November 30, 2022

Icici Bank and Axis Bank have hiked fd rates for fixed deposits below Rs 2 crore These two banks have hiked FD rates, with customers getting more than 7% interest

Axis Bank has hiked FD rates twice in a month. Interest rate hiked on FDs below Rs 2 crore. Recently, Axis Bank raised 115 basis points on FDs maturing in 10 years in 46 days, effective from November 5.

ICICI Bank, Axis Bank hike FD rates

There are two major private banks in the country Fixed Deposit Rate (FD Rate) has been increased. In these two banks ICICI Bank (ICICI Bank) and Axis Bank included. Axis Bank FD rate hiked twice in a month. On the other hand, ICICI Bank has hiked interest rates on FDs below Rs 2 crore. The new rates of this bank are effective from November 16. Interest rates on FDs of various tenures have increased by up to 30 basis points. Now interest rates ranging from 3% to 6.50% are available on FDs with maturities ranging from 7 days to 10 years. This rate is for general public while senior citizens are being offered interest ranging from 3.75 to 6.50 percent.

On the other hand, Axis Bank has hiked FD rates twice within a month. Interest rate hiked on FDs below Rs 2 crore. Recently, Axis Bank raised 115 basis points on FDs maturing in 10 years in 46 days, effective from November 5. For the second time this month, Axis Bank hiked FD rates by 20 basis points.

Building on the recent hike announced on Tuesday, Axis Bank raised interest rates on FDs maturing in the next 15 to 18 months to 6.40% by 15 basis points and levied a 20 basis point tax on FDs maturing in the next 18 months to 3 years. It is 6.50%.

Growth of ICICI Bank

The current interest rate on FDs maturing in 15 to 18 months has been increased by 30 basis points to 6.40 per cent from 6.10 per cent. Similarly, interest rates on FDs with tenors of 18 months to 2 years increased by 25 basis points to 6.40 percent from 6.15 percent. 6.50% interest will be paid on FDs of 2 years, 1 day to 3 years tenure. Earlier, the interest rate was increased by 30 basis points from 6.20 percent. FDs maturing in 3 years, 1 day to 5 years will now fetch 6.60% interest, as against 6.35% earlier.

ICICI Bank increased interest rates by 25 basis points to 6.50% from 6.25% on FDs maturing between 5 years 1 day to 10 years and by 25 bps on FDs maturing in 5 years (80C FD). The rate has been reduced from 6.35. % to 6.60%.

Axis Bank New Rate

Axis Bank will continue to offer 5.50% interest on 9 months to 1 year FDs. Similarly, FDs maturing between 1 year and 15 months will continue to pay 6.25% interest. FD maturities between 15 months and 18 months have been increased by 15 basis points. Earlier this rate was 6.25 percent, which has been increased to 6.40 percent. FDs maturing between 18 months to 3 years have been hiked by 20 basis points to 6.50%. 6.50% interest is available on FDs maturing between 3 years to 10 years.

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English News Headline: icici Bank and Axis Bank raise FD rates for fixed deposits below Rs 2 crore

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