Banks have started increasing the interest on Fixed Deposit (FD) after the Reserve Bank of India (RBI) recently increased the repo rate by 40 basis points.
Fixed Deposit: After the recent increase of 40 basis points in the repo rate by the Reserve Bank of India (RBI), banks have started increasing the interest on Fixed Deposit (FD). Recently, Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, ICICI Bank and Punjab National Bank increased the interest on FDs for retail customers. Now the name of Axis Bank has also been included in this list. Axis Bank has increased the interest on fixed deposits. According to the Axis Bank website, the new rate has come into effect from today, 12 May.
These are the new rates of Axis Bank which have been implemented from today
Axis Bank is offering an interest of 2.5 percent to 5.75 percent on FDs of different tenures.
Axis Bank is paying so much interest on FD for senior citizens
Senior citizens are getting interest ranging from 2.5% to 6.50% on FDs maturing in 7 days to 10 years. State Bank of India (SBI) has also increased interest on Domestic Bulk Term Deposits of Rs 2 crore and above with effect from 10 May 2022.
RBI hikes repo rate
On May 4, the Reserve Bank of India (RBI) had increased the repo rate by 40 basis points in a hurry. Since then most of the banks have increased the interest of the loan. Along with this, many banks have announced to increase the interest on FD. Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda and ICICI Bank have already increased interest on several FDs for retail customers.