Axis Bank FD News

On fixed deposits of 7 days to 29 days and 30 days to 3 months, the bank will offer interest rates of 2.50 percent and 3%. Axis Bank would continue to offer interest rates of 3.50 percent and 4.40 percent, respectively. Axis Bank will now offer a 5.60 percent interest rate on deposits maturing in one year, 25 days to less than 15 months, up from 5.25 percent previously.

The Axis Bank FD rate increase comes at a time when major banks are raising their fixed deposit interest rates. The latest Axis Bank FD interest rate boost runs from 10 to 35 basis points. The Axis Bank Fixed Deposit interest rate boost will take effect from May 12, 2022.

Axis Bank has hiked the interest rate on FD investments with several maturity periods. Investors will get returns of 5.30 per cent on FD investments maturing between 15 months to less than 2 years. The private lender has also increased the interest rate on fixed deposit investments maturing between 5 to 10 years to 5.75 per cent.

Investors don’t need to visit the bank or do any paperwork for opening the digital fixed deposit accounts. The complete process is digital and can be completed online in a matter of a few minutes. Investors can withdraw up to 25% of their investments anytime without any penalty on premature withdrawals.