Axis Bank is India's third largest bank formerly known as UTI bank. Axis bank deals in service to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. Fixed Deposits (FDs) are investment instruments wherein money can be deposited for a fixed tenure with the bank.
Fixed Deposits (FDs) are investment instruments wherein money can be deposited for a fixed tenure with the bank. FDs give a higher interest yield compared to a savings account. Axis Bank is one of the highest fixed deposit interest providers, amongst other commercial banks. This article gives you details about Axis Fixed Deposits.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||3.5%||3.5%|
|15 days to 29 days||3.5%||3.5%|
|30 days to 45 days||3.5%||3.5%|
|46 days to 60 days||4%||4%|
|61 days < 3 months||4.5%||4.5%|
|3 months < 4 months||4.75%||4.75%|
|4 months < 5 months||4.75%||4.75%|
|5 months < 6 months||4.75%||4.75%|
|6 months < 7 months||5.75%||6%|
|7 months < 8 months||5.75%||6%|
|Note: All interest rates are updated as of 18th May 2023|
Axis bank offers several advantages ranging from assured returns to availing an overdraft facility against your fixed deposit depending on its tenure.
Below is the interest rate charged for FD interest offered by Axis Bank. These rates may change in the future depending on the change in repo rates or inflation.
One can start a fixed deposit with a minimum amount of Rs. 5,000. (if it's booked from internet banking or a mobile app, the minimum amount is Rs. 10,000/-). There isn't any maximum limit for the fixed deposit amount.
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
If you already hold a Savings or Current Account with Axis, a Fixed Deposit can be opened using the below procedure.
The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
No, you can use another bank saving account also to open Axis bank digital FD.
Tax-saver fixed deposits offer tax exemption of up to Rs. 1.5 lakh under Section 80C on the deposited amount. The exemption is allowed only on the initial deposit amount and not every year on the same deposit. The FD has a tenure of five years and cannot be withdrawn before maturity. Joint holding is permitted, but only the first holder can claim tax exemption.
You can get an overdraft facility against your FD, which is available for the remaining tenure of the FD. The amount is usually 85% of the FD amount, with a minimum of Rs. 25,000. Interest rates are competitive, and interest is charged only on the amount utilized.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.