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.
|Tenure||Regular FD rate (per annum)||Senior citizen FD rate (per annum)|
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.
The eligibility criteria to apply for the Axis Bank tax saver fixed deposit are as follows
|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|
Step 1: Login to the Axis Bank internet banking portal
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.
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
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
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
No. Depositors cannot pledge the term deposit against a loan
The tax saver offers both individual and joint deposits
Useful Information on Axis Bank Fixed Deposit
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.