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Axis Bank FD Calculator

Axis Bank Fixed Deposit Calculator 2020

Last Updated 22nd Sep 2020

Axis Bank FDs have tenures ranging from 2 years to 10 years with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.15%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
30 days to 45 days 3.25% to 3.25% ₹ 1,00,267 - ₹ 1,00,401
46 days to 60 days 3.75% to 3.75% ₹ 1,00,473 - ₹ 1,00,616
90 days to 119 days 4.10% to 4.10% ₹ 1,01,011 - ₹ 1,01,339
6 months to 8 months 29 days 4.50% to 4.75% ₹ 1,02,263 - ₹ 1,03,587
Axis Bank FD Maturity Calculator
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Axis Bank Fixed Deposit Calculator

Axis Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at 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. Bank may allow higher interest rate on larger deposits. Axis Bank offers deposit amount in the range of 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 5.50% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 2 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 2 years FD and a rate of 5.50% 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
    • 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 tax saving scheme to save tax on fixed deposit.

Axis Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.

FD Maturity Calculator

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. The interest rates for senior citizens are higher than normal rates of Axis Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in Axis Bank FD for a 5-year tenure at an interest rate of 5.50% for depositors below 60 years and 6.00% for senior citizens. The maturity amount for this deposit amount is ₹ 1,31,407 and the total interest earned is ₹ 31,407 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 34,686 which is higher. The maturity schedule of Axis Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.50% for Citizens below 60 years and at 6.00% 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
2020 ₹ 1,838 ₹ 1,01,838 ₹ 2,005 ₹ 1,02,005
2021 ₹ 5,718 ₹ 1,07,556 ₹ 6,259 ₹ 1,08,264
2022 ₹ 6,039 ₹ 1,13,595 ₹ 6,643 ₹ 1,14,907
2023 ₹ 6,378 ₹ 1,19,973 ₹ 7,051 ₹ 1,21,958
2024 ₹ 6,736 ₹ 1,26,709 ₹ 7,484 ₹ 1,29,442
2025 ₹ 4,699 ₹ 1,31,408 ₹ 5,243 ₹ 1,34,685

Axis Bank FD Calculator Formula

Along with 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

FAQs

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

You can earn a maximum interest of 5.50% on Axis Bank fixed deposit.

How is Axis Bank FD interest calculated?

The formula to calculate interest on Axis Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

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. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. 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.


Axis Bank News - Sep 2020
  • 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.
  • 2020-01-28 : Axis Bank revised its FD rates
    With effect from 22 January 2020, Axis Bank revised its FD rates. Fixed deposit rates for 7 to 14 days is 3.50%, for 15 to 29 days it is 4.25% and 30 to 45 days it is 4.90%. Further, FD rates for short tenor of 46 days to 6 months stands at 5.40%, for 6 months to 9 months is 5.80% and 9 months to 11 months 25 days it is 6.05%. In addition to this, Fixed deposit rates for long tenor of 11 months 25 days to 18 months is 6.40% and it is 6.50% for 18 months to 10 years.
  • 2020-01-13 : Axis Bank Revises its FD rates
    With effect from 9 January 2020, Axis Bank revises its FD rates. Fixed deposits rate for 7 to 14 days is 3.50%, for 15 to 29 days it is 4.25% and for 30 to 45 days the rate stands at 4.90%. In addition to this, FD rates for other short tenors of 46 days to 6 months is 5.40, for 6 months to 9 months it is 5.80% and 9 months to 11 months and 25 days is 6.05%. Fixed deposits rate for long tenors of 11 months 25 days to 1 year is 6.40%, for 1 year to 1 year and 5 days is 6.55% and 1 year and 5 days to 18 months is 6.40%. Further, FD rates for 18 months to 2 year is 6.50%, for 2 years to 30 months it is 6.65% and for 30 months to 10 years it is 6.50%.
  • 2019-11-07 : Axis Bank revises fixed deposits rates
    Axis Bank revised interest rates on fixed deposits. The revised rates range from 3.50% to 6.85% for general customers and for senior citizens, the interest rates range from 3.50% to 7.50%. These rates are effective from November 5, 2019.
  • 2019-10-22 : Revised Fixed Deposit rates by Axis Bank
    Axis Bank revised its interest rates on Fixed Deposit. New Fd rates for 7-14 days is 3.50%, for 15-29 days the rate is 4.00%, for 30-45 days it is 5.00%, for 46 days to 6 months the rate is 5.50%, the rate for 6-9 months is 6.00%, from 9 months to 11 months 25 days the rate is 6.25% and for 11 months 25 days to 1 year the revised FD rate is 6.65%. For larger tenures of 1 year to 1 year 25 days, the interest charged is 6.60%, from 1 month 25 days to 13 months the rate is 6.65%, from 13-18 months it is 6.60%, and from 18 months to 2 years, the rate is 6.80%. Further, FD rates for 2-3 year is 6.90%, and for 3-10 years it is 6.75%.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More