Axis bank fd rates 2023

Axis Bank FD Interest Rate 2023: Axis Bank – a private sector lender – has announced a hike in interest rates of fixed deposits of less than Rs 2 crore. The hike in FD rates is in line with the Reserve Bank of India’s (RBI) decision to raise the key interest rates by 25 basis points to 6.5 per cent interest rates. The fixed deposits with a maturity between two years to thirty months will get a maximum return of 8.01 per cent for senior citizens and 7.26 per cent for non-senior individuals, according to the Axis Bank’s website. The new rates shall be effective from February 11, 2023. It also noted that it shall be now offering 3.5 per cent of interest on fixed deposits that mature in the next 7 days to 45 days, while the interest rate of 4 per cent on deposits that mature in the next 46 days to 60 days. According to the revised rates, it offers 4.5 per cent and 4.75 per cent interest on deposits with terms ranging from 61 days to three months and three months to six months, respectively. Similarly, the FD that matures in six to nine months will get an interest of 5.75 per cent and those which mature between nine to 12 months shall earn an interest of 6 per cent, as per the bank. The fixed deposits that mature in 1 year to 1 year 24 days will offer an interest rate of 6.75 per cen% and for those maturing in 1 year 25 days to 13 months, Axis Bank is now offering an interest rate of 7.10 per cent. Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo ...

Fixed deposit rates: In a surprising turn of events, the Reserve Bank's decision to increase interest rates has caused a ripple effect on various financial fronts. Notably, the interest rates for bank schemes, including fixed deposits, have witnessed significant fluctuations. While the rates soared for a considerable period, certain banks have recently implemented cuts to their fixed deposit interest rates. Let's take a look into the specifics of these rate cuts, starting with Punjab National Bank, Axis Bank, and Union Bank of India. Punjab National Bank has initiated a reduction in interest rates for single tenures as of June 1. This adjustment primarily affects deposits under 2 crores. For instance, the interest rate on one-year tenure fixed deposits has decreased from 6.75% to 6.5% for regular citizens. Similarly, the interest rate for the 666-day tenure has declined from 7.25% to 7.05%. Moving on to Axis Bank, they have recently decreased the interest rate on single tenures of fixed deposits by 20 basis points. Following this update, fixed deposits with tenures ranging from 7 days to 10 years offer interest rates ranging from 3.5% to 7.10%. Additionally, the bank has reduced interest rates from 7.10% to 6.80% for tenures of fewer than five days to 13 months. Similarly, for tenures between 13 months and less than 3 years, the interest rate has been lowered from 7.15% to 7.10%. These revised rates became effective on May 18, 2023. Lastly, the Union Bank of India. In Nove...

While the bank offers a maximum interest rate on deposits maturing in the next two years to thirty months that is 7.2 percent for the general public and 7.95 percent for senior citizens, Axis Bank offers interest rates on deposits that mature in the next seven days to ten years that range from 3.50 percent to 7 percent. ( Axis Bank Interest Rates On Fixed Deposits Of 7 To 60 Days On fixed deposits that mature between 7 to 45 days, the bank will continue to pay interest at a rate of 3.50 percent, while Axis Bank will continue to pay interest at a rate of 4 percent on deposits that mature within the following 46 days to 60 days. ( Axis Bank Interest Rates OnFixed Deposits Of 61 Days To 1 Year Axis Bank will continue to offer interest rates of 4.75 percent for deposits held for three months or more and 4.50 percent for those held for 61 days to three months. Deposits maturing in 6 to 9 months will continue to earn interest at 5.75 percent, while those maturing in 9 to 1 year will continue to earn interest at 6 percent. Axis Bank Interest Rates OnFixed Deposits Of 1 Year To 13 Months The bank increased interest rates on fixed deposits with maturities of one year to one year 24 days by five basis points, from 6.75 percent to 6.8 percent, and it will continue to offer a rate of 7.1 percent on deposits with maturities of one year 25 days to thirteen months. Axis Bank Interest Rates OnFixed Deposits Of 13 Months To 10 Years Axis Bank will still offer a 7.15 percent interest rate o...

