Mumbai : Interest rates on fixed deposits of less than Rs 2 crore have been hiked by Axis Bank, a private sector lender. The bank announced this on June 16, 2022, and as a result of the interest rate change, the bank increased interest rates on one- to five-year fixed deposits. On fixed deposits of 7 days to 29 days and 30 days to 3 months, the bank will offer interest rates of 2.50 percent and 3%, respectively. On term deposits maturing in 3 months to 6 months and 6 months to 9 months, Axis Bank would continue to offer interest rates of 3.50 percent and 4.40 percent, respectively. Deposits maturing in 9 months to less than 1 year will continue to earn 4.75 percent interest, whereas deposits maturing in 1 year to less than 1 year 11 days will earn 5.45 percent interest, an increase of 20 basis points