Axis Bank interest rate hike: Axis Bank, the leading private sector lender, has good news for its customers. Axis Bank raised interest rates on its time 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 committee meetings. monetary policy over a month.
Axis Bank FD interest rate
The Axis Bank FD rate hike comes at a time when major banks are raising interest rates on fixed deposits. The new rates went into effect June 13. The interest rate hike on fixed deposits at Axis Bank applies to deposits below Rs 2 crore, the bank said in a notification.
Here are the revised interest rates on fixed deposits below Rs 2 crore at Axis Bank from 12 May 2022:
7 days to 14 days: 2.50% for the General Public; 2.50% for seniors
15 days to 29 days: 2.50% for the General Public; 2.50% for seniors
30 days to 45 days: 3.00% for the general public; 3.00% for seniors
46 days to 60 days: 3.00% for the general public; 3.00% for seniors
61 days to less than 3 months: 3.00% for the General Public; 3.00% for seniors
3 months to less than 4 months: 3.50% for the General Public; 3.50% for seniors
4 months to less than 5 months: 3.50% for the General Public; 3.50% for seniors
5 months to less than 6 months: 3.50% for the General Public; 3.50% for seniors
6 months to less than 7 months: 4.40% for the General Public; 4.65% for seniors
7 months to less than 8 months: 4.40% for the General Public; 4.65% for seniors
8 months to less than 9 months: 4.40% for the General Public; 4.65% for seniors
9 months to less than 10 months: 4.75% for the General Public; 5.00% for seniors
10 months to less than 11 months: 4.75% for the General Public; 5.00% for seniors
11 months to less than 11 months 25 days: 4.75% for the General Public; 5.00% for seniors
11 months 25 days to less than 1 year: 4.75% for the General Public; 5.00% for seniors
1 year to less than 1 year 5 days: 5.25% for the General Public; 5.90% for seniors
1 year 5 days to less than 1 year 11 days: 5.25% for the General Public; 5.90% for seniors
1 year 11 days to less than 1 year 25 days: 5.25% for the General Public; 5.90% for seniors
1 year 25 days to less than 13 months: 5.25% for the General Public; 5.90% for seniors
13 months to less than 14 months: 5.25% for the General Public; 5.90% for seniors
14 months to less than 15 months: 5.25% for the General Public; 5.90% for seniors
15 months to less than 16 months: 5.30% for the General Public; 5.95% for seniors
16 months to less than 17 months: 5.30% for the General Public; 5.95% for seniors
17 months to less than 18 months: 5.30% for the General Public; 5.95% for seniors
18 months to less than 2 years: 5.30% for the General Public; 5.95% for seniors
2 years to less than 30 months: 5.60% for the General Public; 6.25% for seniors
30 months to less than 3 years: 5.60% for the General Public; 6.25% for seniors
3 years to less than 5 years: 5.60% for the General Public; 6.25% for seniors
5 to 10 years: 5.75% for the General Public; 6.50% for seniors
Axis Bank savings account interest rate hike
The rate hike for Axis Bank savings accounts comes at a time when major banks are raising their interest rates for such deposits. The new savings account interest rates came into effect on June 1 ahead of the RBI’s bi-monthly MPC meeting. “As of June 1, 2022, interest on your savings account has been revised to the following interest rate structure,” Axis Bank said on its website. Axis Bank savings account interest rate has been set at 3% per annum on savings account balances below Rs 50 lacs, and 3.50% per annum on bank deposits savings of 50 lakh and below Rs 800 crore.
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