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Private sector banker, Axis Bank has revised its bulk fixed deposit interest rates with effect from November 26, 2022. For the general public, Axis Bank offers rates varying from 3.75% to a maximum of 7.20%. However, senior citizens are the biggest beneficiary as for them the rates range from 3.75% to as high as 7.95%. These rates are inflation-beating which currently stands at 6.77% in October.
The bulk FDs range from ₹5 crore to ₹100 crore and above.
General public:
With effect from November 26, Axis Bank is offering between 3.75% to 4.60% on FDs from ₹24.75 crore to less than ₹25 crore.
However, the rates are higher for FDs from ₹5 crore to less than ₹24.75 crore and from ₹25 crore to ₹100 crore and above. Let’s check them out:
Axis is offering from 4.65% to 7.15% on FDs from ₹5 crore to less than ₹24.75 crore. The 7.15% rate is offered on 1 year less than 1 year 5 days tenure.
For FDs between ₹25 crore to ₹50 crore, the rates range from 4.65% to 7.20%. The 7.20% is given on 1 year less than 1 year 5 days tenure.
Meanwhile, the interest rates are between 5.50% to 7.20% on FDs from ₹50 crore to ₹100 crore and above.
Senior citizens:
The highest rate for this category is 7.95% offered on 1 year less than 1 year 5 days tenure for FDs between ₹25 crore to ₹100 crore and above. The bank also offers 7.90% on these FDs for tenures from 1 year 5 days to less than 18 months.
Except for FDs from ₹25 crore to ₹50, the interest rates begin from 5.50% to maximum 7.95%. While on FDs from ₹25 crore to ₹50 crore, the rates are from as low as 4.65% to 7.95%.
The interest rates are from 3.75% to 5.35% on FDs from ₹24.75 crore to ₹25 crore.
Meanwhile, on FDs from ₹5 crore to less than ₹24.75 crore, a senior citizen earns from 4.65% to 7.90%.
Majority of banks and other financial services providers have been increasing deposit interest rates since RBI began its rate hike cycle since May 2022 to tame inflation.
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