New Delhi- Private lender Axis has raised the interest rate on fixed deposits (FDs) to below Rs 2 crore by 25 basis points. The new rates will be effective from September 9, according to the bank’s website. The bank has raised interest rates on various term deposit contracts ranging from 7 days to 10 years and interest rates range from 2.75% to 5.75%.
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Axis Bank FD rates under Rs 2 crore
The bank increased the interest rate by 25 basis points from 2.50% to 2.75% on deposit contracts maturing in 7 days to 14 days and from 15 days to 29 days. The new rate for FDs maturing between 30 days to 45 days, from 46 days to 60 days, and from 61 days to less than 3 months is 3.25%. An interest rate of 3.75% will be given at intervals of 3 months to less than 4 months, 4 months to less than 5 months, and 5 months to less than 6 months.
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For CFDs maturing from 6 months to less than 7 months, an interest rate of 4.65% will now be offered. Ironically, an interest rate of 4.40% will be given for those with maturities between 7 months to less than 8 months. The interest rate is 4.65% between 8 months to less than 9 months. The rate is now 4.75% for FDs maturing between 9 months to less than 1 year, which goes up to 5.45% for 1 year to 1 year and 11 days.
The interest rate will remain the same for deposit contracts payable with maturities between 1 year and 25 days to less than 2 years. It is now 5.70% for more than 2 years to less than 5 years. The interest rate for loan contracts from 5 years to 10 years is 5.75%.