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Axis Bank FD Calculator

Axis Bank Fixed Deposit Calculator 2022

Last Updated 11th Jan 2022

Axis Bank FDs have tenures ranging from 5 years to 10 years with maximum rate of interest of 5.75%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.25%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
30 days to 45 days 3.00% 3.50% ₹ 1,00,247 - ₹ 1,00,432
46 days to 60 days 3.00% 3.50% ₹ 1,00,378 - ₹ 1,00,575
90 days to 119 days 3.50% 3.50% ₹ 1,00,863 - ₹ 1,01,143
6 months to 8 months 29 days 4.40% 4.65% ₹ 1,02,212 - ₹ 1,03,511
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Axis Bank Fixed Deposit Calculator

Axis Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Axis Bank. Banks may allow a higher interest rate on larger deposits. Axis Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Axis Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Axis Bank is 5.75% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 2.50% for a 5 years FD and a rate of 5.75% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.50%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Axis Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Axis Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- 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.
  • Cumulative- 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.

How is Axis Bank FD Rate Calculated?

Axis Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Axis Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Axis Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Axis Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Axis Bank FD for a 5-year tenure at an interest rate of 5.75% for depositors below 60 years and 6.25% for senior citizens.The maturity schedule of Axis Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.75% for Citizens below 60 years and at 6.25% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,875 ₹ 1,05,875 ₹ 6,398 ₹ 1,06,398
2023 ₹ 6,220 ₹ 1,12,095 ₹ 6,807 ₹ 1,13,205
2024 ₹ 6,586 ₹ 1,18,681 ₹ 7,243 ₹ 1,20,448
2025 ₹ 6,973 ₹ 1,25,654 ₹ 7,706 ₹ 1,28,154
2026 ₹ 7,382 ₹ 1,33,036 ₹ 8,199 ₹ 1,36,353

Axis Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Axis Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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What is the highest interest earned on Axis Bank fixed deposit?

You can earn a maximum interest of 5.75% on Axis Bank fixed deposits.

How many years FD will double in Axis Bank?

The growth of Axis Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Axis Bank FD.You can also use Axis Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Axis Bank.

What are the minimum and maximum amounts that I can invest in an Axis Bank FD?

The minimum investment limit in Axis Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Axis Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% of FD amount for premature withdrawal.

How can I calculate Axis Bank premature FD amount?

To calculate premature FD amount you can use Axis Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).

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Axis Bank News - Jan 2022
  • 2021-08-18 : Axis Bank reduces FD rates
    Axis Bank has revised interest rates on fixed deposits for different tenures. Now the interest rate ranges between 2.5% to 5.75%. The lender will offer an interest rate of 2.50% for FDs with maturity between 7 days to 29 days. FDs maturing between 6 months to 1 year will fetch an interest of 4.40%. Senior citizens will get an extra 0.50% on the general rate.
  • 2021-08-18 : Canara Bank revises fixed deposit rates
    Canara Bank has revised the fixed deposit interest rate. It is providing an interest rate of up to 5.35%. For a tenure of 7 days to 45 days the rate is 2.90% and Canara Unique “1111 Days” will fetch 5.35%.
  • 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.
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