Mumbai, 27 December, 2023
Axis Bank’s revised interest rate on fixed deposits | December 2023
Axis Bank, one of India’s prominent financial institutions, has recently revised its interest rates on domestic fixed deposits (FDs). Effective from December 26, 2023, these changes are crucial for both general depositors and senior citizens, reflecting the bank’s response to the evolving economic landscape.
Key Highlights of the New Interest Rates:
- Short-term Deposits: For FDs maturing in 7 to 14 days, the interest rates for deposits less than ₹2 crore to ₹5 crore are now set at 3.00% for the general public and 4.80% for senior citizens. This shows a considerable increase, especially benefiting senior citizens.
- Mid-term Deposits: For periods ranging from 61 days to less than 6 months, the rates have seen a notable increase. For example, deposits maturing in 61 days but less than 3 months offer an interest rate of 4.50% for the general public and 6.00% for senior citizens for deposits less than ₹5 crores.
- Long-term Deposits: Particularly noteworthy are the rates for deposits with a tenure of 1 year to less than 2 years. For deposits less than ₹5 crores, the general public can now earn an interest of 7.10%, while senior citizens receive 7.60%.
- Extended Tenure Deposits: For durations extending from 5 years to 10 years, the interest rates are uniform at 7.00% for the general public and 7.75% for senior citizens, indicating Axis Bank’s commitment to providing competitive returns for long-term savers.
- Large Deposits Above ₹5 Crores: The interest rates in this category also show a significant increment, with senior citizens receiving as high as 8.15% for certain tenures, marking a substantial benefit for high-value depositors.
Summary:
Axis Bank’s revised interest rates on fixed deposits mark a significant move in the Indian banking sector, particularly benefiting senior citizens and those looking for secure, long-term investment options. This change is not only a positive step for individual savers but also a potential indicator of broader economic shifts, warranting attention from investors and market analysts alike.
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