Axis Bank Fixed Deposit

Highlights

  • Thinking of depositing your money to get a fixed interest? Opt for Axis Bank Fixed Deposit!
  • What are the different kinds of Axis Fixed Deposit Plans?

Fixed deposits are a kind of investment instrument that banks and financial companies provide. Through this, an individual can deposit a specific amount for a certain period of time. Banks and financial companies pay the back the locked-in amount along with the interest accrued at the maturity. Axis Bank Fixed Deposit could be the best option for those customers who are willing to get good returns at regular intervals.

FD @ 8.00%* Rate

You can have a glance at the Axis Bank fixed deposit interest rates mentioned below :

Axis Bank FD Interest Rates October 2020

The bank provides interest on fixed deposits at attractive rates. These rates depend on the period of investment and the investor’s category. The highest interest paid by the Axis Bank on the domestic fixed deposit is 7.15% per annum. However, the rates are not the same for all tenures. To know the interest rate of the different investment period, check the interest rate table given below :

For Investment Below ₹ 5 Crore

TenureInterest Rates (in % Per Annum)  
Below ₹ 2 CroreFrom ₹ 2 Crore to Less than ₹ 5 Crore
7 days - 29 days3.50 - 4.254.00 - 4.25
30 days - 45 days4.94.25 - 4.90
46 days - 60 days5.44.50 - 5.40
61days - less than 3 months5.44.50 - 5.40
3 months - less than 4 months5.44.75 - 5.40
4 months - less than 6 months5.44.75 - 5.40
6 months - less than 9 months5.84.75 - 5.80
9 months - less than 1 Year6.05 - 6.405.00 - 6.40
1 Year - less than 14 months6.45.00 - 6.40
14 months - less than 17 months6.45.00 - 6.40
17 months - less than 18 months6.45.00 - 6.40
18 months - less than 2 years6.55.00 - 6.50
2 Years - 10 Years6.55.00 - 6.50

Axis Bank FD Interest Rates for Senior Citizens

TenureInterest Rates (in % Per Annum)  
Below ₹ 2 CroreFrom ₹ 2 Crore to Less than ₹ 5 Crore
7 days - 29 days3.50 - 4.254.00 - 4.25
30 days - 45 days4.94.25 - 4.90
46 days - 60 days5.44.50 - 5.40
61 days - less than 3 months5.44.50 - 5.40
3 months - less than 4 months5.44.75 - 5.40
4 months - less than 6 months5.44.75 - 5.40
6 months - less than 9 months6.055.00 - 6.05
9 months - less than 1 Year6.30 - 6.655.25 - 6.30
1 Year - less than 14 months7.055.65 - 7.05
14 months - less than 17 months7.055.65 - 7.05
17 months - less than 18 months7.055.65 - 7.05
18 months - less than 2 years7.155.65 - 7.15
2 Years - less than 30 Months7.155.65 - 7.15
30 Months - 10 Years75.50 - 7.00

For Investment Above ₹ 5 Crore

TenureInterest Rate ( in % per annum)
7 days - 29 days4
30 days - 45 days4.25 - 4.50
46 days - less than 6 months4.50 - 5.25
6 months - less than 1 Year4.75 - 5.75
1 year - less than 2 years5.00 - 6.15
2 years - less than 5 years5.00 - 6.25
5 years - 10 years5.00 - 6.10

Note: The rate of interest on deposits above ₹ 5 Crores remains the same for both the general individuals and senior citizens.

Axis Bank Fixed Deposit Calculator

The Axis Bank Fixed Deposit Calculator is an online calculator that helps the depositors in calculating the maturity value of the deposited amount. By this, the user can know the overall hike in the deposited amount that you will get at the completion of the investment period. You can also use this to compare the interest yield on the deposits of different amounts for different periods. And it also can help in deciding the investment amount and tenure.

For Example, a customer books a fixed deposit of ₹ 20,000 for a period of 10 years. He chooses the option of quarterly compounding interest. The interest on the deposit will be calculated at the rate of 7.25% per annum. After 10 years his amount will hike to ₹ 41,000.

Table Showing Opening Balance, Interest Earned and Closing Balance

YearInterest Rate (% per annum) Opening Balance (in ₹)Interest Earned (in ₹)Closing Balance (in ₹)
17.25%20000100021000
27.25%21000200023000
37.25%23000200025000
47.25%25000200027000
57.25%27000200029000
67.25%29000200031000
77.25%31000200033000
87.25%33000200035000
97.25%35000300038000
107.25%38000300041000

What are the Methods of Interest Calculation?

  • Simple Interest – The interest on the deposit booked for the period less than 6 months is calculated at simple interest.
  • Compound Interest – On deposits, remaining with the bank for a period of 6 months and above, the interest is calculated on a quarterly basis. That is, the interest earned in the previous quarter is added to the principal for calculation of interest in the next quarter, and so on. With this method, you will get a cumulative interest on your deposited amount.

How To Apply For Axis Bank Fixed Deposit?

In order to apply for an Axis Bank fixed deposit, you just have to visit the nearest Axis Bank branch and fill the form. Or you can download the application form from the bank’s official website and submit it along with the required documents at the branch. Those who want to save the visiting time can even open the FD account online from the comfort of the home/ office. You’ll require the following things to apply online.

  • An Axis Bank Savings Account
  • An i-connect id and password (apply for i-connect id at a branch office)
  • Availability of funds in the account at the time of booking the fixed deposit

What are the Steps To Apply Online?

