FD Interest Increased: If your account is in Axis Bank or ICICI Bank then this news is of your use. Recently, the government has sold its 1.5 percent stake in Axis Bank through SUUTI. After this, now this bank has completely gone into private hands. This block deal of Axis Bank through OFS took place on 10 and 11 November. Soon after this, Axis Bank has given good news to its customers by increasing the interest rate.
FD interest rate hiked for the second time in November
The bank increased the interest rates on FDs for the second time in the month of November. The new interest rates on Axis Bank’s FD (Fixed Deposit Rate) have become effective from 15 November. Earlier, Axis Bank had increased FD rates on 5 November. This increase in interest rate has been done by Axis Bank on FDs of less than Rs 2 crore.
50 basis point
Axis Bank is paying 6.40 percent interest on FDs maturing in 15 to 18 months and 6.50 percent on FDs maturing in 18 to 3 years. It was told by Axis Bank that senior citizens will get 50 basis points of additional interest. Earlier, RBL Bank, CSB Bank, Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank, etc. have also increased the interest rate.
ICICI Bank also gave good news
Apart from this, ICICI Bank has also increased interest by 30 basis points on FDs up to Rs 2 crore. The new interest rates have been implemented by the bank since 16th November. 6.60 percent interest is being offered by the bank on FDs with different tenures ranging from 7 days to 10 years. Earlier, ICICI Bank had increased the interest rate by 50 basis points on 29 October.
After the current change, ICICI Bank has increased the interest on FDs of 15 to 18 months from 6.10 percent to 6.40 percent. Only 6.40 percent interest will be available on FDs of 18 months to 24 months. Earlier it was 6.15 percent. The minimum interest rate from the bank is currently 3.50 percent and the maximum interest rate for senior citizens is 7.10 percent.