DelhiDesk Axis Bank has announced an adjustment to its fixed deposit interest rates for deposits under INR20m ($270,000). The bank will offer a maximum interest rate of 7.10% for deposits that mature in 13 months to two years, while senior citizens will receive 7.85%. The new rates will apply from 18 May 2023. The bank is also offering interest rates ranging from 3.50% to 7% on fixed deposits with varying maturities. The announcement comes after Axis Bank posted a net loss of INR5.73bn in Q4FY23, compared to a net profit of INR4.12bn in the same quarter of the previous year.
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👉 Axis Bank has adjusted its interest rates for fixed deposits under 2 Cr.
👉 Deposits ending in 13 months to 2 years now have a maximum interest rate of 7.10% for general public and 7.85% for senior citizens.
👉 New FD rates are in effect as of 18 May 2023.
👉 Guarantee of 3.50% interest rate on deposits maturing in the next 7 days to 45 days.
👉 Promise of 4.00% interest rate on deposits maturing in the next 46 days to 60 days.
👉 Interest rates range from 4.50% to 7.10% for deposits with tenors from 61 days to 2 years.
👉 The bank posted a net loss of 5,728.42 crore during Q4FY23, compared to a net profit of 4,117.77 crore in the same quarter a year prior.
👉 Axis Bank’s total income for the quarter ended March 2023 was 28,865.08 crore.
👉 Net Interest Income for the March quarter climbed 33% YoY to 11,742 crore.
👉 Net interest margin for the quarter climbed 2% sequentially and by 73 basis points to 4.22%.
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