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Axis Bank FD - Scheme, Eligibility, Documents

Axis Bank Fixed Deposit Highlights

Last Updated 14th Jul 2021

Axis Bank is the third-largest bank in the country that offers great customer service and has high rate FDs that are safe. Axis FD has options for both short and long term tenure ranging between 7 days to 10 years with rates of interest between 2.50% to 5.75%. Customers can open the fixed deposit account in Axis Bank with a minimum amount of Rs. 10,000. Axis Bank FD rates for senior citizens are higher than that of regular customers with the highest rate at 6.25% corresponding to a deposit tenure of 10 years

Interest Rate 2.50% to 5.75%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 10,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Axis Bank FD

    Axis Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Axis Bank FD offers regular returns on fixed deposits ranging between 2.50% to 5.75%. For senior citizens, the interest rates on fixed deposits range between 2.50% to 6.25%. In addition to that, Axis Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Axis Bank Fixed Deposit Schemes

    Different type of Axis Bank term deposit products offered to the investors are listed as follows:

    Axis Bank Tax Saver Fixed Deposit

    Description:

    • Under this scheme, the bank provides the flexibility to choose between Single holder Type Deposits and Joint holder Type Deposits. The interest rate on this scheme depends upon the category of applicant applying under this deposit scheme.
    • Option to choose between single or joint holder type deposits
    • Nomination facility available
    • You can claim tax benefits on your deposit with a fixed deposit receipt issued by the bank
    • Opportunity to save your taxes with this deposit and earn maximum benefit on your deposit
    • Tax benefits on deposit under section 80C of Income Tax Act, 1961

    Eligibility:

    • Resident Indians and hindu undivided family
    Fixed Deposit Plus

    Description:

    • Under this scheme, the customers will earn a higher rate of return on their?fixed deposit?investment as compared to regular term deposit rates.
    • Opportunity to earn more higher return on this deposit
    • Nomination facility available
    • TDS facility available on the deposit
    • Option to choose your method of interest calculation
    • Option to choose between deposit type under this scheme including short term deposit, reinvestment deposit and monthly and quarterly payout deposit

    Eligibility:

    • Resident Indians, hindu undivided family, sole proprietorship firms, partnership firms, limited companies and trust
    Encash 24 Flexi Deposit

    Description:

    • This deposit scheme offers dual benefits of the liquidity of a savings account and high earnings of a fixed deposit.
    • Availability of auto renewal facility on the deposit
    • Tax benefits on deposit under section 80C of Income Tax Act, 1961
    • Enjoy maximum liquidity on your investment
    • Get benefits with a shorter tenure period
    • Fixed deposit account is linked to existing savings account

    Eligibility:

    • Savings account holder with valid PAN card details
    Regular Fixed Deposit

    Description:

    • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
    • Convenience of opening a fixed deposit account with ease
    • Nomination facility available
    • Enjoy benefit with a shorter minimum tenure
    • Earn higher returns on the money deposited
    • Avail automatic rollover facility on your principal and interest both

    Eligibility:

    • Resident Indians, hindu undivided family and sole proprietorship firms
    Regular Fixed deposit

    Description:

    Benefits of Axis Bank FD

    Axis Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Axis Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Axis Bank offers FD rates up to 5.75%. The interest rates offered on Axis Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Axis Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Axis Bank fixed deposit allows one to borrow a secured loan against Axis Bank FD. Benefits of Loan Against FD of Axis Bank are as follow:
      • Loan against FD of Axis Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Axis Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Axis Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Axis Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Axis Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Axis Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Axis Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 10,000. Apart from that, one can invest in the Axis Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Axis Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Axis Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Axis Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Axis Bank FD

    Axis Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Axis Bank FD

    Axis Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Axis Bank FD

    Credit Cards againstAxis Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Axis Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Axis Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Axis Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Axis Bank?

    Axis Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 10,000.

    What is the minimum amount for a fixed deposit in Axis Bank?

    The minimum amount required for a fixed deposit investment in Axis Bank fixed deposit is Rs. 10,000.

    What is the current interest rate on FD in Axis Bank?

    Currently, Axis Bank offers an interest rate ranging between 2.50% to 5.75% on its fixed deposits.

    What is the penalty for early withdrawal in Axis Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Axis Bank?

    Axis Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Axis Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Axis Bank FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Axis Bank?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Axis Bank?

    The documents required to open an FD account in Axis Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Axis Bank?

    The time Axis Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Axis Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Axis Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Axis Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Axis Bank safe for FD?

    Yes, the Axis Bank is one of the safest avenues for any investments. Axis Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Axis Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Axis Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Axis Bank News - Jul 2021
    • 2021-03-23 : Axis Bank hiked its interest rate on Fixed deposits
      With effect from 18 March 2021, Axis Bank revised its FD rates. Fixed deposit rates for 7 to 29 days is 2.50%, the rate for 30 days to 3 months stands at 3%, and it is 3.50% for 3 months one day to 6 months. Fixed deposit rate for 6 months to 11 months 25 days is 4.40%. In addition to this, fixed deposit rates for long tenors of 11 months 25 days to 1 year 5 days is 5.15% and it is 5.10% for one year 6 days to 18 months. The rate for 18 months 1 day to 2 year is 5.25%, it is 5.40% for 2 years 1 day to 5 years. The interest rate for long tenors of 5 years to 10 years is 5.75%.
    • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
      The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
    • 2021-01-12 : Axis Bank to waive penalty on premature closure of term deposits
      Axis Bank announced the removal of penalty on premature closure of all new retail term deposits booked on or after December 15, 2020, for a tenure of 2 years or more. The bank is striving to inculcate and encourage retail customers to go for long-term savings without worrying about the sudden need for liquidity.
    • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
      Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
    • 2020-06-03 : Axis Bank revised its FD rates
      With effect from 29 May 2020, Axis Bank revised its FD rates. Fixed deposit rates for 7 to 14 days is 3.25%, for 15 to 29 days it is 3.50% and 30 to 45 days it is 4%. Further, FD rates for the short tenor of 46 days to 6 months stands at 4.50%, for 6 months to 9 months is 5% and the rate for 9 months to 11 months 25 days is 5.25%. In addition to this, Fixed deposit rates for the long tenor of 11 months 25 days to 1 year 5 days it is 5.80%, FD rate for 1 year 6 days to 18 months is 5.70% and the rate stands at 5.75% for 18 months one day to 10 years.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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