• Axis Bank Tax Saver Fixed Deposit

    Axis Bank Tax Saver Deposits provide the double benefit of earning attractive interest rates on a lumpsum amount of a maximum of Rs.1.5 lakh while also saving on tax. Senior citizens earn 0.50% more interest than others. The unique feature of this scheme is that you have the option of a monthly interest payout, quarterly interest payout, and a reinvestment deposit. Axis Bank fixed deposit rates are quite competitive and is on the same level with industry standards for fixed deposits.

    Axis Bank Tax Saver Fixed Deposit Interest Rate

    Tenure Regular FD rate (per annum) Senior citizen FD rate (per annum)
    5 years 5.75% 6.25%

    Given below are the revised Axis Bank Tax Saver fixed deposit rates with effect from 4 January 2021 for regular and senior citizens:

    The Axis Bank Tax Saver Deposit has a fixed tenure of 5 years with no option for premature withdrawal because of the tax-saving benefits. Under Section 180C of the Income Tax Act, 1961, you will also get tax deduction of up to Rs.1.5 lakh in the computation of your total income. This exemption also includes that of PF contribution, life insurance premiums, etc.

    Eligibility Criteria to open Axis Bank Tax Saver FD

    The eligibility criteria to apply for the Axis Bank tax saver fixed deposit are as follows

    1. The individual opening the fixed deposit needs to have a PAN number.
    2. Any resident Indian whose has attained the age of 18 years can apply either in Individual basis or in a joint basis.
    3. The types of deposits available under this scheme are individual and joint. Individual deposits will be paid out to the individual who must have a PAN number and be at least 18 years old.
    4. Joint deposits can be provided to either 2 adults or 1 adult and 1 minor. In joint deposits, upon maturity the deposit will be paid either to the individuals or the survivor. The deduction from income under section 80c of the Act will be made from the first holder who should have a PAN number.

    Axis Bank Tax Saver FD: Features

    Interest Rate Tenure Type of scheme Investment Amount
    5.75% for regular depositors and 6.25% for senior citizens 5 years Reinvestment, quarterly, monthly From Rs.100 to Rs.1.5 lakh

    Other features

    • Joint or single account
    • Tax is deducted on the interest on the deposit in accordance with Income Tax provisions
    • No loan can be availed
    • Auto renewal not possible

    Axis Bank Fixed Deposit: How to Apply

    Step 1: Login to the Axis Bank internet banking portal

    Axis Tax Saving FD Online

    Step 2: In the home screen, choose the deposit option

    Step 3: Choose the ‘Create Recurring Fixed Deposit’ option and fill all necessary details

    Step 4: Verify all details and submit the same.

    Step 5: After the Fixed Deposit has been created a mail will be sent to the customer on his/her registered email id.

    One can also apply for Axis Bank FD by visiting the nearest bank branch.

    FAQs on Axis Tax Saving FD

    1. What are the types of Schemes available under the tax saver fixed deposit?

      The type of schemes available under the Axis Bank Tax saver fixed deposit are TDGRI which is a reinvestment type and TDGQI which is a quarterly interest type of scheme

    2. Does the tax saver fixed deposit allow for early withdrawal?

      No. To provide tax benefits the policy does not allow early withdrawals and has a lock in period equal to the term of 5 years

    3. What are the requirements for an Individual to open a tax saving fixed deposit?

      An individual must be over the age of 18 years and must have a PAN number to open an individual deposit. In cases of joint deposits, the first holder should be an adult over the age of 18 years and the second or third depositor can be a minor. In cases of joint deposits, the deduction from income under section 80c will be available only to the first deposit holder who must have a PAN number

    4. Can one secure a loan against the deposit?

      No. Depositors cannot pledge the term deposit against a loan

    5. What are the type of deposits available in this scheme?

      The tax saver offers both individual and joint deposits

    Useful Information on Axis Bank Fixed Deposit

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