Most of the big banks like
, and have increased their bank FD rates after the Reserve Bank of India hiked repo rate by 50 basis points in its monetary policy. In just over a month, the central bank has raised rates by a total of 90 basis points. In the next few months, more banks are likely to raise FD rates, which is excellent news for FD investors.
According to the Axis Bank website, the interest rate remained unchanged for tenures below one year. Also, the interest rate on 5- to 10-year deposits has stayed constant at 5.75 percent.
Fixed deposit interest rates are increased by 50 basis points from 5.25 percent to 5.75 percent for deposits maturing in one year 11 days to one year 25 days. On deposits maturing in 1 year, 25 days to less than 15 months, Axis Bank will now offer a 5.60 percent interest rate, up from 5.25 percent previously. Deposits maturing in 15 months to less than two years will now pay 5.60 percent, up from 5.30 percent.
Axis Bank FD interest rates
Senior Citizen FD interest rates
Senior citizens will continue to earn 50 basis points on selected tenure more on their FDs than ordinary investors. Following the most recent interest rate modification, senior citizens will now get an interest rate of 2.50 percent to 6.50 percent on deposits maturing in 7 days to less than 10 years.