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Axis Bank Fixed Deposit

Updated 14 Dec 2023

India's well-known private sector bank, Axis Bank, provides a variety of Fixed Deposits (FDs) that can be tailored to the financial objectives of its sizable customer base. Axis Banks FDs are a well-liked option among investors since they combine profits with safety and are recognised for their consistency and stability in the banking sector.

 

These fixed-rate deposits have adjustable interest payment options and tenures tailored to investors' liquidity needs and time horizons. In this blog post, we'll delve into the specifics of Axis Bank Fixed Deposits, emphasising their benefits, features, and what makes them stand out above other investing options.

Types of Axis Bank Fixed Deposits

  1. Regular FD
  2. Digital FD
  3. Tax saving FD
  4. Fixed Deposit plus
  5. Auto Fixed Deposit

Benefits of Investing in Axis Bank’s FD

  • Interest is every quarter
  • Provide overdraft facility against FD.
  • One can save tax by investing in tax-saving fixed deposits.
  • Axis provides a nomination facility so a Fixed Deposit account holder can assign a nominee for the amount deposited.
  • Using the online application of Axis Bank, one can easily deposit in a fixed deposit account by opening an account with the bank.
  • Axis Bank provides senior citizens with monthly interest payments as a source of regular income.

Features of FDs in Axis Bank

Regular FD

  • Tenure: Ranges from 7 days to 10 years
  • Interest Payment: Monthly, quarterly, or on maturity.
  • Premature Withdrawal: Available with a penalty.
  • Loan Facility: Loans or overdrafts available against the deposit.

The interest rates for this scheme range from 3.50% to 7.00% for the general public and 3.50% to 7.75% for senior citizens. 

 

Digital FD

  • Account Opening: Completely digital without visiting the branch.
  • Tenure: Typically, a shorter duration compared to regular FDs.
  • Minimum Deposit: Often lower than regular FDs.
  • Auto-renewal: Automatic renewal option available.

The interest rates for this scheme range from 3.50% to 7.00% for the general public and 3.50% to 7.75% for senior citizens.

 

Tax saving FD

  • Tax Benefit: Under Section 80C of the Income Tax Act, get deductions up to INR 1.5 lakh.
  • Tenure: Lock-in period of 5 years.
  • Premature Withdrawal: Not permitted before 5 years.
  • Interest Payment: Typically annually, but varies based on the bank's terms.

 

Fixed Deposit Plus

  • Higher Interest: Typically offers slightly higher interest than regular FDs.
  • Minimum Deposit: Higher minimum deposit requirement.
  • Tenure: Can vary but typically medium to long-term.
  • Premature Withdrawal: Terms might be stricter or have higher penalties.

The interest rate for this ranges from 5.50% to 7.40%.

 

Auto Fixed Deposit

  • Automatic Renewal: The deposit is automatically renewed upon maturity.
  • Link with Savings Account: The excess is automatically transferred to the FD when the balance exceeds a certain limit.
  • Flexibility: Can be broken anytime, and only the amount withdrawn is subject to penalty while the rest earns the original interest.
  • Tenure: Flexible, based on the customer's instructions.

The interest rates for this scheme range from 3.50% to 7.00% for the general public and 3.50% to 7.75% for senior citizens.

Axis Bank FD Eligibility Criteria

  • Resident Indians
  • Senior Citizens
  • Members of HUF
  • NRIs are eligible to open their fixed deposit accounts with Axis Bank.

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.

Documents required for Axis Bank FD account

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer

 

For Identity Proof and Signature Proof

  • PAN Card
  • Driving License
  • Passport
  • Voter’s ID
  • Aadhar Card

For Address Proof

  • PAN Card
  • Driving License
  • PassportVoter’s ID
  • Aadhar Card
  • Utility Bill
  • Bank account Passbook (Updated and should not be more than 3 months old)

How to Open an FD with Axis Bank

If you already hold a Savings or Current Account with Axis, a Fixed Deposit can be opened using the below procedure.

 

Using Axis Bank Mobile Application (App)

  1. Login to the Axis Bank Application
  2. Go to the deposit option and select ‘Open FD’,
  3. Then fill in the required account and nominee details.
  4. On confirmation, the selected amount will be debited from the Savings Account and the Fixed Deposit will be created instantly. We will get a web receipt of the Fixed Deposit booked instantly.

Using Axis Bank Internet banking website

  1. Login to the Axis Bank Internet Banking website
  2. Go to the “Deposits” tab.
  3. Click on Create Fixed Deposit.
  4. By this, you will get an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling out the form once can submit the details and create an FD. 

Premature withdrawal of Axis Bank FD Account (Before Maturity)

Through Internet Banking

  1. Access the online banking portal and choose 'Accounts'.
  2. Select 'Deposits'.
  3. Choose your FD.
  4. Opt for 'Break FD'.
  5. Choose the account to receive the funds.
  6. Enter your NetSecure Code and Submit.
  7. Your request for FD closure will be processed immediately.

Axis Mobile App

  1. Launch the Axis mobile app and select 'FD/RD'.
  2. Choose your FD number.
  3. Choose 'Close Fixed Deposit'.
  4. Enter your MPIN.
  5. Click 'Submit'.

By Visiting an Axis Bank Branch

Head to any Axis Bank branch, provide a photo ID and give them a signed Fixed Deposit Advice to close your FD account.

Scheduled FD (Post Maturity) Through the Axis Bank Mobile Application:

  • Start the Axis Bank app on your phone.
  • Select 'FD/RD'.
  • Pick the FD number that you want to shut down.
  • Opt for 'Close Fixed Deposit'.
  • Enter your MPIN, and send it to your registered mobile number.
  • Hit 'Submit' to close your FD.

Using Axis Bank Internet Banking:

  1. Access the Axis Bank online banking portal.
  2. Choose 'Accounts' and then select 'Deposits'.
  3. Go to 'More Services' and opt for 'Break FD'.
  4. Choose the account to receive the funds.
  5. Enter your Axis Bank NetSecure Code.
  6. Click 'Submit'.

FAQs

Is having an Axis Bank saving bank account important to open a digital FD?

No, you can also use another bank saving account to open Axis Bank digital FD.

What are the features of tax saver 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.

Is an overdraft facility available in FD?

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 utilised.

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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