Private sector lender Axis Bank is the latest bank to revise its fixed deposit interest rates under Rs 2 crore, which has been implemented from September 7, 2022. The interest rates were revised after the Reserve Bank of India (RBI) hiked the repo rates to 5.4% in August. Following this, most lenders in the country have tweaked their fixed-term deposit rates. As fixed deposit schemes offer liquidity and assured interest income at regular intervals, they are considered as useful tools to build an emergency or long-term corpus.
For the general investors, Axis Bank is offering fixed deposit rates of 2.5 per cent to 5.75 per cent for schemes maturing between 7 days and 10 years, whereas for senior citizens the rates are a bit higher and are between 2.5 per cent and 6.5 per cent.
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General category rates
For fixed deposit schemes maturing from seven to 29 days, the bank is offering 2.5 per cent interest rate. For 30 days to 3 months, it is offering 3 per cent interest. For 9 months to 1 year, the rates are 4.75 per cent. For two to five years, it is giving 5.7 per cent, whereas for five to 10 years the interest rate is 5.75 per cent.
| Tenor | Interest rates |
| 7 days to 29 days | 2.50% |
| 30 days to 3 months | 3% |
| 3 months to 6 months | 3.50% |
| 6 months to 7 months | 4.65% |
| 7 months to 8 months | 4.40% |
| 8 months to 9 months | 4.65% |
| 9 months to 1 year | 4.75% |
| 1 year to 1 year 11 days | 5.45% |
| 1 year 11 days to 1 year 25 days | 5.75% |
| 1 year 25 days to 2 years | 5.60% |
| 2 years to 5 years | 5.70% |
| 5 years to 10 years | 5.75% |
Senior citizen category
Senior citizen customers are set to earn interest rates in the range of 2.50 per cent to 6.50 per cent. For fixed deposit schemes maturing from seven to 29 days, the bank is offering a 2.5 per cent interest rate. For 30 days to 3 months, it is offering 3 per cent interest.
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For nine months to one year, the interest rate is 5 per cent, for two to five years it is 6.45 per cent and for five years to 10 years it is 6.5 per cent.
| Tenure | Rate of interest |
| 7 days to 29 days | 2.50% |
| 30 days to 3 months | 3% |
| 3 months to 6 months | 3.50% |
| 6 months to 7 months | 4.90% |
| 7 months to 8 months | 4.65% |
| 8 months to 9 months | 4.90% |
| 9 months to 1 year | 5.00% |
| 1 year to 1 year 11 days | 6.20% |
| 1 year 11 days to 1 year 25 days | 6.50% |
| 1 year 25 days to 2 years | 6.35% |
| 2 years to 5 years | 6.45% |
| 5 years to 10 years | 6.50% |
SBI rates at a glance
The largest public sector bank in the country, SBI, revised the domestic fixed deposit rates on August 13, 2022, just after RBI increased its repo rates. The bank offers the most attractive and risk-free fixed deposit schemes, which offer up to 5.65% interest to depositors for 5 to 10-year tenors. For senior citizens, the bank is offering up to 6.45% interest.
Another interesting clause for SBI FD schemes is one which allows investors to withdraw a certain amount from their investment without any penalty. Generally, most banks levy a charge if investors want to withdraw their money and break the term of a fixed deposit scheme. SBI offers such flexible terms but not on all schemes. SBI has Multi Option Deposit Scheme (SBI MODS), which is a term deposit that is linked to the one’s savings or current account. Unlike general FD schemes, investors can withdraw money whenever you want without paying a penalty. The interest rates are same as other FD schemes. A closer look at all the rates for the general public and senior citizens. The tenure for SBI Multi Option Deposit Scheme is one to five years.
FD rates for 7 days to 10 years plans (revised on August 13, 2022)
| Tenor | General Public | Senior Citizens |
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.55% | 5.05% |
| 211 Days to less than 1 year | 4.60% | 5.10% |
| 1 year to less than 2 years | 5.45% | 5.95% |
| 2 years to less than 3 years | 5.50% | 6.00% |
| 3 years to less than 5 years | 5.60% | 6.10% |
| 5 years to up to 10 years | 5.65% | 6.45% |
