Axis Bank offers fixed deposits that can be easily opened online as well. Flexible repayment tenures range from 7 days to 10 years. Minimum investment of Rs.5,000 for online bookings with no upper limit. Senior citizens are given higher interest rates than the general public for tenures starting from 6 months.
Axis Bank FD
Benefits & Features of Axis Bank Fixed Deposit:
- Automatic roll-over on maturity that is applicable for both the principal amount and interest.
- Minimum period of investment is 7 days.
- Minimum investment is Rs.5,000 for online bookings.
- Minimum investment is Rs.10,000 if booked at a bank branch.
- NRE Fixed Deposit and NRO Fixed Deposits for NRIs.
- NRE and NRO fixed deposit interest rate ranges from 5.15% to 5.50% p.a. for deposits less than Rs.2 crore.
- Hassle-free and convenient opening process from anywhere.
- Smooth transfer of funds 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.
- Open your FD account at any Axis Bank branch.
Axis Bank Fixed Deposit Plus
This is a newly launched FD scheme with the following features:
- Higher rate of returns compared to regular FDs.
- Available for both Indian residents and NRIs.
- Available for both retail and corporate customers.
- Minimum investment of Rs.5 crore.
- No maximum limit on investment.
- Flexible tenure ranging from 7 days to 10 years.
- Two interest options – simple and compound.
Axis Bank FD Interest Rates:
Axis Bank Fixed Deposit interest rates vary based on different tenures and the amount deposited. For deposits up to Rs.2 crore, the bank offers 5.50% as the highest interest rate for tenures ranging from 5 years to 10 years while the lowest interest rate provided by the bank is 2.50% for tenures ranging from 7 days to 2 months. 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.
Axis Bank FD Eligibility:
Indian resident individuals, NRIs and senior citizens are allowed to open their FD accounts with Axis Bank.
Loans Against Axis Bank FD
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 Rs.25,000 with Axis Bank Fixed Deposits.
Axis Bank FD for Senior Citizens:
Senior citizens get higher interest rates. For a deposit of up to Rs.2 crore, the interest rate ranges from 2.50% to 6.00% p.a. They can invest for a minimum period of 7 days to a maximum period of 10 years.
Axis Bank 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 5.50% p.a. as its highest rate of interest for NRE deposits. This interest rate is applicable for investing up to Rs.2 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 5.50% p.a. for investing up to Rs.2 crore.
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
Axis Bank Fixed Deposit FAQs
What is the Minimum/Maximum amount required to open an FD account with Axis Bank?
The minimum amount required to open an FD account is ₹ 10,000 if opened from a bank branch but Rs.5,000 if opened online. However, the bank accepts deposits up to Rs.100 crores and above.
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 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.
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”. 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.
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.