Axis bank fd interest rates 2022

Following the Reserve Bank of India’s (RBI) monetary policy committee decision to keep the repo rate unchanged at 6.5 per cent, there has been a lot of buzz around bank fixed deposit rates. Experts feel that the interest rates may go down mainly due to increasing deposit growth in banks this year. According to a report by SBI Research, senior citizen fixed deposit schemes, which have seen some of the best rates in the last two years, may not see any more hikes anytime soon. FD interest in some banks has gone up over 9 per cent.  As per the report, further deposit rate hikes may not be expected because of an increase in deposit growth in banks. “Overall deposit growth in FY2023-24 should grow over 11 per cent year-on-year (YoY). This will effectively imply that spate of deposit rate hikes could be a thing of the past,” the SBI Research stated as quoted by a Financial Express report. The SBI Research report has further said that bank deposits are likely to increase by Rs 2 lakh crore in the coming months. “Meanwhile, liquidity surplus in the system has again increased with the Net LAF absorption at Rs 2.2 lakh crore as on June 7 from an average of Rs 1.0 lakh crore in Apr-May’23. The government surplus cash balances have also started declining from the third week of May,” the report said. It further added: “Even the deposit of Rs 2,000 notes in banks has added to the liquidity. As we have earlier highlighted, around 85 per cent of the Rs 2,000 notes are d...

Private sector lender Axis Bank has hiked its fixed deposit rates with effect from November 5 for fixed deposits below Rs 2 crore. The bank has revised its FD rates across multiple tenures of deposits ranging from 46 days to 10 years and the maximum hike has been by up to 115bps. The minimum interest rate for deposits below Rs 2 crore now stands at 3.50 per cent while the maximum is 6.50 per cent for the general public. For senior citizens, the minimum interest rate is 3.50 per cent and the maximum is 7.25 per cent, thus bringing it at par with several other lenders. Axis Bank FD Interest Rates 2022 Axis Bank is now offering an interest rate of 3.5 per cent for fixed deposits maturing in 7 days to 45 days and 4 per cent for deposits maturing in 46 days to 60 days. The Axis Bank fixed deposits maturing in 61 days to less than 6 months will now earn an interest of 4.5 per cent, and fixed deposits with a tenure of 6 months to less than 9 months will get an interest of 5.25 per cent. Fixed deposits maturing in 9 months to less than one year is earning an interest of 5.5 per cent while deposits for one year and less than one year and 18 months will earn an interest of 6.25 per cent. Also Read: Axis Bank is offering an interest rate of 6.3 per cent for fixed deposits between 18 months and less than 3 years while those for 3 years to 10 years tenure will get 6.5 per cent return. For senior citizens, the bank is offering a return of 7 per cent on deposits maturing in 1 year to les...

After the latest hike, Deposits maturing in 9 months to less than one year will now earn an interest rate of 6%. The bank will offer an interest rate of 6.75% for tenure ranging from 1 year to less than 2 years. For deposits maturing in 2 years to less than 10 years, the bank is offering an interest rate of 7%. Digital Fixed Deposit Axis Bank provides digital fixed deposits, which can be opened without an Axis Bank Savings Account by providing basic information. It has a slew of benefits, including competitive FD interest rates, no issuance fees, and no penalty for early withdrawal (up to 25% of the amount). Fixed deposit and lending rates are projected to increase in tandem with an increase in the central bank's policy repo rate. FD depositors will once again enjoy the outcome as a result of the RBI's 35 basis point rate increase for the December policy. Since May, banks have increased their FD rates sharply in accordance with the results of the RBI's policy decisions, thus enhancing the appeal of FD investment. Other banks Other banks that have hiked FD interest rates include SBI, Also read: Also read: Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.

Axis Bank offers FD rates of 3.50-7.10% p.a. to the general public and 3.50-7.85% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on Axis Bank Tax Saving FDs is 7.00% p.a. for the general public and 7.75% p.a. for senior citizen depositors for tenures of 5 years. The bank also offers various fixed deposit products for NRIs, such as NRO, NRE, RFC and FCNR (B) fixed deposits. Axis Bank accepts FCNR (B) fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro, Australian Dollar (AUD) Canadian Dollar (CAD) and Japanese Yen (JPY). The bank accepts RFC fixed deposits in USD, GBP, Euro, AUD, and CAD. Axis Bank Fixed Deposit Rates Highlights 2023 Highest slab rate 7.10% p.a. (for 13 months to less than 2 years) For 1 year 6.75% p.a. For 2 year 7.05% p.a. For 3 year 7.00% p.a. For 4 year 7.00% p.a. For 5 year 7.00% p.a. Tax-Saving FD 7.00% p.a. Interest rates as of 15th June 2023 Axis Bank FD Rates Axis Bank Fixed Deposit Rates on Domestic Deposits of less than Rs 2 crore w.e.f. 18 May 2023 Tenure Interest Rates (p.a.) Regular Citizens Senior Citizens 7 days to 14 days 3.50% 3.50% 15 days to 29 days 3.50% 3.50% 30 days to 45 days 3.50% 3.50% 46 days to 60 days 4.00% 4.00% 61 days to less than 3 months 4.50% 4.50% 3 months to less than 4 months 4.75% 4.75% 4 months to less than 5 months 4.75% 4.75% 5 months to less than 6 months 4.75% 4.75% 6 months to less than 7 months 5.75% 6.00% 7 months to less than 8 months 5.75% 6.00% 8 mont...

While several banks have been increasing their Fixed Deposit rates for senior citizens and others since last year, it seems the FD rate hike cycle may be over, at least for now. The FD interest rate hikes have coincided with a series of repo rate hikes announced by the Reserve Bank of India. Since May 2022, the RBI has raised the repo rate by 250 basis points in a bid to fight inflation. However, in the first Monetary Policy Committee (MPC) meeting of the current financial year in April, the central bank kept the repo rate unchanged at 6.5%. In the ongoing meeting also, which will be declared tomorrow, the RBI is expected to keep on the True Cost of Home Ownership – Know this before buying your dream home Also Read: For investors interested in starting fixed deposits, it will be better to do so at the currently available higher interest rates. While public sector banks are currently offering FD rates between 7% to 8%, some small finance banks are offering over 9% interest on FD to senior citizens as well as others. Following is a list of banks and the highest Fixed Deposit interest rates they are offering: Bank FD Names For General Citizens (p.a.) For Senior Citizens (p.a) RBL Bank 3.50% to 7.80% 4.00% to 8.30% IDFC First Bank 3.50% to 7.75% 4.00% to 8.25% KVB Bank 4.00% to 7.50% 5.90% to 8.00% Canara Bank 4.00% to 7.25% 4.00% to 7.75% Punjab National Bank 3.50% to 7.25% 4.00% to 7.75% Bank of Baroda 3.00% to 7.25% 3.50% to 7.75% Kotak Mahindra Bank 2.75% to 7.20% 3.25% to...