Axis Bank raises interest rates on FDs under Rs 2 crore; details here

Fixed Deposits are a type of investment that provide secure returns in the form of interest payments. Even though the FD interest rate is fixed and does not alter over the course of the term, it can be a well-secured joint investment for couples or for a guardian and a minor. While a number of banks have modified their fixed deposit interest rates in recent days, now private sector lender Axis Bank has also joined them. It has declared a hike in interest rates for term deposits under Rs 2 crore. The bank hiked the interest rates by up to 115 basis points for a specific term. The newly-announced interest rates came into effect on 5 November. With the revised rates, the Axis Bank FD rates now range from 3.5 to 6.5 per cent for the general public, while senior citizens’ will get interest between 3.5 and 7.25 per cent. While the interest rate offered on a tenure range of 7 days to 45 days stays at 3.50 per cent, deposits maturing in 46 days to 60 days will now have an interest rate increase of 50 basis points (bps), from 3.50 to 4 per cent, On deposits with a duration of 61 days to less than three months, there has also been a hike in the interest rates by 50 basis points. The bank will now provide these deposits with an interest rate of 4.50 per cent. On deposits maturing in 3 to 6 months, an interest rate of 4.50 per cent is now guaranteed, up from the previous interest rate of 4.25 per cent. The interest rate on deposits that mature in 6 to 9 months has increased by 0.50 per cent. On term deposits with maturities between nine months and a year, the bank will provide an interest rate of 5.50 per cent. Senior citizens will now get interest rates between 5.50 and 7.25 per cent. The maturities of these fixed deposits vary from six months to 10 years. The interest rates for the fixed deposit plus scheme were also revised. These are deposits that total at least Rs 2 crore or above. The interest rate is between 5 and 5.50 per cent for periods of 30 to 45 days. For a duration between one year and less than one year and five days, the highest interest rates are offered. For this time period, the annual interest rate ranges from 7.20 to 7.30 per cent. The interest rate is 6.80 per cent each year with a maximum tenure of 5 to 10 years. Notably, this fixed deposit program does not permit premature withdrawal. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.