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FD Rate Revision: Axis Bank Announces New Interest Rates Effective From Today, February 24
With effect from today, February 24, 2025, Axis Bank, the third-largest private sector bank in India, has modified the interest rates on fixed deposits under Rs 3 Cr. This followed the Reserve Bank of India's (RBI) first cut over five years on February 7, when it lowered the repo rate by 25 basis points to 6.25 per cent. Axis Bank is currently providing interest rates with maturities of seven days to ten years, ranging from 3% to 7.00%, in accordance with the most recent modification. Axis Bank is now offering FDs with a maximum interest rate of 7.25% for terms ranging from 15 months to 2 years.
Axis Bank FD Rates
The bank offers a 3% interest rate on fixed deposits that mature in 7 to 29 days, while Axis Bank is now giving 3.50% interest rates on those that mature in 30 to 45 days. Currently, Axis Bank is providing interest rates of 4.25% for 46-60 day tenures and 4.50% for 61-87 day fixed deposit tenures. Currently, Axis Bank FDs with maturities of 88 days to 6 months will earn 4.75% interest, while those with maturities of 6 months to 9 months will earn 5.75%.
The bank is now giving an interest rate of 6.00% on fixed deposits that mature in 9 months to 1 year, while Axis Bank is currently offering an interest rate of 6.70% on those that mature in 1 year to 15 months. Axis Bank is now providing 7.25% interest on deposits with terms ranging from 15 months to 2 years and 7.10% interest on term deposits with terms ranging from 2 to 5 years. The interest rate for Axis Bank FDs with maturities of five to ten years will now be 7.00%.
| Maturity Period | General Interest Rates For Amount Less than Rs 3 Cr | Rs 3 Cr to less than Rs 5 Cr | Senior Citizens Interest Rates For Amount Less than Rs 3 Cr | Rs 3 Cr to less than Rs 5 Cr |
|---|---|---|---|---|
| 7 - 14 days | 3.00% | 4.75% | 3.50% | 5.25% |
| 15 - 29 days | 3.00% | 4.75% | 3.50% | 5.25% |
| 30 - 45 days | 3.50% | 5.75% | 4.00% | 6.25% |
| 46 - 60 days | 4.25% | 5.75% | 4.75% | 6.25% |
| 61 - 87 days | 4.50% | 6.00% | 5.00% | 6.50% |
| 88 days - 3 months 24 days | 4.75% | 6.50% | 5.25% | 7.00% |
| 3 months 25 days to 4 months | 4.75% | 5.15% | 5.25% | 5.65% |
| 4 months to 6 months | 4.75% | 6.50% | 5.25% | 7.00% |
| 6 months to 9 months | 5.75% | 6.90% | 6.25% | 7.40% |
| 9 months to 1 year | 6.00% | 7.05% | 6.50% | 7.55% |
| 1 year - 1 year 10 days | 6.70% | 7.45% | 7.20% | 7.95% |
| 1 year 11 days to 13 months | 6.70% | 7.45% | 7.20% | 7.95% |
| 13 months to 15 months | 6.70% | 7.45% | 7.20% | 7.95% |
| 15 months to 18 months | 7.25% | 7.30% | 7.75% | 7.80% |
| 18 months to 2 years | 7.25% | 7.30% | 7.75% | 7.80% |
| 2 years to 3 years | 7.10% | 7.00% | 7.60% | 7.50% |
| 3 years to 5 years | 7.10% | 7.00% | 7.60% | 7.50% |
| 5 years to 10 years | 7.00% | 7.00% | 7.75% | 7.75% |
| Source: Bank Website |
"For term deposit booked through internet banking and mobile banking by the primary holder; The Fixed Deposit will be opened as a regular FD, with the holding pattern, similar to the holding pattern existing in the Current/Savings account or "singly", from where the amount is being debited. The secondary/joint holder in the Current/savings account will be able to book the deposit with holding pattern as "singly" in such deposits," mentioned Axis Bank on its website.
As of December 31, 2024, the bank's balance sheet was at Rs 15,25,712 crores, a 9% year-on-year growth. On a month-end basis, the total deposits increased 9% year on year, with current account deposits growing 8% year on year and savings account deposits remaining flat year over year. Term deposits climbed 14% YoY and 3% quarter over quarter. Total deposits increased 13% year over year and 3% quarter over quarter on a QAB basis. Savings account deposits were unchanged year over year, current account deposits increased 11% year over year, and term deposits increased 19% year over year and 5% quarter over quarter.
In comparison to 5,252 domestic branches and extension counters and 156 Business Correspondent Banking Outlets (BCBOs) spread across 2,910 centres as of December 31, 2023, Axis Bank established 130 new branches during the quarter, increasing its total distribution network to 5,706 domestic branches and extension counters and 202 BCBOs spread across 3,122 centres as of December 31, 2024. The bank operated 14,476 ATMs and cash recyclers nationwide as of December 31, 2024.
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