Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
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    The Axis Bank Tax saver fixed deposit falls in line with the finance bill passed in 2006 wherein tax benefits were announced by the government for term deposits with a tenure greater than 5 years. The tax saver fixed deposits offered by Axis Bank do not allow for premature withdrawal and hence the lock in period of this scheme is 5 years so as to enable it to fall under tax exemption. The deposit will reach maturity in 5 years as well.

    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

    Features of Axis Bank Tax Saver Fixed Deposit

    Account Type Joint or Single

    Rs 100 is the minimum amount

    Rs 150,000 is the maximum amount

    Rate of Interest

    7.5% p.a. for regular depositors

    8% p.a. for senior citizens

    Period 5 years
    TDS Tax is deducted on the interest on the deposit in accordance with provisions of sections 194A and 195
    Loan against Axis Bank Tax Saver Fixed Deposit Scheme Term deposits cannot be pledged against loans
    Nomination (if any) The tax saver fixed deposit allows for nomination through a declaration statement provided by the deposit holder
    Auto Renewals No

    Interest Rates on Axis Tax Saver Fixed Deposit

    The Axis Bank tax saver fixed deposit has a term of 5 years and to provide tax benefits the lock in period of this deposit is also 5 years. As such the interest rates provided are 7.5%* for regular depositors and 8% p.a. for senior citizens. These rates are effective from 14th September 2015 and is applicable as on 2nd December, 2015. Both Individual and joint deposit holders are required to give a written declaration to nominate persons in case of their demise. In case of the unfortunate demise of a deposit holder, the premature payment will be made out to the nominees.

    *Rates are subject to change. Please consult the official bank release before applying.

    Frequently Asked Questions

    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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