According to the Axis Bank website, here are the factors that affect fixed deposit interest rates. • Tenure: FDs of lower tenure offer lower rates while FDs of higher tenure offer higher rates. If you are looking to earn higher returns and do not foresee any immediate need for funds, lock into the highest possible tenure • Depositor’s age: Senior citizens i.e. those above 60 years of age usually get a higher interest rate than regular depositors • Deposit Amount: Some FDs offer higher interest for higher amounts, such as Fixed Deposit Plus, thereby ensuring secured and higher returns. Axis Bank overdraft on FD Without breaking the FD, you are allowed for an overdraft facility that is secured by your FD. For as long as the FD is still in effect or has remaining duration, the overdraft facility is available. According to the Axis Bank FAQ, “ This feature can help you meet your need for funds, while you continue to earn interest on your FD. The overdraft amount is usually a fixed percentage of your FD amount. In the case of Axis Bank, it is 85% of the FD amount, with a minimum of Rs 25,000. Since it is a secured loan, the interest rates are competitive and the approval and sanction process is quick. The other advantage is that interest is charged only on the amount that is utilised and not on the entire loan amount.” Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.

On Thursday, Axis Bank announced an adjustment to its interest rates for fixed deposits under ₹2 Cr. Following the amendment, the bank is now providing deposits coming to an end in 13 months to 2 years with a maximum interest rate of 7.10% for the general public and 7.85% for senior citizens. According to Axis Bank's official website, the new FD rates are in effect as of 18 May 2023. Axis Bank FD Rates The bank is guaranteeing an interest rate of 3.50% on fixed deposits maturing in the next 7 days to 45 days, and Axis Bank is promising an interest rate of 4.00% on those maturing in the next 46 days to 60 days. On deposits with a tenor of 61 days to three months, Axis Bank promises an interest rate of 4.50%, and on deposits with a tenor of three months to six months, it promises an interest rate of 4.75%. Deposits that mature in 6 to 9 months will earn interest at a rate of 5.75%, and those that mature in 9 to 12 months will earn interest at a rate of 6%. The bank is now giving an interest rate of 6.75% on fixed deposits maturing in 1 year to 1 year 4 days, while Axis Bank is also offering an interest rate of 6.80% on deposits maturing in 1 year 5 days to 13 months. View Full Image Axis Bank FD Rates In comparison to a net profit of ₹4,117.77 crore in the same quarter a year prior, the bank posted a net loss of ₹5,728.42 crore during Q4FY23. In Q3FY23, Axis Bank reported a 62% YoY jump in its net profit to ₹5,853.1 crore. For the quarter ended March 2023, the private bank's...

Fixed Deposits (FD) Axis Bank's Fixed Deposit (FD) is a safe and convenient way to see your savings grow. Open a Fixed Deposit online with Axis Bank and save a minimum of Rs. 5,000 for a flexible tenure starting from a minimum of 7 days to a maximum of 10 years. Axis Bank’s online account opening services help you to open a Fixed Deposit account from wherever you are. It provides easy transfers from your savings account to your Fixed Deposit. Get the most competitive • For Rupee Term Deposits of a contracted amount less than Rs. 5 crores and for a tenure >2 Years, premature penalty will not be applicable for TDs closed after 15 months of booking/renewal. Deposits eligible for the waiver will be TDs opened/renewed on or after December 15 2020 (excluding Flexi deposits), TDs closed for the entire contracted amount and for Domestic & NRO deposits. • For Rupee Term Deposits of a contracted amount less than Rs. 5 crores opened/renewed on or after May 1, 2014 (including Flexi Deposits), interest rate will be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank. However, for Rupee Term Deposits closing within 7 days from the date of booking of the deposit, no interest will be applicable and for Rupee Term Deposits closing within 7-14 days from the date of booking of the deposit, the interest rate will be the rate applicable for the period the deposit has remained with the bank. • For Rupee Term Deposi...