Axis Bank Updates Fixed Deposit Interest Rates, Posts Robust Q1FY24 Results – News18

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.