Axis Bank Digital Fixed Deposit (FD)
Axis Bank offers a Full KYC Fixed Deposit product where individuals can open a fixed deposit (FD) account without having a savings account with the bank.
The process to open an account is simple and only basic details will need to be provided.
Axis Bank Digital Fixed Deposit – Benefits
The main benefits of the FD account are mentioned below:
- The account can be opened within minutes.
- You need not have a savings account with the bank.
- The tenure of the deposit ranges between 7 days and 10 years.
- The minimum deposit that must be made is Rs.5,000.
- Attractive interest rates are offered.
- In case up to 25% of the money is withdrawn from the account before maturity, no penalty is levied.
Axis Bank Digital FD Interest Rates for Below Rs.3 crore
The interest rates of Digital Fixed Deposit are same as that of standard Fixed Deposit rates. The interest rates that are provided to the general public for any investments.
Axis Bank Digital Fixed Deposit are mentioned below:
Tenure | Interest Rate for General Public (p.a.) | Interest Rate for Senior Citizens (p.a.) |
7 days to 14 days | 3.00% | 3.50% |
15 days to 29 days | 3.00% | 3.50% |
30 days to 45 days | 3.50% | 4.00% |
46 days to 60 days | 4.25% | 4.75% |
61 days < 3 months | 4.50% | 5.00% |
3 months to 3 months 24 days | 4.75% | 5.25% |
3 months 25 days to 4 months | 4.75% | 5.25% |
4 months < 5 months | 4.75% | 5.25% |
5 months < 6 months | 4.75% | 5.25% |
6 months < 7 months | 5.75% | 6.25% |
7 months < 8 months | 5.75% | 6.25% |
8 months < 9 months | 5.75% | 6.25% |
9 months < 10 months | 6.00% | 6.50% |
10 months < 11 months | 6.00% | 6.50% |
11 months to 11 months 24 days | 6.00% | 6.50% |
11 months 25 days < 1 year | 6.00% | 6.50% |
1 year to 1 year 4 days | 6.70% | 7.20% |
1 year 5 days to 1 year 10 days | 6.70% | 7.20% |
1 year 11 days to 1 year 24 days | 6.70% | 7.20% |
1 year 25 days < 13 months | 6.70% | 7.20% |
13 months < 14 months | 6.70% | 7.20% |
14 months < 15 months | 6.70% | 7.20% |
15 months < 16 months | 7.25% | 7.75% |
16 months < 17 months | 7.25% | 7.75% |
17 months < 18 months | 7.25% | 7.75% |
18 Months < 2 years | 7.25% | 7.75% |
2 years < 30 months | 7.10% | 7.60% |
30 months < 3 years | 7.10% | 7.60% |
3 years < 5 years | 7.10% | 7.60% |
5 years to 10 years | 7.00% | 7.75% |
Note: The interest rates mentioned in the table are effective from 21 October 2024.
Axis Bank Digital FD Eligibility Criteria
The eligibility criteria that must be met in order to open the Axis Bank Digital Fixed Deposit are mentioned below:
- You must be an Indian resident.
FAQs on Axis Bank Digital FD
- What is the available spectrum of maturities for digital fixed deposits?
Digital Fixed Deposits provide a wide range of maturities. Investors have a range of maturities to pick from, ranging from 7 days to 10 years.
- What occurs as Digital FD develops?
The operation of a Digital FD is straightforward. The principle deposited and accrued interest are credited to the savings account of your choice when the Digital FD expires.
- Are Premature withdrawals from digital FDs permitted?
Premature withdrawal is permitted in Digital FDs, but only after paying a penalty. These fees differ from bank to bank. Axis Bank, however, does not charge any penalties for early withdrawals up to 25% of the deposit amount from Digital FDs.
- Who ought to invest in a Digital FD?
Digital Fixed Deposits are a safe and secure way for investors to make investments from the convenience of their homes. Digital FD interest rates are pre-fixed and feature a guaranteed rate of return. They are non-market-linked investments that are perfect for risk-averse individuals who wish to beat inflation, accumulate wealth for the future, and protect their funds from market swings.
- Do Digital FDs involve any risk?
No, investing in Digital FDs is risk-free. Digital FDs are non-market-linked securities, therefore the returns they offer are independent of any participation in the capital markets. There are no surprises or risks because the interest rates on Digital FDs are pre-fixed. With Digital FDs, you get exactly what you see.
- Can I open a Digital FD with Axis Bank online?
Yes, you can visit the Axis Bank official website and submit the necessary KYC documents to open a digital FD account.
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