Axis Bank FD Interest Rate
Updated 06 Dec 2023
Axis Bank Fixed Deposit Interest RatesNote: All interest rates are updated as of 30 Nov 2023
|Tenure||For General Citizen (p.a)||For Senior Citizen (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 %|
|8 months < 9 months||5.75 %||6 %|
|9 months < 10 months||6 %||6.25 %|
|10 months < 11 months||6 %||6.25 %|
|11 months to 11 months 24 days||6 %||6.25 %|
|11 months 25 days < 1 year||6 %||6.25 %|
|1 year to 1 year 4 days||6.75 %||7.5 %|
|1 year 5 days to 1 year 10 days||6.8 %||7.55 %|
|1 year 11 days to 1 year 24 days||6.8 %||7.55 %|
|1 year 25 days < 13 months||6.8 %||7.55 %|
13 months < 14 months
|7.1 %||7.85 %|
|14 months < 15 months||7.1 %||7.85 %|
|15 months < 16 months||7.1 %||7.85 %|
|16 months < 17 months||7.1 %||7.85 %|
|17 months < 18 months||7.1 %||7.85 %|
|18 Months < 2 years||7.1 %||7.85 %|
|2 years < 30 months||7.05 %||7.8 %|
|30 months < 3 years||7 %||7.75 %|
|3 years < 5 years||7 %||7.75 %|
|5 years to 10 years||7 %||7.75 %|
Types of Axis Bank Fixed Deposits
- Regular FD: It requires an investor to invest his money for a fixed period of time, at a predetermined interest rate. Standard FD tenures vary from 7 days to 10 years. This is the most popular FD option chosen by investors.
- Digital FD: Digital FDs are regular FDs with a fully digital hassle-free quick process done in 7 minutes using video KYC with basic details.
- Tax saving FD: Tax saving FDs, unlike standard FDs, cannot be booked for less than a period of 5 years. The amount invested is exempt from tax under section 80C, but the interest generated from the FD is liable to be taxed.
- Fixed Deposit plus: Such FDs provide higher interest than regular FDs. The fixed deposit plus requires a minimum investment of 2 crores and investors can choose between compound and simple interest.
- Auto Fixed Deposit: Auto fixed FD linked savings accounts so that money is automatically transferred from Savings Account to FD when the balance exceeds a predetermined limit and provides higher returns.
- Axis Bank Fixed Deposit Interest Rates: Generally, with the rise in repo rates, banks tend to increase FD rates and Loan rates, The repo rate by the RBI acts as a benchmark for banks, NBFCs, and other financial institutions. This is because the repo rate is the interest rate at which the RBI lends money to the banks.
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.
Pros and Cons 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 monthly interest payments as a source of regular income to senior citizens.
- Interest earned on fixed deposits is not tax-free and subject to tax as per your applicable slab rate.
- Also in some cases, banks deduct TDS at the time of paying the fixed deposit interest. So if the individual has income below the basic exemption limit as defined under the Income-tax Act, he/she will still have to file the Income Tax return to claim the refund of TDS deducted by the bank
- Historically Fixed Deposits have given lower returns as compared to Mutual Fund and equity instruments
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
- Voter’s ID
- Aadhar Card
- For Address proof
- PAN Card
- Driving License
- Voter’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):
- Login to the Axis Bank Application
- Go to the deposit option and select ‘Open FD’,
- Then fill in the required account and nominee details.
- 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:
- Login to the Axis Bank Internet Banking website
- Go to the “Deposits” tab.
- Click on Create Fixed Deposit.
- 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.
Tax implications on Axis Bank Fixed Deposits
The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
- As per section 80C of the Income-tax Act 1961, the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
- In the case of a senior citizen (Aged above 60 years), a deduction of up to ₹50,000 is available and for non-senior citizens up to ₹40,000.
- If the PAN is not provided then, in that case, 20% TDS is levied.
- In case your total income is below the taxable limit i.e. Rs. 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
- In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.
Is it important to have an Axis Bank saving bank account to open a digital FD?
No, you can use another bank saving account also 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 utilized.
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