#TrendingNow: Axis, HDFC Bank Hike FD Rates by Up to 75 bps; Check All Current Rates
Leading private banks Axis Bank and HDFC Bank have increased their FD (fixed deposit) interest rates this week on select tenures for deposits less than ₹2 crore, The Economic Times mentioned in separate reports. While the new rates for Axis Bank FDs will be effective from Friday, HDFC Bank rates have been effective since Tuesday last, as per the reports.
Many banks are increasing the FD interest rates following the Reserve Bank of India’s decision to hike the repo rate by 50 basis points to 5.90% in its monetary policy meeting on September 30, 2022.
Axis Bank Latest FD Rates
The Axis Bank “increased the interest rates on fixed deposits maturing in 7 days to 29 days by 75 basis points (bps), from 2.75% to 3.50%, and the interest rate on fixed deposits maturing in 30 days to 60 days to 3.50% from 3.25%,” the ET report quoted the bank website on Friday.
“After the hike, Axis Bank will now offer an interest rate of 6.20% on fixed deposits maturing in 2 years to less than 3 years, and 6.10% on fixed deposits maturing in the 3 years, 25 days to less than 10 years,” the report mentioned.
“The bank has also raised FD interest rates of certain tenures for senior citizens. Senior citizens can now earn FD interest rates between 3.50% and 6.90% for amounts below ₹2 crore,” the report added.
HDFC Bank Latest FD Rates
“The interest rate on fixed deposits maturing in 30 to 60 days has been raised by 25 basis points, from 3.25% to 3.50 %. On fixed deposits due in 61 days to 89 months, HDFC Bank will now offer an interest rate of 4 percent, from earlier 3.25%, an increase of 75 bps,” another ET report mentioned on Friday.
“On deposits maturing in 7 days to 10 years, HDFC Bank offers elderly customers an additional rate benefit of 0.50 percent over the standard rate,” the report added.
Current FD Rates by Axis Bank and HDFC Bank Across Tenures
| FD Tenure | Axis Bank Current Rates (% p.a.) | HDFC Bank Current Rates (% p.a.) | ||
| Normal | Senior Citizens | Normal | Senior Citizens | |
| 7-14 days | 3.50 | 3.50 | 3.00 | 3.50 |
| 15-29 days | 3.50 | 3.50 | 3.00 | 3.00 |
| 30-45 days | 3.50 | 3.50 | 3.50 | 4.00 |
| 46-60 days | 3.50 | 3.50 | 3.50 | 4.00 |
| 61 to 89 days | 4.00 | 4.00 | 4.00 | 4.50 |
| 90 days to 6 months | 4.25 | 4.25 | 4.25 | 4.75 |
| 6 months 1 day to 9 months | 5.00 | 5.25 | 5.00 | 5.50 |
| 9 months 1 day < 1 year | 5.00 | 5.25 | 5.00 | 5.50 |
| 1 year | 6.10 | 6.85 | 5.70 | 6.20 |
| 1 year 1 day to 2 years | 6.10-6.15 | 6.85 to 6.90 | 5.70 | 6.20 |
| 2 years 1 day to 3 years | 6.20 | 6.95 | 5.80 | 6.30 |
| 3 years 1 day to 5 years | 6.10 | 6.85 | 6.10 | 6.60 |
| 5 years 1 day to 10 years | 6.10 | 6.85 | 6.00 | 6.75 |
Disclaimer: All data from Axis Bank and HDFC Bank websites as on Oct 14 and Oct 12, 2022, respectively, as per The Economic Times reports. All rates mentioned are for deposits amounting to less than ₹2 crore.
Final Word
With FD rate hike, there’s been a rekindled interest in fixed deposits among common investors. Also, FD investments equals to guaranteed returns at minimal risk.
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Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
