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    Overview of Axis Bank Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    3.5% - 7.75% Quarterly compounding
    Response Time Within 30 minutes
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7.25% Quarterly compounding
    Response Time Within 30 minutes
    Good to Know

    About Axis Bank:

    The third largest private bank of India, Axis Bank offers a wide range of financial products like loans, credit cards, investment and insurance to its Indian and NRI customers. The bank has a network of nearly 2,402 branches and the largest ATM network in India with nearly 12,922 ATMs spread across the country. Apart from its strong national presence, Axis Bank has a global presence with seven international offices located in Singapore, Hong Kong, and Dubai etc.

    Axis Bank Fixed Deposits:

    Axis Bank offers simple Reinvestment Fixed Deposits wherein you can invest for a minimum period of 6 months. At the end of each quarter, the interest accumulated on your deposit is rolled over and capitalized along with the principal amount. The bank will calculate your interest on the total amount after accounting for tax deducted at the source. The bank offers various fixed deposit schemes varying in tenures and interest rates.

    Benefits & Features of Axis Bank Fixed Deposit:

    • With Axis Bank Fixed Deposits, you can avail the facility of automatic roll-over on maturity. This is applicable for both the principal amount and interest.
    • You can invest for a minimum period of 6 months.
    • Requires a minimum investment of ₹ 10,000.
    • Enjoy competitive interest rates on your fixed deposits.
    • It offers NRE and NRO Fixed Deposits for the NRIs. NRE Fixed Deposit interest rate is 8.90% at Axis Bank. The same rate applies to NRO deposit accounts as well.
    • Enjoy a hassle-free FD account opening process at the comfort of your home/office.
    • Transfer your funds smoothly from your savings account to higher interest producing fixed deposits.
    • Flexibility in choosing your branch and deciding the tenure and maturity date of your FDs. Also, you are free to open your FD account at any branch of your choice.

    Axis Bank Fixed Deposit Plus

    The Axis Bank Fixed Deposit Plus account is a newly-launched differential interest rates scheme. With this scheme, customers receive an additional 10 bps (0.10%) interest rates on their deposits. There are different deposit types within this scheme including Short Term Deposits, Reinvestment Deposits, Quarterly and Monthly Payout Deposits. The scheme is available only for single deposits exceeding Rs.15 lakhs. The Fixed Deposit Plus scheme is applicable for tenures including and above 1 year and less than 2 years. For deposits below 6 months, interest is calculated as per simple interest and compound interest calculations are applicable on deposits above 6 months, compounded quarterly.

    Premature withdrawal is not available under normal circumstances for this account. Customers can apply for preclosure of account only in the case of bankruptcy, winding up, deceased or directions from regulator/court/liquidator/receiver. In such cases, a premature withdrawal penalty will be applicable and the rate of interest will be as per the latest rates from the bank instead of the quoted rate at the time of account inception. Auto-renewal cannot be opted for this particular scheme.

    Axis Bank FD Eligibility:

    Indian resident individuals, NRIs and senior citizens are allowed to open their FD accounts with Axis Bank.

    Minimum/Maximum amount required to open an FD account with Axis Bank:

    The minimum amount required to open an FD account is ₹ 10,000. However, the bank accepts deposits up to ₹ 100 crores and above.

    Minimum/Maximum deposit tenures of Axis Bank FDs:

    You can open an FD account with Axis Bank for a minimum period of 7 days, and a maximum period of 10 years.

    Axis Bank FD Interest Rates:

    Axis Bank Fixed Deposit interest rates vary based on different tenures and the amount deposited. The bank offers 9.40% as highest interest rate on its fixed deposits. The lowest interest rate provided by the bank is 3.50%. However, these interest rates are subject to change depending on the changes in market, and the bank’s internal liquidity requirements. The bank can change its FD interest rates without giving prior notice to the customers.

    Are Loans Provided Against FDs at Axis Bank?

    Yes, Axis bank provides loans against its fixed deposits. You can use your fixed deposits to fulfil your financial requirements, and also enjoy the following benefits:

    • Get funds up to 85% of the value of your fixed deposits.
    • Interest payable only on the amount used, and for the period of utilization.
    • Access overdraft account with cheque book, ATM and Internet Banking.
    • Overdraft facility available.
    • Funds available at competitive rates.

    You can borrow a minimum amount of ₹ 25,000 with Axis Bank Fixed Deposits.

    Does Axis Bank Charge for Premature Withdrawal of FDs?

    The bank charges a nominal amount of 1% as premature withdrawal charge for its normal fixed deposits. However, NRE term deposits are exempted from the penalty fee.

