per cent for Senior Citizens
16 months to less than 17 months: 5.30 per cent for General Public; 5.95 per cent for Senior Citizens
17 months to less than 18 months: 5.30 per cent for General Public; 5.95 per cent for Senior Citizens
18 months to less than 2 years: 5.30 per cent for General Public; 5.95 per cent for Senior Citizens
2 years to less than 30 months: 5.60 per cent for General Public; 6.25 per cent for Senior Citizens
30 months to less than 3 years: 5.60 per cent for General Public; 6.25 per cent for Senior Citizens
3 years to less than 5 years: 5.60 per cent for General Public; 6.25 per cent for Senior Citizens
5 years to 10 years: 5.75 per cent for General Public; 6.50 per cent for Senior Citizens
Axis Bank Savings Account Interest Rate Hike
The Axis Bank savings account rate hike comes at a time when major banks are increasing their interest rates for such deposits. The new savings account interest rates came into effect on June 1 before the bi monthly MPC meet of the RBI. “Effective 1st Jun, 2022, the interest on your Savings Account has been revised as per the following interest rate structure,” Axis Bank has said on its website. Axis Bank savings account interest rate has been fixed at 3 per cent per annum on savings account balances less than Rs 50 lacs, and at 3.50 per cent per annum on savings bank deposits of 50 lakh and less than Rs 800 crore.
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