Axis Bank Fixed Deposit Account

The fixed deposit of Axis Bank follows the finance bill of 2006 where government announced tax benefits for deposits made for a tenure crossing five years. Axis Bank offered fixed deposits to save tax that forbid premature withdrawing of the amount, therefore this scheme sports a lock on period of five years so that it falls below tax exemption. On 5th year the deposit reaches maturity.

Criteria to open FD at Axis Bank:

The following are the criteria which must be fulfilled to open a tax saver FD at Axis Bank:

  • The person willing to open a FD should possess a PAN number.
  • The Indian resident must have attained 18 years of age (adult) in order to apply for an individual or joint account for FD.
  • By this scheme one can get individual and joint types of schemes. In the individual scheme the deposit is paid to a person who should surely have attained 18 years of age and also have a PAN card.
  • In joint accounts, deposit can be done by either an adult or a minor or to two adults. On attaining maturity the deposit will be granted to the survivor or both of them. In this case, by section 80C, the first holder's income will be deducted and that person should own a PAN number.
Axis Bank FD Features:

Type of Account

Single/Joint

Amount

Min. - 100 Rs.

Max. - 150,000 Rs.  

Interest Rate

Regular Rates - 7.5% per annum

Senior Citizen Rates for -  8% per annum

Tenure

Five years

TDS

Tax is subtracted on the deposit interest as per the sections 194A and 195 provisions

Loan Against the Tax Saver FD Scheme

One can’t pledge any term deposit against loans

Nomination (optional)

Tax saver FD permits nomination via a statement of declaration which is provided by the holder of the FD

Facility of auto-renewals

No

Rates of Interest for Axis FDs

With a term of 5 years, Axis Bank provides tax benefits with 5 year tenure of deposit. For regular members, the rate of interest is 7.5% and 0.5% more, that is 8.0% for senior citizens. In case the holder demises, both joint and individual account holders must declare a nomination. In such a case where the holders die before completion of tenure, nominee will get the amount prematurely.

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