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 0, 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.
20th Jan 17 Axis Bank registers a 73 percent fall in its net profit in third quarter of FY 17
Axis Bank has registered a decline of 73 percent in its net profit at Rs. 580 crore for the quarter ending on 31st December, 2016 as compared to Rs. 2, 175 crore for the corresponding period a year ago. The decline in net profit has been caused to by a sharp rise in the non performing assets of the banks rose sharply and reached Rs. 20, 466 crore during the latest quarter compared to Rs. 6, 378 crore a year ago.
19th Jan 17 Axis Bank is likely to see a decline in its net profit during the third quarter of FY 17
Analysts at CNBC have forecasted a decline in net profit of Axis Bank during the third quarter ending 31st December, 2016. As per the polls, the bank is likely to see a fall of 63 percent in its net profit to Rs. 802 crore on a year on year basis. Axis Bank is scheduled to announce its Q3 results on 19th January, 2017.
16th Jan 17 Axis Bank ties up with Droom.com to offer car loans for used cars
Axis Bank has announced a partnership deal with Droom.com (a leading new and used auto website) to provide car loans for both used and new cars. The bank will offer loan up to 85 percent of the value of vehicle with a maximum tenure of five years. As for used car loans, loan can be availed for cars which are less than five year old.
14th Jan 17 Axis Bank cuts MCLR by up to 70 basis points
Axis Bank has reduced its overnight marginal cost of lending rate to 7.90 percent as compared to 8.55 percent earlier. The revised three month and six month MCLR now stands at 8.05 and 8.15 percent respectively. The bank has also reduced its one year MCLR by 65 basis points to 8.25 percent. The rates will be effective from 18th January, 2017.
05th Jan 17 Axis Bank cuts home loan rates to 8.85 percent
Axis Bank has reduced its home loan rates upto 0.30 percent for new home loan buyers. The new home loan rates are reduced to its half yearly MCLR rate to 8.85 percent as compared to 9.10 (upto Rs. 75 lakh) and 9.15 percent (above Rs. 75 lakh) earlier. The revised rates are effective from 3rd January, 2017.
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