    Axis Bank FD for Senior Citizens:

    Seniors citizens are allowed to open their FD accounts with Axis Bank. They are eligible to get 9.40% interest on their FDs, if they invest between ₹ 3 crore to ₹ 5 crore. They can invest for a minimum period of 7 days to a maximum period of 10 years.

    Does Axis Bank provide Tax Saver FDs?

    Yes, Axis Bank provides tax saver Fixed Deposits to HUFs and Indian residents. Under its tax saver FDs, the bank provides “Single holder Type Deposits" and “Joint holder Type Deposits”. The interest rates of Axis Bank tax saver Fixed Deposits differ based on different categories of applicant. For example, the interest rate is 8.50% for regular depositors (including HUF and individuals), 9.00% for senior citizen and 9.50% for staff. In case of normal fixed deposit plans, tax is deducted at source as per the regulations of the Income Tax Act, Government of India.

    Does Axis Bank allow pre-closure of fixed deposit accounts?

    Yes, the bank allows you to pre-close your fixed deposit account. However, it is subject to the terms and conditions specified by the bank from time to time.

    How is my interest on fixed deposits calculated at Axis Bank?

    Axis Bank calculates and pays interest on simple interest basis for a deposit opened for less than 6 months. But for fixed deposits of 6 months and above, the bank will calculate interest on a quarterly basis.

    Is having a savings bank account mandatory to open a fixed deposit account with Axis Bank?

    No. It is not mandatory to have a savings bank account to open a fixed deposit account with Axis bank. Prior to the FD maturity date, the bank will seek permission for its rollover, or transfer the funds to another bank account specified by the customer.

    Does Axis Bank allow joint fixed Deposit account?

    Yes, the bank has the provision for opening an FD account jointly. Joint FD accounts can be opened with a maximum of three applicants.

    How to withdraw funds in a fixed deposit from Axis Bank

    Axis Bank allows withdrawal and encashment of fixed deposits only in the particular branch where the deposit was opened initially. So, you need to contact the branch for its withdrawal.

    Does Axis Bank Charge for Premature Withdrawal of FDs?

    The bank charges a nominal amount of 1% as premature withdrawal charge for its normal fixed deposits. However, NRE term deposits are exempted from the penalty fee.

    Does Axis Bank offer FDs for NRIs?

    Axis Bank offers NRE, NRO, RFC and FCNR fixed/term deposits to NRIs. The NRE deposits offered by Axis Bank can be opened for a maximum period of 10 years. The bank offers 8.40% as its highest rate of interest for NRE deposits. This interest rate is applicable for investing less than Rs. 1 crore. Likewise, an NRO term deposit can also be opened for a maximum period of 10 years. The highest rate of interest offered for NRO term deposits is also 8.40% for investing Rs. 1 crore and above. FCNR deposits are offered for a maximum period of 5 years. You can open it through your FCNR (B) account. Axis Bank FCNR term deposit can be opened in six currencies which include USD, GBP, EURO, AUD, CAD and JPY. The bank offers different interest rates for fixed deposits opened in different currencies. By investing in these FCNR deposits, NRIs can get assured returns on their investment. RFC term deposits can be opened for a maximum period of 5 years and a minimum period of 30 days. The deposits can be opened by using the following currencies – USD, GBP, EURO, AUD and CAD. The interest offered for NRE, NRO, RFC and FCNR deposits may change without giving prior notification to NRIs.

    News About Axis Bank Fixed Deposit

    • Open your child’s bank account with Axis Bank

      In a bid to encourage savings and help the child learn money management, Axis Bank has launched savings accounts for children and junior savings account. In case the child is below 10 years of age, the parents are authorized by the bank to operate the account. Parents can transfer money from their account on a weekly/monthly basis. The account for metro cities should have a minimum monthly balance of Rs. 25000.

      The bank's offers are different for metro/urban cities and rural areas. In metro/urban areas, the a penalty of Rs. 5 for the shortfall of Rs. 100 or Rs. 100, whichever is lower will be waived off if the minimum balance is maintained. The account holder must maintain an average monthly balance of Rs. 2,500 per month; or a term deposit of Rs. 25,000 for minimum six months; or Rs. 2,000 recurring deposit for minimum one year.

      In rural areas, half-yearly service fee of Rs. 5 per Rs. 100 of shortfall or Rs. 500, whichever is lower, is waived off. A half-yearly balance of Rs. 1,000, or term deposit of Rs. 25,000 for minimum six months tenure; or Rs. 2000 recurring deposit for minimum one year should be maintained.

      19th November 2015


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