Increase in interest rates on FDs of less than 2 crores
The new rates of Axis Bank have become effective from July 16.
This process of increasing the rates has started after the increase in the repo rates by the RBI.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Axis Bank of the private sector of the private sector has increased the rates of interest on fixed deposits i.e. FDs for some tenures.
New rates effective from July 16, 2022
Axis Bank has increased the interest rates for FDs below Rs 2 crore. The new rates have come into effect from July 16, 2022. The bank has increased the interest rate of fixed deposits maturing in less than 7 months but in 6 months. At the same time, the interest rate of fixed deposits maturing in less than 9 months but in 8 months has also been increased. This increase in interest rates is of 0.25 percent and now the new interest rate will be 4.65 percent instead of 4.40 percent. The FD interest rates for the rest and any tenure will remain the same as before.
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Many banks have increased FD rates
It is worth noting that recently SBI, Axis Bank, Indian Overseas Bank, Punjab and Sind Bank, IDBI Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
Tags: Axis bank, Bank FD, FD Rates, Fixed deposits, Money Making Tips
FIRST PUBLISHED : July 17, 2022, 15:34 IST