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Axis Bank increased the interest rate on FD by 0.75%! This much return will be available on FD of less than 2 crores

Axis Bank Hiked FD Rates: The country’s largest private sector bank Axis Bank (Axis Bank FD Rates) has decided to increase the interest rates on its fixed deposit scheme of less than 2 crores. The bank has increased by 75 basis points. Since this increase, the bank is offering interest rates ranging from 3.50% to 6.10% to ordinary citizens on FDs of less than Rs 2 crore for a period ranging from 7 days to 10 years. At the same time, the bank is offering interest rates ranging from 3.50% to 6.85% for senior citizens on this period. Significantly, in the last few years, inflation in the country has increased at a record rate. In such a situation, the Reserve Bank of India is continuously increasing its interest rates to control the inflation rate.

The central bank has increased its repo rate by 1.90% in the last five months and the repo rate has increased from 4.00% to 5.90%. The rising repo rate has a direct impact on the bank’s deposit rates and loan rate of interest. If you are planning to do FD after the increase in the interest rates of Axis Bank, then we are telling you about the new FD rates-

Interest rate hiked on FDs of less than Rs 2 crore-
The new rates of Axis Bank FD Rates have been implemented from 14 October 2022. The bank is offering 3.50% interest rate to its general citizens on FDs of tenure of 7 to 60 days. On the other hand, Axis Bank is offering an interest rate of 4.25% on FDs of 61 days to 6 months, and 5.00% on tenures from 6 to 1 year. At the same time, 6.10% on FDs of 1 year to 15 months, 6.15% on FDs of 1 month to less than 2 years, 6.20% on FDs of 2 years to 3 years and from 3 years to 10 years. The bank is offering 6.10% interest rate on FD.

Equitas Small Finance Bank also increased interest rate
Apart from Axis Bank, a small finance bank i.e. Equitas Small Finance Bank has decided to increase the interest rates of its FDs below Rs 2 crore. The new rates of the bank have come into effect from 15 October 2022. The bank is offering interest rates ranging from 3.50% to 7.40% to ordinary citizens on FDs ranging from 7 days to 10 years. The bank has increased the interest rate by 3.50% on FDs of 7 to 45 days.

Whereas from 46 days to 62 days 4.00%, 63 to 90 days 4.25%, 91 to 180 days FD 4.75%, 181 days to 270 days FD 5.75%, 271 days to 364 days FD 6.00 %, 1 year to 18 months 7.10%, 18 months to 2 years 6.95%, 2 years to 887 days FDs 7.40%, 888 days special FDs 7.50%, 889 days to 3 years FDs 7.40 %, 6.75% on FDs of 3 to 4 years, 6.75% on FDs of 4 to 5 years and 6.75% on FDs of 5 to 10 years, the bank is offering interest rates.

These banks also increased their interest rates
Let us tell you that since the decision of RBI to increase the repo rate on 30 September, many banks in the country have decided to give higher interest rates on their fixed deposit schemes. This includes Canara Bank, IDFC First Bank, ICICI Bank, Axis Bank, HDFC Bank, Bank of Maharashtra, Yes Bank and many others. Banks have increased FD rates.

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