| The private sector bank, Axis Bank, has raised its interest rates on select fixed deposits. It increased its interest rates to 9.25 percent, from the existing 9 percent for deposits of more than 1 crore but less than 5 crore with maturity periods ranging between 18 months to less than 5 years.
A senior official of the Mumbai based bank said that select term deposit rates were increased keeping in mind the asset management liability reasons.
The bank has hiked its fixed deposit interest rates at a time when the general market indication is towards lowering of deposit rates.
With this move, the bank joins the likes of public sector banks like Dena Bank and Corporation Bank which had also recently raised its fixed deposit rates of certain maturity. Apart from them, private sector lender, Federal Bank had also increased its interest rates on term deposits some days ago.