A fixed deposit is just another way of saving money in one place, and in India, it is also known to be one of the best investment instruments. These days, many private and government banks offer this to their customers. With the help of a fixed deposit or FD, you can invest a sizable or fixed amount of money at a specific interest rate for a fixed timeframe. And at the end of the timeframe, you will get the total amount and interest, which is an excellent money-saving plan. And AXIS Bank is one of the leading banks of today’s generation and has been offering excellent interest rate plans for fixed deposits.
The best part about applying for an FD with Axis Bank is that they offer various plans with different timeframes, making it easy for you to choose the most beneficial one. They also offer higher interest rates on senior citizen savings accounts.AXIS Bank is not only supporting its Indian customers. However, they have also been offering FDs to NRI customers as well. The bank accepts FDs in British pounds, US dollars, Canadian dollars, Australian dollars, and Japanese Yen. So let us learn more about what AXIS Bank fixed deposits have been doing to its customers’ savings.
AXIS Bank fixed deposit interest rates
Below are the interest rate details of domestic deposits made by customers of less than Rs. 2 crores:
Below is the interest rate for the tax-saving fixed deposit:
Below are the interest rates for NRI customers with deposits of less than Rs. 2 crores:
Different types of fixed deposit schemes
Depending upon your age and the deposit tenure, Axis Bank offers various fixed deposit schemes to their Indian and NRI customers. Below are more details about such deposits:
Digital fixed deposit
This is like a digital KYC FD that can be funded directly from any customer’s savings account.
The deposit amount should be between Rs. 50,000 and Rs. 2 lakhs.
The tenure should be between 6 months and 10 years.
Has a zero issuance fee.
There is no penalty fee on premature FD renewal up to 25% of the FD amount.
Express Fixed Deposit
This digital FD can be funded from any customer’s savings account in just 3 minutes.
The deposit amount should be between Rs. 5,009 and Rs. 90,000.
The tenure should be between 6 months and 12 months.
This is not available for joint-account holders.
Has a zero issuance fee.
There is no penalty fee on premature FD renewal up to 25% of the FD amount.
Tax-saving fixed deposit
This FD scheme comes with tax-saving benefits
The deposit amount should be between Rs. 100 and Rs. 1.5 lakh.
The lock-in period is up to 5 years.
This is not available for joint-account holders.
Has a zero issuance fee.
There is no penalty fee on premature FD renewal up to 25% of the FD amount.
Fixed deposit plus
The deposit amount should be Rs. 5 crore and above.
The tenure should be between 7 years and 10 years.
The auto-renewal facility is not available.
This is available for NRI customers and also
Regular fixed deposit
This scheme gives a high rate of return as compared to other FDs.
The deposit amount should be Rs. 5,000 and above.
The tenure should be between 7 years and 10 years.
Features of AXIS Bank fixed deposits
AXIS bank offers higher interest rates to senior citizens
The bank provides the nomination facility too.
The minimum deposit amount required to book an FD is Rs. 5,000.
The simple, quick, and hassle-free process of booking an FD with Axis Bank
If you have any type of AXIS bank fixed deposit, you are eligible for loans up to 90% of that value.
AXIS Bank offers various options for FDs to choose from.
Eligibility criteria to book a fixed deposit with AXIS Bank
People are eligible to book an AXIS Bank FD:
Partnership firms
Residents
Trust accounts
Limited companies
sole proprietorship firm.
Hindi families
Documents required while applying for a fixed deposit:
The documentation for FDs varies depending on the eligible person and the type of fixed despot you wish to apply for, like below:
The By-laws of the association and the documents required from the Hindu undivided families, individuals, and sole proprietorship firms are:
A valid driver’s license or a passport
AXIS bank account statement of your AXIS bank savings account for the last 6 months
A passport-size photograph
Documents required from the trusts for opening FDs:
A copy of your trust deed
Authentication of your trust registration certificate
Photos of the members operating that trust fund
Documents required from the clubs for FDs:
Bylaws of the association
Copy of the paper from the club’s board members authorizing the opening of the FD account
photographs of all the members operating that club account.
Documents required from the partnership firms for opening an FD:
By the law of the association
Partnership deed
A letter from the partners approving the opening of the FD account
Photographs of the members operating the partnership account
FAQs
Yes, AXIS Bank allows their customers to renew their FDs.
No, you can add the money into the FD account only during the opening of the account.
Yes, the interest earned on the AXIS bank FD is taxable under the Income Tax Act of 1961.
Axis Bank allows customers to open FD accounts from 6 months to 5 years.
You can open a digital fixed deposit if:
- You are an Indian citizen and above 18 years of age.
- You should have a valid Aadhaar and PAN card number.
- Your mobile number should be linked with your Aadhaar card.
AXIS Bank allows customers to close their FD accounts using the mobile banking application. You can either pre-mature the FD or fully close it.
Opening FD accounts are a much better option than insurance. because FD accounts can be either short-term or long-term investments. However, insurance is only a long-term investment.
To know when the FD amount doubles, you must follow the 72 rule. Divide 72 by the interest rate, and the result will be the number of years in which the amount will double. For example, the FD interest rate for someone is 5.75%, and he wants to double it. (72/5.75), so the investor’s amount will double in 12.52 years.