GulfHindi English Desk: Banks in India have made changes to their interest rates from time to time. Along with the changes in the repo rate by the Reserve Bank of India (RBI), banks also make changes to their interest rates. As per the information obtained from Axis Bank’s website, the bank has made changes to the interest rates on deposits of at least Rs. 7 days.
The new interest rates will be applicable from July 17, 2023. The bank is now offering interest rates ranging from 3.5% to 7.20% on deposits with a tenure of 7 days to 10 years.
For deposits with a tenure of 7 to 45 days, the bank is offering an interest rate of 3.5%. For deposits with a tenure of 46 to 60 days, the interest rate is 4%. Customers will be able to avail of an interest rate of 4.5% on deposits with a tenure of 61 days to 3 months. For deposits with a tenure of 3 months to 6 months, the bank is offering an interest rate of 4.75%.
For deposits with a tenure of 6 months to 9 months, customers can avail of an interest rate of 5.75%. For deposits with a tenure of 9 months to less than 1 year, the interest rate is 6%. Deposits with a tenure of 16 to less than 17 months will earn an interest rate of 7.20%.
These changes in interest rates are expected to benefit customers who have their deposits with Axis Bank.
en.gulfhindi.com News Summary
👉Banks periodically change interest rates
👉RBI also brings changes in the repo rate, which affects interest rates
👉Axis Bank has revised its interest rates on deposits
👉The new interest rates will be applicable from July 17, 2023
👉Customers can avail interest rates ranging from 3.5% to 7.20% on a tenure of 7 days to 10 years
👉Interest rates of 3.5% and 4% are applicable on tenures of 7-45 days and 46-60 days respectively
👉Customers can avail an interest rate of 4.5% on a tenure of 61 days to 3 months
👉For tenures of 3-6 months, the interest rate is 4.75%
👉Interest rates of 5.75% and 6% are applicable on tenures of 6-9 months and 9 months to less than 1 year respectively
👉Customers can avail an interest rate of 7.20% on tenures of 16-17 months or less.
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