RBI has recently increased the repo rate, following which several public and private banks have increased fixed deposit interest (FD) rates.
New Delhi: Following the Reserve Bank of India’s (RBI) move to increase the repo rate by 40 basis points, yet another lender has now decided to hike the interest rates on fixed deposit (FD) investments. This time Axis Bank has increased the interest rates on FD investments. The private lender has increased the interest rate for FD investments with a tenure of more than nine months.
The new Axis Bank interest rates are effective from May 12, 2022. With the latest increase in FD rates, investors will now get returns in the range of 2.5 per cent to 5.75 per cent, depending on the term of the deposit.
Latest Axis Bank FD Rates
Axis Bank has hiked the interest rate on FD investments maturing from 9 months to less than one year to 4.75 per cent. The private lender has also hiked the interest rate on FDs maturing between one year to 15 months to 5.25 per cent.
Further, investors will get returns of 5.30 per cent and 5.60 per cent on fixed deposit investments maturing between 15 months to less than 2 years and 2 years to less than 5 years, respectively.
Axis Bank has also increased the interest rate on fixed deposit investments maturing between 5 to 10 years to 5.75 per cent. The mentioned interest rates are applicable for investments worth Rs 2 crore or less.
Senior Citizens to get more returns on FD investments
Senior citizens will continue to get 0.50 per cent more returns on FD investments. With the latest revision, senior citizens will receive returns ranging from 2.50 per cent to 6.50 per cent from FD investments maturing within seven days to less than 10 years.
