In a periodic interest payout option, Axis Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a Axis Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator Axis Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of Axis Bank in a year exceeds 10000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Axis Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Axis Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
Axis Bank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
Axis Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
30th Nov 16 Axis Bank fixed deposit rates cut up to 45 basis points
Axis Bank has reduced its bulk fixed deposit (Rs. 1 crore to Rs. 5 crore) rate with tenure of one to two years by 45 basis points to 6.25 percent. The revised fixed deposit rate for deposits with tenure of up to 10 years is now 6 percent. New rates are effective from 29th November, 2016.
22nd Nov 16 Axis Bank fixed deposit rate cut up to 50 basis points
Axis Bank has reduced its fixed deposits rates for one to three years tenure by 25 to 50 basis points. One year fixed deposit rate is reduced to 7 percent. The revised fixed deposit rates of Axis Bank for two and three years are now 6.75 percent. New rates are effective from 21st November, 2016.
17th Nov 16 Axis Bank MCLR cut 15 to 20 bps
Axis Bank has reduced its one year marginal cost fund based lending rate (MCLR) by 15 basis points to 9.05 percent and two year MCLR by 20 basis points to 9.10 percent. The minimum overnight and six months lending rates are reduced to 8.65 percent and 9 percent respectively. The new rates will be effective from 18th November, 2016.
16th Nov 16 Axis Bank to launch chat bots for its mobile banking application and Facebook messenger
Axis Bank has partnered with a Singapore based fintech platform to launch chat bots for its mobile banking customers in the form of a conversational interface. The new service will use artificial intelligence that will help the bank to provide personal and contextual interaction solutions to mobile banking users. Consumers can use the service through web, mobile, social and messaging channels.
09th Nov 16 Axis Bank launches Premier offer for personal loans
Axis Bank has launched a personal loan offer for the top executives of high category companies. Employees earning more than Rs.50,000 per month can avail personal loan at the rate of 13.50 percent with 1.50 percent processing fees. The offer is valid for logins from 3rd November, 2016 to 23rd December, 2016 and disbursal on or before 31st December, 2016.
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