Axis Bank Increases 2023 FD Interest Rates

Axis Bank has recently updated its Fixed Deposit (FD) rates for amounts under Rs 2 crore, now offering an interest rate of up to 7.10 per cent for the general public and 7.60 per cent for senior citizens on tenures ranging from 15 months to 5 years. These new FD rates came into effect on 12 October.

Axis Bank has also stated that it reserves the right to disallow premature withdrawal of large deposits exceeding Rs 5 crores for entities other than Individuals and Hindu Undivided Family (HUF).

Notably, several private and public sector banks have made changes to their Fixed Deposit interest rates in the recent past. During its latest bi-monthly monetary policy announcement, the Reserve Bank of India (RBI) chose to maintain the repo rates at the existing 6.5 per cent.

The Monetary Policy Committee (MPC) meeting, presided over by RBI Governor Shaktikanta Das, took place from 4 October to 6 October. Governor Das, while announcing the MPC's unanimous decision, confirmed that the repo rate would remain at 6.5 per cent.