Axis FD Interest Rates

Axis Bank Limited is a renowned Indian Banking and financial services company headquartered in Mumbai, Maharashtra. It is regarded as the third-largest private sector bank in India. It offers a wide range of financial services under its retail banking services such as deposits, loans, and corporate banking services like Demat account equity capital markets and mutual fund investments, and international banking services.

A xis Bank provides multiple fixed deposit options to its customers to secure a certain part of their savings for a fixed tenure. The competitive Axis Bank Fixed Deposit interest rates help the depositors to earn more returns by safeguarding their money and to use them judiciously in the future. Customers have to deposit the minimum deposit amount at the time of opening the account. Furthermore, withdrawal of the FD amount is not allowed until the maturity period.

Axis Bank FD Rates 2024 - Effective 01 July 2024

Features and Benefits of Axis Bank Fixed Deposit

• Senior citizens can avail higher interest rate over regular customer’s rates
• Nomination facility is provided by the bank
• The minimum deposit amount required to book an FD with Axis Bank is Rs. 5000
• Avail competitive interest rates on short-term deposits with an Axis Bank FD account
• One can book an FD account in a hassle-free way with Axis Bank
• Loans up to 90% can be availed against your Axis Bank Fixed Deposits
• Axis Bank offers a wide range of fixed deposits to choose from

Axis vs Other Banks' FD Rates

Types of Axis Bank FD Schemes

• Senior citizens can avail higher interest rates over regular customer’s rates
• Nomination facility is provided by the bank
• The minimum deposit amount required to book an FD with Axis Bank is Rs. 5,000
• Avail competitive interest rates on short-term deposits with an Axis Bank FD account
• One can book an FD account in a hassle-free way with Axis Bank
• Loans up to 90% can be availed against your Axis Bank Fixed Deposits
• Axis Bank offers a wide range of fixed deposits to choose from

• As the name implies, under this scheme, the depositor can avail tax benefits on deposit under Section 80C of the Income Tax Act, 1961
• The bank provides the flexibility to choose between single holder type deposits and joint holder type deposits. The rate of interest depends on the category in which the applicant fall
• Nomination facility is provided by the bank
• Tax benefits can be claimed with a fixed deposit receipt issued by the bank
• Eligibility - Resident Indians and HUFs

• Customers can earn a higher interest rate under this scheme as compared to regular term deposits
• Nomination facility is provided by the bank
• The minimum deposit amount is Rs. 5,00,00,000
• Interest earned is subject to TDS (Tax Deducted at Source)
• Depositors can choose the method of interest calculation, wiz, simple interest, and compound interest options.
• Eligibility - Resident Indians, Hindu Undivided Family sole proprietorship firms, proprietorship firms, partnership firms, limited companies, and trust.

• Under this scheme, dual benefits are offered viz. Liquidity of a savings account and high earnings of a fixed deposit.
• Auto-renewal facility is available on the deposit
• Enjoy Tax Benefits on deposit under Section 80C of Income Tax Act, 1961
• Maximum liquidity on investment
• Great returns with a shorter tenure
• The FD account is linked to the existing savings account
• Maximum tenure is 5 years and the minimum is 6 months
• Eligibility - Savings account holders with valid PAN card

Term wise Axis Bank Fixed Deposit Rates

For an Axis Bank FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.50% p.a. to 5.50% p.a. These deposits are known as short-term deposits as their tenure is less than 1 year.

Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.25% p.a and 6.50% p.a

These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.50%.

How to invest in Axis Bank FD?

An Axis Bank FD account can be opened via different modes like Internet Banking and offline.

1) Open FD Account Through Axis Bank Internet Banking

Follow the listed down steps for opening an Axis Bank FD account via internet banking-

• Log in to the Internet Banking account and select the ‘Deposit’ option.
• Click on the ‘Create Fixed Deposit’ option.
• Furnish all the required information and nominee details.
• After confirmation, the fixed deposit amount will be debited from the Savings Account to the Fixed Deposit account. Depositors will receive a web receipt of the fixed deposit immediately.

On successful creation, the Fixed Deposit advice will be sent over a registered email address or physical advice will be sent to the communication address. Also, depositors can download the FD advice via internet banking after one working day of booking the deposit.

2) Opening Axis Bank FD Offline

To open an Axis Bank FD account offline, one needs to visit the nearest Axis Bank branch. Fill out the Axis Bank FD application form and submit all the required documents. Next, deposit the required funds to open the fixed deposit. On successful processing of the application, an FD receipt will be provided by the Axis Bank.

Eligibility to Open an Axis Bank FD Account

Individuals and companies satisfying any of the following criteria can successfully open an Axis Bank fixed deposit account –

1. Resident individuals including minors.
2. Senior and super senior citizens.
3. Hindu Undivided Families (HUF).
4. Sole trader, partnership firms and joint-stock companies.
5. Trusts.

Documents Required to Open Axis Bank FD Account

1. Identification proof through KYC documents such as Aadhaar card, Driver’s License and Voter ID card.
2. PAN card as per rules established by the Income Tax Department of India.
3. Address proof through KYC documents, Passport, and utility bills such as electricity and water bill.

Tax on Axis Bank Fixed Deposit

Axis Bank offers the Tax Saving FD at an attractive interest rate and a tenure of 5 years. The minimum and maximum amounts that one can deposit are Rs.100 and Rs.1.5 lakh, respectively. At present, Axis Bank offers the rate of interest at 5.75% p.a.

The bank even offers several tax-saving deposits and FD options like FD Plus, Regular Deposit, Encash 24 Flexi Deposit, to name a few, that are backed by an online banking facility, loan facility, seep-in facility, etc. scheme.

Under the fixed deposit tax deduction benefit option, you can save up to Rs. 1,50,000 annually according to Section 80C of the Income Tax Act, 1961.

Loan Against Axis Bank FD

Axis bank customers can also avail of a loan against Axis fixed deposit account. The account holder can get up to 85% of the value of the FD as a loan.

Premature Closure of Axis Bank Fixed Deposit

You can easily withdraw the money from FD before maturity, subject to a penalty of 1.0%. Although, if you wish to withdraw the money only partially, the bank will levy no penalty on the first partial withdrawal of up to 25% of the principal amount.

FAQs

What are the tenure options available for Axis Bank FD?

Axis Bank provides FD with tenures ranging from 6 months to 5 years. You can choose anyone among them.

What is the minimum deposit amount needed to open an FD account with Axis Bank?

The minimum deposit amount is Rs. 5000

Can I add an additional amount to my Axis Bank FD account?

No, you can only add money at the time of opening the account.

Is the interest earned on Axis Bank FD taxable?

Yes, the Axis Bank FD interest earned is taxable under the Income Tax Act, 1961. TDS is deducted by the bank at the rate of 10% if PAN is provided and 20%, if not.

What is the difference between a regular Axis Bank FD and a Tax-saver FD?

In a Tax-saver FD, the investment is eligible for a deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. The important thing to note is the investment made in this FD will be subject to a lock-in period of 5 years. On the other hand, a regular FD is not eligible for tax deductions and hence there is no lock-in period on the investment either.

What are the documents needed to start an FD account with Axis Bank?

You need to provide any one of these address proof - Aadhar, driving licence, passport or voter id to open an Axis Bank FD account. For proof of id, you can present your pan card.

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