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    Axis Bank Tax Saver Fixed Deposit

    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. Axis Bank fixed deposit rates are quite competitive and is on the same level withy industry standards for fixed deposits. Other than tax saver deposits, the bank also offers a host of deposits options including the Axis Bank Encash 24 Flexi Deposit and NRI deposit schemes such as NRE and NRO FDs.

    Axis Tax Saver Fixed Deposit Interest Rate

    Given below are the revised Axis Bank Tax Saver fixed deposit rates with effect from June 8, 2018 for regular and senior citizens:

    Tenure Regular FD rate (per annum) Senior citizen FD rate (per annum)
    5 years 7.00% 7.50%

    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 7.00% for regular depositors and 7.50% p.a. for senior citizens. 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.

    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
    7.00% for regular depositors and 7.50% 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

    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 Fd has been created a mail will be sent to the customer on his/her registered email id.

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

    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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