Axis Bank Fd Rates 2023


What is the FD rate in Axis Bank 2023?

Axis Bank Fixed Deposit Rates on Domestic Deposits of less than Rs 2 crore w.e.f.26 July 2023

Tenure Interest Rates (p.a.)
Regular Citizens Senior Citizens
7 days to 14 days 3.50% 3.50%
15 days to 29 days 3.50% 3.50%
30 days to 45 days 3.50% 3.50%

What is the new rate of FD in Axis Bank?

For deposits maturing in 7 days to 45 days, the interest rate is 3.50%. – Starting from 26th July 2023, Axis Bank, one of India’s leading private sector banks, has made significant updates to its fixed deposit interest rates for amounts below Rs 2 crore.

With these changes, customers can now avail themselves of fixed deposit rates (FD rates) ranging from 3.50% to 7.10% per annum, offering attractive options for their savings. Axis Bank is offering guaranteed interest rates on fixed deposits for various tenures, making it an appealing investment choice.

The bank has categorized its FD rates based on different maturity periods: For deposits maturing in 7 days to 45 days, customers can enjoy an interest rate of 3.50%. Deposits maturing in 46 days to 60 days will earn an interest rate of 4%. Tenures ranging from 61 days to three months come with a guaranteed interest rate of 4.50%.

  • In addition to that, for deposits with a tenure of three months to six months, Axis Bank is promising an interest rate of 4.75%.
  • As the tenure increases, so do the interest rates.
  • Axis Bank has set the following guaranteed interest rates for fixed deposits based on their maturity periods: Deposits maturing in 6 to 9 months: 5.75% interest rate Deposits maturing in 9 to 12 months: 6% interest rate Deposits maturing in 1 year to 1 year 4 days: 6.75% interest rate Deposits maturing in 1 year 5 days to 13 months: 6.80% interest rate Deposits held for 13 months to two years: 7.10% interest rate For the duration from 16 months to less than 17 months, there has been a slight reduction of 10 basis points, bringing the interest rate down to 7.10% from the previous 7.20%.

For longer tenures, customers can still enjoy competitive interest rates. Deposits held for two years to thirty months will earn a 7.05% interest rate, and deposits with maturities between 30 months and 10 years will attract a 7% interest rate. Senior citizens are also in for rewarding FD rates at Axis Bank, starting from 3.50% and going up to 7.85% per annum.

This ensures that all customer segments have access to lucrative fixed deposit options, tailored to their preferences and requirements. In other news, Axis Bank announced its financial results for the April-June FY24 quarter, reporting a remarkable net profit of Rs 5,790 crore. This impressive figure reflects a substantial 40 percent increase compared to the previous year’s net profit of Rs 4,125 crore.

Although the bank missed analyst expectations, which predicted a net profit of Rs 5,889 crore in a poll conducted by Moneycontrol, the overall performance showcased robust growth and progress. Q1FY24 witnessed significant growth in Axis Bank’s net interest income (NII), surging by 27% year-on-year (YOY) to reach Rs 11,959 crore.

The net interest margin (NIM) for the same period stood at 4.10%, indicating a 50 basis points (bps) increase YOY, a testimony to the bank’s effective management of its assets and liabilities. A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you.

From latest initial public offerings,

What interest rate to expect in 2023? 6.4% – expects interest rates to be measuring in at 6.4% overall, This is according to Danielle Hale, the chief economist for She predicts that interest rates can potentially fall closer to 6.1% by the end of 2023.

Which bank gives highest interest on FD 2023?

Top Banks FD Interest Rates 2023

FD Scheme All Bank FD Interest Rates 2023
IndusInd Bank Tax Saver Scheme 6.75% – 7.50%
SBI Bank Tax Saving FD 6.10% – 6.60%
RBL Bank Tax Saving FD 6.55% – 7.05%
Canara Bank Tax Saving FD 6.50% –

Is Axis Bank safe for FD?

Fixed Deposits (FD)

Features Benefits

Axis Bank’s Fixed Deposit (FD) is a safe and convenient way to see your savings grow. Open a Fixed Deposit online with Axis Bank and save a minimum of Rs.5,000 for a flexible tenure starting from a minimum of 7 days to a maximum of 10 years. Axis Bank’s online account opening services help you to open a Fixed Deposit account from wherever you are.

Rs.5,000 if booked via Internet Banking or Mobile App Rs.10,000 if booked via Branch

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For Rupee Term Deposits of a contracted amount less than Rs.5 crores and for a tenure >2 Years, premature penalty will not be applicable for TDs closed after 15 months of booking/renewal. Deposits eligible for the waiver will be TDs opened/renewed on or after December 15 2020 (excluding Flexi deposits), TDs closed for the entire contracted amount and for Domestic & NRO deposits. For Rupee Term Deposits of a contracted amount less than Rs.5 crores opened/renewed on or after May 1, 2014 (including Flexi Deposits), interest rate will be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank. However, for Rupee Term Deposits closing within 7 days from the date of booking of the deposit, no interest will be applicable and for Rupee Term Deposits closing within 7-14 days from the date of booking of the deposit, the interest rate will be the rate applicable for the period the deposit has remained with the bank. For Rupee Term Deposits of a contracted amount less than Rs.5 crores opened/renewed on or after December 15, 2017 (including Flexi Deposits), for the first partial withdrawal with value 25% of Term Deposit original principal value, Premature Closure Penalty Rate will be applicable for the entire withdrawal amount. However, for Rupee Term Deposits closing within 14 days from the date of booking of the deposit, the interest rate shall be the rate applicable for the period the deposit has remained with the bank. For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit. There would be no premature withdrawal penalty on NRE Term Deposits

Which type of FD is best in Axis Bank?

