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Axis Bank FD Interest Rates

Axis Bank FD Rates 2020

Last Updated 22nd Sep 2020

Axis Bank is one of most reliable FD providers amongst a number of FD providers in the market. Axis Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Axis Bank FD is 5.50%. Latest Axis Bank FD interest rate for senior citizens, on the other hand ranges between 2.50% to 6.15%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.50% 2.50%
15 days to 29 days 2.75% 2.75%
30 days to 45 days 3.25% 3.25%
46 days to 60 days 3.75% 3.75%
61 days to 3 months 3.75% 3.75%

Axis Bank Fixed Deposit (FD)

Axis Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Axis Bank FD are:

  • Deposit Amount: Axis Bank FD can be opened with an amount as a low ₹ 10,000 to up to No Limit.
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.50% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate: 2.50% to 6.15% p.a.
  • Highest Interest Rate: As per today’s rate, Axis Bank’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of Axis Bank Deposits: Axis Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Axis Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Axis Bank Tax Saver Fixed Deposit, Fixed Deposit Plus, Encash 24 Flexi Deposit, Regular Fixed Deposit, Regular Fixed deposit

Axis Bank Best FD Plan

We need to compare tenure wise latest FD rate of Axis Bank to choose the tenure at which it provides the highest interest rate. Axis Bank FD rates are best for the deposits with a tenure of 2 years to 10 years, wherein the current FD rate of interest is 5.50% p.a

If one is looking to invest in short term deposits with Axis Bank, FD interest rates range from 2.50% p.a. to 4.10% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Axis Bank FD rates for senior citizens range from 2.50% to 4.10% p.a.

If one is looking to invest in long term deposits, Axis Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.50%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

Fixed Deposits of Axis Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Axis Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Axis Bank

  • Passport or Driving License
  • 2 Photographs

FD in Axis Bank – Premature Withdrawal

Premature closure of Term Deposit with Axis Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on Axis Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Axis Bank

Axis Bank offers loan up to 90% against its own deposit. Note that Axis Bank will not give you loan against FD of any other bank. Axis Bank offers Loan against FD at the rate of 3.5% to 6.5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Axis Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,000. So, the interest charged on the loan taken is ₹ 0.

FD Account Opening Process at Axis Bank

To open a Fixed Deposit account in Axis Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Axis Bank FD after reading the terms and conditions.

Nomination Facility on Axis Bank FD

Axis Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Axis Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Axis Bank Fixed Deposit Scheme

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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

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

Description:

FAQs

What is the highest FD rate for Axis Bank?

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

Are there any special rates for senior citizens FD of Axis Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.50% to 5.50%. Compared to this, the rate of senior citizens FD are in the range of 2.50% to 6.15%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Axis Bank?

The minimum deposit amount required to book an FD with Axis Bank is ₹ 10,000.

Can I deposit additional amount in my 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 Passport or Driving License, 2 Photographs.

Is it possible to change the tenure of my existing fixed deposit account with Axis Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Axis Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

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

Current interest for FD in Axis Bank ranges between 2.50% - 5.50%.

Can a customer open a FD account online in Axis Bank?

Yes, you can submit your application for opening a FD account on the website of Axis Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Axis Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.50%. For Axis Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13


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%.
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