FD Rates Cut : Big News! This bank gave a blow to millions of investors, reduced interest rates on fixed deposits

Axis Bank Cuts FD rates: Axis Bank has reduced the interest rates, shocking the fixed deposit investors. This is the second time in August that the bank has cut FD rates.

New Delhi: Axis Bank has reduced the interest rates giving a shock to the fixed deposit investors. The bank has said that it has cut the deposit interest rate by 10 basis points (bps) on FDs with an investment of less than Rs 2 crore. According to the website of Axis Bank, the new FD interest rate has been made effective from 28 August 2023.

Axis Bank has reduced the interest rate on FDs with tenure less than 2 years to 30 months by 10 bps from 7.20% to 7.10%. After the revision in the interest rate, Axis Bank’s interest rate on FDs ranging from 7 days to 10 years has increased between 3.5% to 7.10%. Earlier, the bank had reduced the rate by 10 bps from 7.30% to 7.10% on August 18, 2023, from 16 months to less than 17 months tenure.

Latest Interest Rates on Axis Bank FD

Axis Bank is now offering 3.50% interest rate for FDs maturing in 7 to 45 days. Whereas, 4.00% interest rate is being given on FDs maturing in 46 to 60 days. Axis Bank now offers interest rates of 4.50% and 4.75% on FDs with tenures of 61 days to three months and 3 months to less than 6 months respectively.

• Axis Bank will give 5.75% interest on FDs maturing in 6 to 9 months.
• Will give 6.00% interest on FDs with tenure less than 9 months to one year.
• 6.75% interest is being paid on FDs maturing in one year to four days.
• Will give 6.80% interest on FDs maturing in less than one year to 5 days to 13 months.
• The bank will pay 7.10 percent interest on FDs with tenure less than 13 months to 30 months.
• The bank has reduced the interest rate on FDs with tenure less than 2 years to 30 months by 10 bps from 7.20% to 7.10%.

Axis Bank FD Interest Rate for Senior Citizens

After the revision in interest rates, Axis Bank will now give an interest rate between 3.50% to 7.85% to senior citizens investing in FDs with tenures ranging from 7 days to 10 years. At the same time, the highest interest rate of 7.85% has been offered on FDs with tenure less than 13 months to 30 months.