Fixed Deposit Plus

Features Benefits

Are you looking for a safe investment option with a higher rate of return for your lump sum savings? Axis Bank’s Fixed Deposit Plus gives you a higher rate of return compared to regular FDs and the option is available to all NRI and domestic customers. The interest rate is available on a simple or compounding basis for a minimum amount of Rs.2,00,00,000.

Minimum deposit of Rs 2,00,00,000 with no maximum limit on deposits, available for retail and corporate customers. Pick a convenient tenure between 7 days to 10 years. Auto-renewal facility is not available for Fixed Deposit Plus. Pick between simple interest and compound interest options.

Single holder type deposit receipt can be issued to an individual for himself, or in the capacity of the Karta of the Hindu Undivided Family. Joint holder type deposit receipt can be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor.

Will interest rates go down 2024?

Though Federal Reserve Chair Jerome Powell announced another rate hike today, we think the Fed is done after this, and we expect steep interest rate cuts in 2024. As widely anticipated, the Fed increased the federal-funds rate by 0.25 percentage points at its Wednesday meeting.

  • This comes after the central bank left rates unchanged at its previous meeting in June.
  • But this is not an about-face.
  • While the Fed “skipped” a rate hike in June in favor of gathering more data, most committee members agreed at the time that one or more additional raises would be appropriate in 2023.

With today’s move, the federal-funds rate moves up to a target range of 5.25%-5.5%. This matches the prior peak reached over 2006-07. You’d have to go back to 2001 to find a period when rates were higher than today. The speed and size of the hikes (over 500 basis points in 16 months) are unmatched by any Fed tightening campaign since 1980.

Why was this move assumed despite positive news on inflation? The Consumer Price Index increased 3.1% year over year in June 2023, down precipitously from a peak of 8.9% in June 2022. Core inflation rose by just 0.2% month over month in June after having averaged a 0.4% increase earlier in 2023. However, the Fed never responds to one month’s worth of data alone (as Powell frequently emphasizes), so it will take more to reshape its assessment of inflation.

This is particularly the case for core inflation (held to be a good gauge of underlying inflationary momentum), which until the most recent report seemed stubbornly high. Additionally, tightening monetary policy works to bring down inflation mainly by slowing economic growth, generating slack in the economy which cools off prices.

With that in mind, the Fed may be unsatisfied that the U.S. economy had been continuing to expand “at a moderate pace.” Nevertheless, inflation is already falling, owing to improvements on the supply side of the economy. We believe more positive news about inflation will come in upcoming reports. Thus, despite the Fed’s latest projections showing one more rate rise in 2023, we think it’s done with hiking.

Federal-funds futures markets agree with this assessment. Furthermore, we expect growth in economic activity to slow further in the second half of 2023 and the first half of 2024, owing to a slowdown in bank lending (a lagged effect of rate hikes) and more cautious household spending, among other factors.

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This will exert further downward pressure on inflation. The job market (which is running even hotter than measures of economic output and spending) should also cool, easing pressure on wages. We don’t expect a recession, though it’s possible, but we do expect a period of below-normal economic growth. Powell has been reluctant to give guidance on the Fed’s future decision-making, preferring to take a “meeting-by-meeting” approach which holistically examines economic trends.

We believe the data over the course of the next year will induce the Fed to set interest rates on a much lower path than it’s currently projecting. With inflation returning to normal and economic growth running below normal by the beginning of 2024, both parts of the Fed’s dual mandate will be signaling for rate cuts. Axis Bank Fd Rates 2023 Source: CME FedWatch Tool. Data as of July 26, 2023, 3:15 p.m. ET. The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies,

What will interest rates be in mid 2024?

Two more interest rate hikes this year – After 12 interest rate hikes that lifted the Reserve Bank’s cash rate from 0.1% to 4.1% in a little over a year, the panel expects two more. The panel predicts a by the end of this year, followed by a decline to 4.3% by the middle of next year, and to 3.9% by the end of 2024.

Asked to specify the month in which the cash rate will peak, and how high it will go, the panel settled on a peak of 4.7% in November. A cash rate of 4.7% would lift the typical rate on a new mortgage from 5.4% to 6%, adding a further $200 a month to the cost of servicing a $600,000 loan. But the extra pain would be short-lived.

Asked how long the cash rate would stay at its peak before being cut, the panel’s average guess was, meaning rates would begin to fall in June next year. Several of those surveyed warned against expecting rates ever to fall back to anything like the emergency lows of 2020 and 2021. Governor of the Reserve Bank of Australia (RBA) Philip Lowe at the G20 finance ministers and central bank governors meeting, 2022. Photograph: Reuters

How high are interest rates expected to go?

