Axis Bank has reduced the fixed deposit interest rate on one tenure by 10 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from July 26, 2023, according to the Axis Bank website.
After the revision, Axis Bank offers interest rates between 3.5% and 7.10% on tenures ranging from 7 days to 10 years. Earlier, the bank had increased by 10 basis points.
Latest Axis Bank fixed deposit interest rates
The bank now offers fixed deposit interest rates of 3.50% for deposits maturing in 7 to 45 days and 4.00% for deposits maturing in 46 to 60 days. Axis Bank now offers interest rates of 4.50% and 4.75% on deposits with maturities ranging from 61 days to three months. Deposits maturing in 6 to 9 months will earn 5.75% interest, while deposits maturing in 9 months to less than a year will earn 6.00% interest.
Fixed deposits maturing in one year to one year, four days earn 6.75%, while deposits maturing in one year, 5 days to less than 13 months earn 6.80%. The bank provides 7.10 percent on 13-month and less-than-two-year deposits. However, the bank has reduced the duration from 16 months to less than 17 months by 10 basis points to 7.10% from 7.20%.
Axis Bank offers 7.05% on tenure of 2 years to less than 30 months. Remaining tenure will earn a 7% interest rate.
Axis Bank senior citizen interest rate After the revision, the bank will now offer an interest rate between 3.50% to 7.85% on tenures ranging from 7 days to 10 years. The highest interest rate of 7.85% is offered on tenure 13 months to less than 2 years.
Premature penalty on fixed deposits According to the Axis Bank website, “You can flexibly withdraw the money from fixed deposits before maturity subject to a penalty of 1.0%. However, if you wish to withdraw the money only partially, then Axis Bank levies no penalty on first partial withdrawal of upto 25% of the principal amount.”
