New Delhi: One of the private sector lenders of the country, Axis Bank has hiked interest rates on fixed deposits of less than Rs 2 crore. As a result of the interest rate change, the bank has increased interest rates on one- to five-year fixed deposits. As per the latest announcement, the bank said it will provide interest rates of 2.50 per cent and 3 per cent on fixed deposits of 7 days to 29 days and 30 days to 3 months.
The bank will also continue to provide interest rates of 3.50 per cent and 4.40 per cent on term deposits maturing in 3 months to 6 months and 6 months to 9 months.
On the other hand, the deposits maturing in 9 months to less than 1 year will continue to collect 4.75 per cent interest, but deposits maturing in 1 year to less than 1 year 11 days will receive 5.45 per cent interest, a 20 basis point increase.
The bank has also increased the interest rate on fixed deposits maturing in 1 year 11 days to 1 year 25 days from 5.25 per cent to 5.75 per cent, a 50 basis point increase.
Axis Bank said it will now offer an interest rate of 5.60 per cent, up from 5.25 per cent before, on deposits maturing in 1 year, 25 days to less than 15 months, representing a 35 basis point increase.
As per the bank, the deposits maturing in 15 months to less than two years will now pay 5.60 per cent instead of 5.30 per cent, a 30 basis point increase.
Axis Bank has also increased the interest rate on fixed deposits maturing in 2 years to less than 5 years by 10 basis points, from 5.60 per cent to 5.70 per cent, while the interest rate on deposits maturing in 5 years to 10 years has remained steady at 5.75 per cent.
The bank said the senior citizens would get interest rates ranging from 2.50 per cent to 6.50 per cent on fixed deposits of 7 days to 10 years. They will also get an interest rate ranging from 6.10 per cent to 6.35 per cent after an interest rate hike on deposits maturing in more than one year to five years.
Apart from Axis Bank, the HDFC Bank has also increased the interest rates on fixed deposits. Effective from 17 June 2022, the HDFC Bank will offer an interest rate of 2.75% – 5.75% to the general public and 3.25% – 6.50% to senior citizens on deposits of less than Rs 2 crore.
