New Delhi: Days after the announcement of Reserve Bank of India (RBI) Monetary Policy 2023, private sector lender Axis Bank has announced revision in its Fixed Deposit (FD) rates. Axis Bank has hiked FD interest rates on Domestic Fixed deposit above Rs 5 crore and more.
Axis Bank's new FD rates are effective from April 10, 2023, according to the bank's official website.
Following the modification in FD interest rates, Axis Bank will offer interest rates on Domestic Fixed deposits with maturities ranging from seven days to ten years that range from 5.50 percent to 7 percent for members of the general public and 5.50 percent to 7.75 percent for senior citizens.
Check Axis Bank's new FD rates
Check Axis Bank's new FD rates for Senior Citizens
Axis Bank website says that The Bank at its discretion, may disallow premature withdrawal of large deposits for amount Rs 5 crores and above, held by entities other than Individuals and Hindu Undivided Family (HUF).
Axis Bank has also revised NRI Fixed Deposit/FCNR Deposit rates with effect from 11 April 2023. Check latest rates below
Even though inflation is heading above its tolerance level, the RBI announcing its bi-monthly monetary policy on April 6 chose to hit the pause button and maintain its important benchmark policy rate at 6.5 percent.
After six consecutive rate rises totaling 250 basis points since May 2022, the rate hike was put on hold.
The Monetary Policy Committee (MPC), according to RBI Governor Shaktikanta Das, will not hesitate to act in the future while announcing the bi-monthly monetary policy.
