As of October 1, 2022, Axis Bank, a private sector lender, has lowered the interest rates on domestic fixed deposits to below $Rs 2 crore. The move occurs after the Reserve Bank of India (RBI) raised the repo rate to a three-year high of 5.90%, 50 basis points the day before.
There has been a general trend toward higher interest rates on time deposits across the banking industry, and Axis Bank has recently joined the ranks of ICICI Bank, Bank of India, and RBL in doing so. According to the bank’s website, on deposits with a maturity of 15 months to less than two years, the bank offers an interest rate of 6.15% for the general public and 6.90% for seniors.
Any deposit made to Axis Bank for a term of seven to thirty-nine days will earn interest at the rate of 2.75 percent. Any time a deposit has a maturity of 30 days or more but less than 3 months, the interest rate is 3.25%. For deposits with maturities of three to six months, the private lender offers an interest rate of 3.75%, while those with maturities of six to nine months receive an interest rate of 4.65%.
The bank pays 4.75 percent interest on deposits under 2 crore rupees for terms of nine months to a year, and 5.45 percent interest on deposits of a year to a year and eleven days. Deposits at Axis Bank earn 5.75 percent interest for terms of 11 days to less than 12 months and 25 days, and 5.60 percent interest for terms of 12 months and 25 days to 15 months.
The Axis Bank website advertises a rate of 6.15 percent for deposits maturing within 15 months to two years and a rate of 5.70 percent for those maturing between two years to five years. Deposits with terms of five to ten years get 5.75 percent interest.
Axis Bank accepts deposits with maturities of six months to ten years at an interest rate of 4.90 percent to 6.50 percent. When depositing money for a term of 15 months to two years, retirees will receive a rate of 6.90 percent interest.