A month later, Axis Bank has increased interest rates once again on fixed deposits for amounts less than Rs 2 crore.

The country’s third-largest private lender is now offering interest rates that range between 3.5% and 7% for the general public on deposits maturing in 7 days to 10 years. Senior citizens can earn up to 7.75%, as per the bank’s website.

The new rates come into effect from 15 December. The interest rates on fixed deposits were last revised on 15 November.

The bank is now offering 7% interest rate on deposits with maturities between two and ten years.

For fixed deposits with maturities between 1 year and 2 years, Axis Bank is offering an interest rate of 6.75%. 

Deposits with maturities between 9 months and 1 year will now earn interest at a rate of 6%. 

For FDs maturing in 6 months to 9 months, the interest rate is 5.75%. FDs maturing in 61 days to 6 months earn an interest rate of 4.50%.

The bank is offering an interest rate of 4% on deposits maturing in 46 days to 60 days. 

The rate of interest is 3.50% on deposits maturing in the next 7 days to 45 days. 

Resident senior citizen customers will now get interest rate of 7.75% for deposits maturing in 2 years to 10 years. The bank is offering interest rate of 3.50% on deposits maturing in 7 days.

After the Reserve Bank of India (RBI) raised the repo rate by 35 basis points (bps) on Wednesday of last week, several financial institutions, including State Bank of India (SBI), HDFC, Bank of Maharashtra, Jana Small Finance Bank, Axis Bank, Kotak Mahindra Bank, IOB, Yes Bank, AU Small Finance Bank, Dhanlaxmi Bank, Jammu and Kashmir Bank, ESAF Small Finance Bank, and Equitas Small Finance Bank, announced interest rate hikes on retail term deposits of less than Rs 2 crore.

SBI increased FD interest rates by up to 65 basis points. The country’s largest lender is now offering 6.75% interest rate on FDs for regular citizens and 7.25% for senior citizens. 

HDFC Bank, the country’s largest private lender, is offering FD interest rates ranging from 3% to 7% for the general public and 3.50% to 7.50% for senior citizens for tenure between 7 days to 10 years.