NAB: Early/mid 2024 NAB expects there will be two more rate hikes of 25 basis points which will see the cash rate rise to a peak of 4.6%. NAB believes that the RBA will start reducing the cash rate in the second quarter of 2024 and anticipates the cash rate will be 3.10% by the end of 2024.

Will interest rates go down in 2023 Singapore?

US Fed Rate Hikes in 2023 –

US Federal Open Market Committee meeting date Rate change (bps) Federal funds rate
1 February 2023 +25 4.50% to 4.75%
22 March 2023 +25 4.75% to 5.00%
3 May 2023 +25 5.00% to 5.25%

According to the, interest rate hikes are expected in 2023 but are likely to moderate in the second half of the year. As predicted, there are signs that interest rates are already moving sideways. Take the ; the increase was by 25 basis points, pointing towards more modest increases observed for the year.

  1. In response, reference rates are also beginning to flatten out.
  2. Here’s a quick look at the 3M Compounded SORA trend in 2023 so far.
  3. So while we are still in a high interest rate environment, there is some good news: what goes up must come down and it looks like we can expect modest increases.
  4. For those who are on a floating home loan, you can expect some relief from persistent increases.
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What about those looking at financing their homes with fixed rate home loans? Interest rates on and are likely to fall further. In 2022, fixed rate home loans were above 4% but have since dipped. A quick search on our reveals that the most competitive mortgage package (in terms of the lowest interest rate offered in the first year) is a fixed-rate home loan at 3.40% (as of 5 June 2023).

Will interest rates go down in 2024 Australia?

Major bank economists expect interest rates to drop next year – but they’re pricing in further rises before then Major bank economists have warned that while homeowners paying down their mortgage may get relief in the form of interest rate cuts by early 2024, more financial strain is likely to squeeze household budgets before then.

  1. According to leading economists, the rapid rate rises of the past 15 months are expected to have the desired effect of slowing the economy, leading to potential interest rate cuts of more than 1% next year, The Australian reported.
  2. However, the major banks are pricing in one or two additional interest rate rises in the coming months, following the recent surprise decision by the Reserve Bank of Australia to increase the cash rate by 0.25 percent.

In light of this, Commonwealth Bank anticipates falls of 1.25% to the cash rate in 2024, offering some respite to mortgage holders who have faced a 3% increase over the past 15 months. CBA expects the rate cuts to be front-loaded in the early part of the year, bringing the cash rate to 3.1%.

CBA and ANZ both expect one further rate rise in August, after the release of quarterly inflation data, according to The Australian. Read next: NAB survey reveals worrying signs of a slowing in business activity HSBC chief economist Paul Bloxham shares this view, saying last week that the chance of a recession is now a coin toss as the economy slows down in response to an expected rate rise in August and potentially another one.

He predicted that the cash rate would be cut to 3.5% by the end of 2024, The Australian reported, National Australia Bank ( NAB ) has revised its outlook on the trajectory of rates, expecting rate rises of 25 basis points each in July and August, in response to stronger-than-anticipated inflation.

  1. While inflation has clearly peaked, and we (like the RBA) see inflation returning to the band by 2025, the extended period of inflation above target amidst a tight labour market poses the risk of stronger wage and price expectations becoming embedded,” said Alan Oster, NAB chief economist.
  2. Meanwhile, the latest consumer survey by Westpac -MI reveals that most consumers anticipate further rate rises, with almost four in five respondents expecting rates to increase over the next year.

Additionally, 48% of those surveyed are bracing themselves for an increase of one percentage point or more. The survey also indicates that sentiment around home buying remains low, marking the most prolonged period of very weak buyer sentiment since the survey began in 1974, The Australian reported.

What is the FD rates for 75 weeks in Axis Bank?

Axis Bank Special FD scheme – Axis Bank is offering an interest rate of 6.05% on FDs of 75 weeks (Axis Bank FD Rates) i.e. FDs of 1 year 5 months and 7 days. Also, senior citizens are getting extra benefits. The bank is getting them an interest rate of 6.80% on FD of 75 weeks.

A special rate for a special occasion! On our 75th Independence Day, inviting the senior citizens to open an FD for 75 weeks at 6.80% with us. If you want to take advantage of this offer, then you have to open an FD account for 75 weeks till 25 August 2022. The deposit of FD should be less than ₹ 2 crore.

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What is the interest of 1 lakh in HDFC FD?

The HDFC Bank FD rates for a deposit of ₹1 Lakh ranges from 3.00% p.a. to 7.25% p.a. depending on the tenor chosen. Furthermore, senior citizens also get an additional rate of 0.50% on the same.

Which is best for fixed deposit in India?

Best FD Interest Rates in India 2023

Name Bank / NBFC Regular FD Rates
SBI Bank Bank 5.4%
ICICI Bank Bank 5.5%
Axis Bank Bank 5.5%
HDFC Bank Bank 5.5%