Axis Bank adjusts the interest rates for its customers from time to time.
Recently, the bank has changed these rates again, starting from September 15, 2023.
As per the information we have, the bank has made changes of up to 50 basis points (bps) on certain fixed deposit (FD) options for amounts less than Rs 2 crore.
According to the Axis Bank website, the bank is providing interest rates to customers that go from 3% to 7.10%.
These rates are available for time periods that can be as short as 7 days or as long as 10 years.
The bank made changes in interest rates
The bank lowered the rate from 3.50% to 3% for a period of 7 days to 29 days, which is a reduction of 50 basis points (bps).
Meanwhile, the bank raised the rate from 4% to 4.25% for a period of 46 days to 60 days, an increase of 25 bps.
At the same time, the bank lowered the interest rate by 10 bps for a duration of 1 year 5 days to 15 months, bringing it from 6.80% to 6.70%. The bank also decreased the interest rate by 5 bps for a tenure of 1 year to 1 year 4 days, going from 6.75% to 6.70%.
This is how much interest you get:
1. The bank gives you a 4.50% interest rate if you put your money in for 61 days to three months.
2. If you keep it for 3 months to less than 6 months, you get 4.75% interest.
3. For deposits that you keep for 6 to 9 months, you’ll get a 5.75% interest rate.
4. If your deposits mature in 9 months to less than one year, you’ll get a 6.00% interest rate.
You can get a 6.70% interest rate for deposits that you keep for one year and 5 days to less than 15 months.
For deposits that mature in 15 months to less than 30 months, you can get a 7.10% interest rate.
And if you have deposits that mature between 5 years and 10 years, you’ll enjoy a 7% interest rate.