Axis Bank, a private lender, has increased interest rates on fixed deposits (FDs) maturing between a tenure of 1 year 11 days to less than 1 year 25 days by 5 basis points to 5.30 percent from the earlier rate of 5.25 percent. The new interest rates are effective from March 21, 2022.

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The previous revision was made on March 17 in which the bank offered 5.25 percent interest on term deposits of less than Rs 2 crore, maturing in 18 months to less than 2 years. According to the Axis Bank website, the interest rate on FDs of less than Rs 2 crore is now revised to 5.30 percent. The bank had revised interest rates on FDs across tenures recently.

For term deposits maturing in 2 years to less than 5 years, the bank gives an interest rate of 5.40 percent. For long-term deposits maturing in 5 years but less than 10 years, the bank gives an interest rate of 5.75 percent.

Senior citizens will get 0.50 percent more on all the tenures. Senior citizens will now get an interest rate of 2.50 percent to 6.50 percent on term deposits maturing in seven days to less than 10 years, after the most recent revision.

The highest interest rate of 5.75 percent is offered on FDs of tenure from 5 years to 10 years.

Other banks like the State Bank of India (SBI), HDFC Bank, Bank of Baroda, and Canara Bank have also revised their FD interest rates.

Read Also | Kotak Bank revises interest rates on fixed deposits; check new list here

(Edited by : Thomas Abraham)