• Axis Bank Encash 24 Flexi Deposit Account

    Encash 24 Flexi Deposit from Axis Bank is a dual benefit fixed deposit (FD) account that provides the account holder the advantages of holding a savings account as well as that of an FD account. This is nothing but a type of savings-linked FD account. This will allow the customer to withdraw money from the term deposits account in case of a cash crunch. This is how an Encash 24 Flexi Deposit works:

    • The FD is linked to the savings bank account
    • If the funds in the savings account goes beyond Rs.25,000, the balance will be transferred to the Flexi Deposit Account in installments of Rs.5.000
    • If the balance in the savings account falls below Rs.25,000, Rs.5000 will be swept back to the savings account

    Given below are the interest rates offered on Axis Bank Encash 24 Flexi Deposits with effect from June 1, 2018, for regular and senior citizen FDs:

    Tenure Regular FD Rate (per annum) Senior Citizen FD Rate (per annum)
    6 months to less than 7 months 6.25% 6.75%
    7 months to less than 9 months 6.25% 6.75%
    9 months to less than 1 year 6.50% 7.00%
    1 year to less than 14 months 7.10% 7.60%
    14 months to 5 years 7.00% 7.50%

    Axis Bank Encash 24 Flexi Deposit: Features & Benefits

    • Earn more interest on your investment
    • Enjoy the benefits of easy liquidation
    • Get the benefit of holding a savings account and a fixed deposit simultaneously
    • Get sweep-in facility on a 24/hour basis
    • Flexibility of withdrawal of funds
    • Encash without any hassles
    Tenure High liquidity Automatic Transfers
    6 months - 5 years Funds can be withdrawn at any point of time Fund transfers will be made automatically to the FD account if the amount in the savings account crosses Rs.25,000

    Axis Encash 24 Flexi Deposit:  How does it work

    To put it in simple words this is a type of dual benefit account. Let's say you have Rs.25,000 in your savings account and you make an additional deposit of Rs.5000 in the same account. The additional Rs.5,000 will be transferred automatically to a fixed deposit account and the remaining Rs.25,000 will be kept in the savings account. The minimum balance that has to be maintained in this type of savings account is Rs.25,000. On the other hand, if you want to withdraw money from your savings account, you can do so. For instance, if your savings account balance is Rs.25,000, and you withdraw Rs.5,000., to make up for this, Rs,5000, will be credited from the FD account to the savings account.

    Eligibility Criteria of Encash 24 Flexi Deposit

    Who can apply? Documents required
    • All individuals with a savings account in Axis Bank
    • Joint account holders
    • Minor under the guidance of a guardian
    • PAN card

    Axis Bank Encash 24 Flexi Deposit: How to Apply

    FAQs

    1. Are all customers of Axis Bank eligible to open this account?

    Yes. Those with a savings bank account will be able to open a flexi deposit account easily with minimal documentation.

    2. Will senior citizens get a higher interest rate?

    Yes.

    3. Can the tenure of the deposit be extended beyond 5 years?

    Unfortunately, the investment duration for this type of deposit cannot exceed 5 years.

    4. Will the interest earnings be subject to tax?

    Yes. TDS will be deducted as per prevailing tax norms.

    5. Can those without a savings account open this account?

    Unfortunately, not.

    Useful Information on Axis Bank Fixed Deposit

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    Axis Encash 24 Flexi Deposits Reviews

