ICICI and Axis Bank hike Fixed Deposit interest rates; check full rates here

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Private sector lenders- Axis Bank and ICICI Bank have increased the Fixed Deposit interest rates. The raise in FD rates follows the Reserve Bank of India’s (RBI) decision to increase the benchmark interest rate by 25 basis points to 6.5%.

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Axis Bank:

• Axis Bank’s new interest rate will be effective from February 11.

• Axis bank now provides interest rates on deposits with maturities ranging from seven days to ten years that vary from 3.50 per cent to seven per cent for the general public 
• The bank now provides interest rates on deposits from 6 per cent to seven and a half per cent for elderly persons.
• Fixed deposits having a maturity between two years and thirty months would earn a maximum return of 8.01% for senior citizens and 7.26% for the general public.
• Now, the bank will pay 3.5% interest on fixed deposits that mature during the next week to 45 days, and 4% on deposits that mature within the next 60 days.
• 5.75 per cent interest will be paid on FDs that mature in the next six to nine months.
• 6 per cent interest will be paid on FDs that mature in the next nine to twelve months.
• Axis Bank is currently offering an interest rate of 7.10% on fixed deposits that mature in 1 year to 1 year 24 days.
• 6.75 per cent of those FDs that mature in 1 year to 1 year 25 days.

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ICICI Bank:

• ICICI Bank raised the interest rate on 7- to 29-day FDs by 1.5 percentage points, from 3 to 4.50 per cent. 
• The interest rate on 30- to 45-day FDs has raised from 3.50 per cent to 5.25 per cent.
• The interest rate on FDs of 46-60 days has been hiked from 4 per cent to 5.50 per cent.
• The interest rate on FDs of  61-90 days from 4.50 per cent to 5.75 per cent.
• The interest rate on FDs of 91-184 days from 4.75 per cent to 6.25 per cent.
• The interest rate on FDs of 185-270 days is 6.50 per cent now.
• FDs with terms of one year to less than 15 months now have an interest rate of 7.10 per cent.
• FDs with terms of 15 months to 2 years now have an interest rate of 7.15 per cent.
• FDs with terms of 2 years, 1 day to 3 years ow have an interest rate of 7 per cent.
• The interest rate for FDs with maturities of three years, one day to ten years has been lowered to 6.75 per cent. 
• 6.75 per cent is the new FD interest rate for terms of 5 years and 1 day to 10 years.