According to the website, FDs with a term of one to two years will now earn between 5.10-5.25%, while those with a tenure of two to less than five years will get 5.40%, and FDs with a tenure of 5 years and up to 10 years will fetch 5.75%.
Senior citizens FD rates
Axis bank has revised the FD rates for senior citizens as well. As per the bank’s website,
On FD deposits maturing in 7 days to 10 years, senior citizens will receive interest rates ranging from 2.5 percent to 6.50 percent for deposits below Rs 2 crore. A one-year Axis Bank FD will fetch 5.75% per annum to a senior citizen.
Along with FD rates the bank has hiked NRI and FCNR deposit rates. As per Axis Bank FD rates, NRE deposits of up to Rs 2 crore for tenure of 1 year will fetch 5.10%.
Other banks too hike FD rates
Last week, the State Bank of India (SBI), HDFC Bank and Canara Bank hiked fixed deposit interest rates. In fact, HDFC Bank has upped its fixed-income rates for the second time in recent months. Several banks, including Bank of Baroda and Kotak Mahindra Bank, raised their FD interest rates in the preceding month.
As per experts, banks hiking FD rates can be seen as the end of a low interest rate cycle.