Axis Bank Fixed Deposit (FD) helps you to invest a fixed amount for a fixed tenure and earn handsome returns on the same. The applicable rate of interest is between 2.50% and 6.00% depending on the deposit amount, type of account holder, tenure, and the FD scheme. The Axis Bank FD interest rate may change from time to time as per the bank’s discretion. The FD account is available for both new and existing customers. You can choose between short-term or long-term investments. There are several facilities such as nominee, automatic roll-out, premature withdrawal, tax-saving, tenure between 7 days and 10 years, and a lot more.
In this post, we will discuss about Axis Bank Fixed Deposit features, eligibility criteria, interest rates, documents required, types of FD schemes in depth, and frequently asked questions.
Here are the features of Axis Bank FD schemes:
The FD account by the bank is available for specific individuals and entities as follows:
Here is a list of Axis Bank Fixed Deposit Interest Rates in India:
To open an Axis Bank FD account, you have to submit a list of documents as per your eligibility:
Axis Bank has several FD schemes for its members (existing and new customers). These FD accounts include – Express Fixed Deposit, Tax Saver Fixed Deposit, Auto Fixed Deposit, and Fixed Deposit Plus. In the following, we will discuss these fixed deposit schemes in detail.
1) Axis Bank Express Fixed Deposit
You can open an FD online without a savings account at the Axis Bank. The Express Fixed Deposit is a digital FD account that you can book online by submitting basic details (Aadhaar and PAN) and in as less as 3 minutes.This scheme is for single account holders, joint account is not possible. You can make an instant deposit and receive your FD number. All you have to do is visit the Axis Bank Express FD page and provide PAN, Aadhaar, other details, agree to terms and conditions, and proceed ahead.
NOTE: This FD scheme is not available for customers with Axis ASAP savings account.
Here are a few more features of Axis Bank Express FD Account:
You can now save on your taxes with a 5-year fixed deposit by Axis Bank. You will receive lucrative interest rate on lump-sum investment and save taxes with Tax Saver FD. This facility has 3 options such as Reinvestment Deposit, Tax Saving Monthly Interest Payout, and Tax Saving Quarterly Interest Payout, depending on the chosen interest pay-out by you. You can choose this FD if you are an Indian resident or HUF (Hindu Undivided Family).
NOTE: Any new Reinvestment Term Deposit with the bank on and after 1 August, 2013 as well as the existing FD holders of same scheme, renewed on and after this date, the reinvested interest would be net of Tax Deducted at Source. Thus, the maturity value would also differ to that extent.
Here are the required documents for Axis Bank FD scheme:
You can earn tax benefit on the interest earned on this deposit account. The benefits are as per the provision of Section 80C of the Income Tax Act, 1961:
NOTE : If the total projected interest in a FY goes over Rs. 40,000 threshold limits (for senior citizens Rs. 50,000), then the TDS is proportionally deducted from the existing FD during the application of interest. The same is in agreement with IT Act’s Section 194 A 3 (i) (a). The tax on the interest is then deducted in agreement with rules of Section 194A or Section 195 of the Act.
You can claim tax benefit through the FD receipt issued by the bank:
This FD scheme gives a higher return than the regular Axis Bank Fixed Deposit interest rate on other FD accounts. Both domestic customers and NRIs can enjoy this opportunity. There is no auto-renewal facility. The interest accrued is on simple or compounding basis with minimum investment amount of Rs. 5,00,00,000. There is no upper cap to the amount you wish to put in the FD. You can also benefit with multiple deposit types, tax deducted at source, and high rate of interest.
Here are the features of this Axis Bank FD plan:
With this Axis Bank Fixed Deposit scheme, you can get the best of both worlds – high earning of an FD and liquidity of a savings account. You can open an FD with 5 years maximum under this scheme and get returns in tenure as short as 6 months. The Axis Bank Auto FD links your existing savings account to the Fixed Deposit Account. Thus, you can initiate an automatic transfer of funds in multiples of Rs. 5,000 from savings account to FD account, when the balance in former crosses Rs. 25,000. You can enjoy short minimum tenure, automatic deposits, auto renewal of the account, and easy fund liquidation.
A reverse sweep-in facility is available. So, if your savings bank account falls below balance Rs. 25,000, then money in multiples of Rs. 5,000 especially from recently formed FD will be swept to the savings account.
Here are the features of this Axis Bank Fixed Deposit scheme:
Here are FAQs on Axis Bank FD schemes:
Subscribe to our newsletter
Akshar Blue Chip IT Park, 703, Thane - Belapur Rd, Turbhe, Navi Mumbai, Maharashtra 400705