Axis Bank has increased the fixed deposit (FD) interest rates under Rs. two crore on several tenures but reduced the rate of its highest offering from 7.26 per cent to 7.20 per cent for a two-year to 30-month period. On the other hand, Indian Bank has extended its special FD scheme named “Ind Super 400 Days”, with its interest rates revised upward by 10 basis points. Likewise, the Bank of Maharashtra has raised its rates by 25 bps on its 200-day FDs.
Axis Bank has reduced the interest rates by six basis points (bps) on fixed deposits of 2 years to 30 months. The interest rate was reduced from 7.26 per cent to 7.20 per cent. It is also the highest interest rate Axis Bank offers on its deposits. Senior citizens receive a 75 bps premium, taking their interest to 7.95 per cent.
It increased the rates by five basis points from 6.75 per cent to 6.8 per cent for three tenures: 365 days to 369 days, 370 to 375 days, and 376 days to 389 days. The rates on the rest of the tenures were unchanged. The new FD rates are effective from April 21, 2023.
After the revision, Axis Bank interest rates range from 3.5 per cent to 7.20 per cent on tenures from 7 days to 10 years. The minimum deposit for an Axis Bank FD is Rs 5,000.
Axis Bank will continue to offer a 7.10 per cent interest rate on deposits maturing in 1 year, 25 days to 13 months. In addition, the bank will continue to provide a 7.15 per cent interest rate on deposits with maturities ranging from 13 months to two years. Those with maturities ranging from 30 months to 10 years will continue to earn 7 per cent interest.
Indian Bank, a public sector bank, has extended the special fixed deposit dubbed “IND SUPER 400 DAYS” from April 19, 2023, to June 30, 2023.
It has also increased its interest rates by 10 basis points. The bank will now offer 7.25 per cent interest rates to the general public, 7.75 per cent to seniors, and 8.00 per cent to super senior citizens who deposit for a 400-day tenure.
The revised rates are effective from April 20, 2023, and the minimum investment is Rs. 10,000.
Bank Of Maharashtra
Bank of Maharashtra (BoM) has announced that it has hiked its interest rates by 25 bps on fixed deposits of 200-day tenure. It now offers a maximum interest rate of 7 per cent on this tenure from the previous 6.75 per cent. From April 17, 2023, the Bank Of Maharashtra is offering
interest rates ranging from 2.75 per cent to 7 per cent on a deposit tenure of 7 days to 5 years and above.
Bank of Maharashtra offers an interest rate of 6 per cent on deposits with a tenure of one year to three years. The bank provides a 5.75 per cent interest rate on deposits with maturities ranging from three to five years and above.