    • Axis Bank Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have a Fixed deposit account with Axis Bank. I have not faced any difficulties so far on using this account. The customer service is also good so far. Each and every transaction will be safe and secure .There was no drawbacks faced so far. I am very much comfortable in using this account.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jun 06, 2019
    • Axis Bank
      Axis Bank Fixed Deposit
      "Convenient fixed deposit"
      0.5 4.0/5 "Great!"
      My fixed deposit was opened with Axis bank, I invested around Rs. 1 lakh for one year. If I want I can also extend the tenure. I believe the rate of interest is more than 7% for per annum. I can also track the fixed deposit through online banking its more simple.
      Was this review helpful? 8
      , thane
      Reviewed on May 04, 2019
    • Axis Bank Fixed Deposit
      "Very Assured Fixed deposit"
      0.5 5.0/5 "Blown Away!"
      I opened a Fixed deposit in Axis bank for one year of term period . They sent a physical copy for my fixed deposit which gives a good assurance about that bank . So that my nominee can be aware of my FD and can approach them very easily if something happens to me . I can check the status of my FD through on line itself .
      Was this review helpful? 3
      , hyderabad
      Reviewed on Apr 23, 2019
    • Axis Bank Fixed Deposit
      "Convenient"
      0.5 4.5/5 "Excellent!"
      I have a Fixed Deposit with Axis Bank because they have offered more interest than ICICI BANK and its been more than 1.5 years. Their customer service is always good. The interest rate is around 7.6% which am not sure. I can manage the account online. I opted for 18 months.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 26, 2019
    • Axis Bank Fixed Deposit
      "Services are good"
      0.5 5.0/5 "Blown Away!"
      I also bank with Axis Bank for the fixed deposit. The customer support and response is good. There are no hassles in the process. I could open this account online. The lock in period is for one year. The rate of interest they provide on my savings is also satisfactory.
      Was this review helpful? 11
      , pune
      Reviewed on Feb 15, 2019
    • Axis Bank Fixed Deposit
      "Average bank to avail fixed deposit"
      0.5 4.5/5 "Excellent!"
      I have chosen the Axis bank for my fixed deposit. I have deposited around of Rs. 50000. Since they are providing very good services in their branch. They have offered me a interest rate of 6.5%. I put the money in 2015. I have visited their branch many times and the service is very much prompt. I had no issues with them.
      Was this review helpful? 10
      , hyderabad
      Reviewed on Dec 11, 2018
    • Axis Bank Fixed Deposit
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have done with the fixed deposit with the AXIS BANK where the mobile application is easy and user friendly to access. It is easy to do the fixed deposit through the application which is paperless approval. The service is good with this bank.
      Was this review helpful? 7
      , chennai
      Reviewed on Dec 01, 2018
    • Axis Bank Fixed Deposit
      "Hassle Free FD account"
      0.5 4.0/5 "Great!"
      I have saving account hence in an application I can track and maintain the FD account. The bank is providing the interest rate around 6 to 8% for per annum. Its convenient I can open the FD account through app and I close the FD without any hassles. The amount also gets credited immediately to my bank account.
      Was this review helpful? 4
      , bangalore
      Reviewed on Nov 23, 2018
    • Axis Bank Fixed Deposit
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I've another fixed deposit with the Axis bank under my wife's name. I've deposited 21 lacs in this deposit. The interest rate is good and they disburse the interest quarterly. So far there hasn't been any issues with their services.
      Was this review helpful? 25
      , ahmedabad
      Reviewed on Jul 28, 2018
    • Axis Bank Fixed Deposit
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I've two fixed deposits with the Axis bank, one is under my name and the second one is under wife's name. I've deposited 7 lacs, the interest rate is very good. They disburse the cumulated interest quarterly and the tenure of the FD is 5 years.
      Was this review helpful? 10
      , ahmedabad
      Reviewed on Jul 28, 2018
    • Axis Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have a Fixed Deposit with AXIS bank from last 3 months, i am happy with the service they provide. I get good returns on investments. Customer service was very good, they gave all the right information and guided me well. I will get 6.99% on returns after the maturity period.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on May 08, 2018
    • Axis Bank Fixed Deposit
      "Very Poor Response by BRANCH EMPLOYEE"
      0.5 0.5/5 "Unacceptable"
      Its waste of time & money with axis bank. Don't have enough knowledge, lack of experience, and poor support. I opened a FD ACCOUNT AT AXIS BANK ON 13TH, and still they are unable to update my contact number in my account & cc. Wait....wait and waiting.. Nd branch is located in DELHI. NOW YOU CAN IMAGINE, how they will operate in rural area...
      Was this review helpful? 2
      , new delhi
      Reviewed on Feb 23, 2018
    • Axis Bank Fixed Deposit
      "Overall good"
      0.5 4.0/5 "Great!"
      I have a two lakh fixed deposit at Axis Bank. The bank is good in this process and the rate of interest is the same when compared to other banks. There is no lock in period and anytime I an withdraw the funds. There are no charges related to this account.
      Was this review helpful? 2
      , new delhi
      Reviewed on Feb 19, 2018
    • Axis Bank Fixed Deposit
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Axis Bank is overall good in the banking process. I bank for a fixed deposit and there are no charges taken for this account. The customer support is good and the online banking is very convenient to open and close this account. The rate of interest is also good.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Feb 09, 2018
    • Axis Bank Fixed Deposit
      "Good Return"
      0.5 3.0/5 "Satisfactory"
      I had a good investment made an investment in Axis Bank through my Fixed Deposit Account with them. They gave me an interest rate of 8.25%, which I feel is one of the best in the Industry. I took it for a 2 years period and had the option of closing it even before the maturity.
      Was this review helpful? 8
      , mumbai
      Reviewed on Dec 26, 2017
    • Axis Bank Fixed Deposit
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I am having the fixed deposit account with the Axis bank and the customer service was not really good like they have to be get improved. I would like to say that the online banking system could be get improved. I have not faced any issues with them till now.
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 25, 2017
    • Axis Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      Even though I don't like the saving account with Axis bank as there is a minimum balance of Rs. 10000 has to be maintained I like the fixed deposit account with Axis bank as that process is simple and smooth and I have it for 2.5 years and also they pay good interests rates of 7.5%.
      Was this review helpful? 6
      , faridabad
      Reviewed on Nov 17, 2017
    • Axis Bank Fixed Deposit
      "Best"
      0.5 5.0/5 "Blown Away!"
      I am using Axis FD service for last 15 years. The amount differs for a fixed deposit. The interest rate was vey high than other nationalized banks. They providing more benefits to the customers. There is no issues with Axis and am completely satisfied with the service. The most interesting feature is they auto renew the policy or they pay extra charges for late 15 days.
      Was this review helpful? 6
      , kolkata
      Reviewed on Nov 16, 2017
    • Axis Bank Fixed Deposit
      "Its good investment"
      0.5 4.5/5 "Excellent!"
      I have invested one lakh in fixed deposit with AXIS bank. Its going to matured in this august, Then I would be getting around Rs.1.12,000. I have opened this FD through online and I will be getting the amount same to my account. AXIS gave me premature withdrawal, I can close whenever I want.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 13, 2017
    • Axis Bank Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had invested in fixed deposit account with the Axis bank and the minimum tenure is around five years of time. Response is a good one with them and everything was done through online. Net banking services are working in an excellent way and it is really wonderful.
      Was this review helpful? 3
      , kolkata
      Reviewed on Apr 25, 2017
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