Axis Bank Fixed Deposit Interest Rate is between 2.50% and 5.50% for regular customers, and for senior citizens the maximum rate offered is 6.00%. The rate of interest depends on the principal deposit amount, tenure of deposit, age of the customer, type of FD scheme, and other factors. The rates may change from time to time depending on the bank’s policy. You can earn interest on both long-term and short-term FDs. There could be charges for withdrawing prematurely in a few cases. You can opt for a tax-saver FD scheme of 5 years tenure to save income tax up to Rs. 1.50 lacs, as per the conditions under the Section 80(C) of IT Act.
In this post we will discuss about features of Axis Bank Fixed Deposit Interest Rates, method of interest calculation, interest rates for domestic FD, Fixed Deposit Plus, NRI FD Plus, FCNR Deposits, NRI/NRO FD, premature encashment penalties, and frequently asked questions.
Here is a list of Axis Bank FD Interest Rates in India:
Here is the calculation method of Axis Bank FD rates:
The bank may charge a penalty if you request for premature withdrawal on the Fixed Deposit. Here are the charges for the same:
NOTE: No penalties are charged for NRE term deposits.
Here are the FAQs on interest rate for FD by Axis Bank:
The bank offers up to 90% of the deposit’s value held in its own branch. The rate of interest differs from 3.5% to 6.5%.
The interest income is calculated on monthly or quarterly basis as per your choice. It follows simple or compound interest calculation method.
For senior citizens, the highest rate is 6.00% and the same is 5.50% for regular customers.
There is no tax charged on the principal deposit amount. However, the interest income is taxable as per under the provisions of the Income Tax Act, 1951. If you submit PAN to the bank, then the TDS is 10%, and if PAN Card is not submitted, then the TDS charged is 20%.
You may lose up to 1% interest on the contracted rate on premature withdrawals for relevant fixed deposits.
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