Click it and Unblock the Notifications
Axis Bank Hikes FD Rates: Now Earn As High As 7.20% On This Tenure; Latest Interest Rates Here
A hike in interest rates has been announced by Axis Bank on its fixed deposits under Rs 2 Cr. After the modification, the maximum return for the general public is 7.85% during a 17-18 month period, while elderly persons can earn as much as 7.20%. The bank's official website states that the higher interest rates on fixed deposits will take effect on May 13, 2024.
Axis Bank FD Rates
Axis Bank pays an interest rate of 3.50% on domestic term deposits that mature between 30 to 45 days, while the bank offers a 3% interest rate on deposits below Rs 2 Cr that mature in 7 to 29 days. For deposits made between 46 and 60 days, Axis Bank offers an interest rate of 4.25%; for deposits made between 61 days and three months, the interest rate is 4.50%.
The interest rate on fixed deposits that mature in three to six months will now be 4.75%, while the interest rate on deposits that mature in six to nine months will now be 5.75%. With a deposit lasting from nine months to one year, Axis Bank will now pay an interest rate of 6.00%; with a tenure of one year to fifteen months, the bank will now pay an interest rate of 6.70%. Axis Bank will now pay an interest rate of 7.20% on term deposits that mature in 17 to 18 months, while the bank will pay an interest rate of 7.10% on deposits maturing in 15 to 17 months.
The interest rate on domestic term deposits maturing in 18 months to 5 years is currently 7.10%, while the interest rate on deposits maturing in 5 years to 10 years is 7%.
| Maturity Period | Interest Rates (per cent per annum) for the general public | Senior Citizens |
|---|---|---|
| 7 - 14 days | 3 | 3.5 |
| 15 - 29 days | 3 | 3.5 |
| 30 - 45 days | 3.5 | 4 |
| 46 - 60 days | 4.25 | 4.75 |
| 61 days - 3 months | 4.5 | 5 |
| 3 months - 3 months 24 days | 4.75 | 5.25 |
| 3 months 25 days - 4 months | 4.75 | 5.25 |
| 4 months - 5 months | 4.75 | 5.25 |
| 5 months - 6 months | 4.75 | 5.25 |
| 6 months - 7 months | 5.75 | 6.25 |
| 7 months - 8 months | 5.75 | 6.25 |
| 8 months - 9 months | 5.75 | 6.25 |
| 9 months - 10 months | 6 | 6.5 |
| 10 months - 11 months | 6 | 6.5 |
| 11 months - 11 months 24 days | 6 | 6.5 |
| 11 months 25 days - 1 year | 6 | 6.5 |
| 1 year - 1 year 4 days | 6.7 | 7.2 |
| 1 year 5 days - 1 year 10 days | 6.7 | 7.2 |
| 1 year 11 days - 1 year 24 days | 6.7 | 7.2 |
| 1 year 25 days - 13 months | 6.7 | 7.2 |
| 13 months - 14 months | 6.7 | 7.2 |
| 14 months - 15 months | 6.7 | 7.2 |
| 15 months - 16 months | 7.1 | 7.6 |
| 16 months - 17 months | 7.1 | 7.6 |
| 17 months - 18 months | 7.2 | 7.85 |
| 18 Months - 2 years | 7.1 | 7.6 |
| 2 years - 30 months | 7.1 | 7.6 |
| 30 months - 3 years | 7.1 | 7.6 |
| 3 years - 5 years | 7.1 | 7.6 |
| 5 years to 10 years | 7 | 7.75 |
| Source: Bank Website | w.e.f. 13th May, 2024 |
"Senior citizens typically receive an interest rate that is about 50 to 60 basis points higher than the standard rate, depending on the chosen tenure," mentioned Axis Bank on its website.
"The minimum amount required to open an FD via Mobile app or Internet Banking is Rs 5,000. For those opening an FD at a bank branch, the minimum investment is Rs 10,000," the bank has said on its website.
Section 80C of the Income Tax Act, 1961 allows for a deduction of up to 1.5 lakh for investments made in tax-saver FDs. There is a five-year lock-in term for these FDs with an interest rate of 7.10% applicable by Axis Bank.
Recently on 8th May, the credit agency Fitch Ratings affirmed Axis Bank's Long-Term Issuer Default Rating (IDR) at 'BB+'. The outlook is 'Stable'. Fitch Ratings has also affirmed the bank's Government Support Rating (GSR) at 'bb+ and its 'Viability Rating (VR) at 'bb', as per a regulatory filing.
The bank's net profit climbed 17% QOQ to Rs 7,130 crores in Q4FY24 from a net loss of Rs 5,728 crores in Q4FY23. Operating profit for the bank improved 15% YOY and 15% QOQ to Rs 10,536 crores during the quarter under review. Core operating profit jumped by 8% QOQ and 5% YOY to Rs 9,515 crores in Q4FY24. The Net Interest Income (NII) of the bank surged to Rs 13,089 crores, an 11% YoY and 4% QOQ growth. In Q4FY24, net interest margin (NIM) went up by 5 basis points on a quarterly basis, maintaining its level at 4.06%.
As of March 31, 2023, the bank's total distribution network consisted of 5,377 domestic branches and extension counters spread across 2,963 centres, up from 4,903 domestic branches and extension counters spread across 2,741 centres. The bank added 125 branches during the quarter ended 31st March 2024 and 475 branches overall in the FY24 period. The bank operated 16,026 ATMs and cash recyclers around the nation as of March 31, 2024.
Sign in with Google