Savings account balances of less than Rs. 50 lacs will now earn a 3.00 percent annual interest rate, while savings bank deposits of less than Rs. 800 crores will earn a 3.50 percent annual interest rate.
These rates will take effect on June 1, 2022. On its website, Axis Bank states, “Effective June 1, 2022, the interest on your Bank Account has been altered as per the below interest rate structure.”
State Bank of India (SBI) and Punjab National Bank (PNB), the country’s two largest public sector banks, hiked interest rates on fixed deposits of less than 2 crore rupees today, June 14, 2022.
SBI boosted interest rates on deposits expiring in 211 days to less than 3 years by 15 to 20 basis points, while PNB raised lending rates maturing in 1 year to 10 years by 15 to 20 basis points. Since the RBI hiked the repo rate to 4.90 percent, deposit interest rates have been climbing, signalling that more interest rate hikes are on the way.
The interest rates on term deposit and savings accounts at Axis Bank, a private sector lender, have been altered. On June 13, 2022, the bank updated the interest rate on fixed deposits under $2 million, and on June 1, 2022, the bank revised the interest rate on savings bank deposits.
The interest rates on term deposit and savings accounts at Axis Bank, a private sector lender, have been altered. On June 13, 2022, the bank updated the interest rate on fixed deposits under $2 million, and on June 1, 2022, the bank revised the interest rate on savings bank deposits.
Following the move, the bank now offers deposits with terms ranging from seven days to ten years an interest rate of 2.50 percent to 5.75 percent, and savings bank accounts with an interest rate of 3% to 3.50 percent.
FD Rates at Axis Bank
The bank is presently offering a 2.50 percent interest rate on deposits made between 7 and 29 days, and a 3% interest rate on deposits made between 30 days and less than 3 months. Deposits maturing in three to six months will now earn 3.50 percent interest, while those maturing in six to nine months will receive 4.40 percent.
Axis Bank presently pays 4.75 percent on savings expiring in 9 months to 1 year and 5.25 percent on savings expiring in 1 year to 15 months.
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