  • Click on the Login tab.
  • Enter the login id and password. Click on the submit button.
  • Select the ‘Fixed Deposit Request’ option.
  • Fill in the required account and nominee details.
  • After confirmation, the selected amount will be debited from the savings account. You will get a web receipt.
  • After the creation of a Fixed Deposit Account, you will get the FD Advice on your registered mail id or the physical advice to the registered address.

How can You get the Application Form?

The Fixed Deposit Account Opening Form can be downloaded from the website. The form comprises of the following fields that are to be mandatorily filled –

  • Name of the applicant, Customer ID, and PAN
  • Name of Joint Applicant, Customer ID, and PAN
  • Mode of operation
  • Type of deposit account (deposit amount and period, auto-renewal, auto- closure)
  • Interest payout option (monthly, cumulative, quarterly and half-yearly)
  • TDS ( A/c no. of the account to be debited)
  • Interest payment (A/c no. of the account to be credited)
  • Payment details ( Deposit amount, mode of payment)
  • Nomination

Eligibility Criteria and Documents Required

The required documents vary from one category of the depositor to another so you should keep this fact in mind. You can have a peek at the table showing the documents required by each of the eligible depositors.

Documentation Table

EligibilityRequired Documents
Individuals, Hindu Undivided Families, and sole proprietorship firmsA valid Passport or a valid Driving License
An introduction by any other bank or an introduction by an Axis Bank Savings Account holder for the last six months
A photograph
TrustsCopy of the Trust Deed
Copy of the Registration Certificate
Copy of the Resolution of Trustees authorising the members concerned to open and operate the account
Photographs of the members operating the account
Associations / ClubsBye-laws of the Association
Copy of the Resolution by the board authorising the members concerned to open and operate the account
Photographs of the members operating the account
Partnership firmsPartnership Deed
Letter from partners approving the persons concerned to open and operate the account
Photographs of the persons operating the account

What are Some Amazing Features Of Axis Bank FD?

  • Book deposit with the minimum amount of ₹ 5,000 if booked via Internet Banking or Mobile App
  • Flexible range of tenure starting from 7 days to 10 years
  • Additional interest paid to senior citizens
  • The benefit of automatic rollover facility (Auto-Renewal)
  • The convenience of online booking

Axis Bank Fixed Deposit Plans

The bank offers different FD plans to choose from. You can see the name and details of these FD plans below.

  • Axis Bank Fixed Deposit Plus
  • Axis Bank Fixed Deposit
  • Axis Bank Tax Saver Fixed Deposit

What is Axis Bank Fixed Deposit Plus?

The customer can open a Fixed Deposit Plus account with the minimum amount of ₹ 5,000 for the tenure ranging from 7 days to 10 years. There is no ceiling on the maximum investment amount. If required, the depositor can withdraw the deposit before the maturity date. However, in such a case, the interest will be paid at the penal rates which is 1% below the card rate.

Particulars Details   
Minimum Investment Amount₹ 5,000
Maximum Investment AmountNo Upper Ceiling
Minimum Tenure7 Days
Maximum Tenure10 Years
TDSAs per Prevailing Income Tax Regulation
Interest Payout FrequencyMonthly & Quarterly Payout/ Quarterly Compounding
Premature WithdrawalNo Penalty for Premature Withdrawal (up to 25%)
Auto-renewal FacilityNot Available

Know about Axis Bank Fixed Deposit

Under this plan, the depositor can book the deposit with the amount as low as ₹ 5,000 and decide the frequency of interest payout. The bank pays interest at the monthly and quarterly intervals. The depositor even has the option to reinvest the interest and get higher returns.

Particulars Details   
Minimum Investment Amount₹ 5,000 if booked via Internet Banking or Mobile App, ₹ 10,000 if booked via branch
Maximum Investment AmountNo Upper Ceiling
Minimum Tenure7 Days
Maximum Tenure10 Years
TDSAs per Prevailing Income Tax Regulation
Interest Payout FrequencyMonthly & Quarterly Payout/ Quarterly Compounding
Premature WithdrawalNo Penalty for Premature Withdrawal (up to 25%)
Auto-Renewal FacilityAvailable

What is Axis Bank Tax Saver Fixed Deposit?

The tax saver plan provides the tax benefits to the fixed deposit account holders, who have invested the maximum of ₹ 1,50,000 for the period of 5 years. The amount invested cannot be withdrawn before the lock-in period of 5 years. The holder of the account has the option to choose from the various interest payout options that are quarterly compounding (reinvestment of interest), quarterly payout or monthly payout.

Particulars Details
Minimum Investment Amount₹ 100
Maximum Investment Amount₹ 1,50,00
Tenure5 years
Lock-in Period5 years
TDSSubject to Provision of Section 80C of the IT Act, 1961
Interest Payout FrequencyMonthly & Quarterly Payout/ Quarterly Compounding
Premature WithdrawalNot Permissible

A Quick Review of Axis Bank Fixed Deposit Plans

ParametersFixed Deposit PlusFixed DepositTax Saver Fixed Deposit
Minimum Investment Amount₹ 5,000₹ 5,000 if booked via Internet Banking or Mobile App, ₹ 10,000 if booked via branch₹ 100
Maximum Investment AmountNo maximum limitNo maximum limit₹ 1,50,000
Tenure7 days - 10 years7 days - 10 years5 years
Interest Rate4.00% to 6.35% per annumFor Senior Citizens: 3.50% to 7.35% per annum

For Others: 3.50% to 6.70% per annum
For Senior Citizens: 6.75% per annum

For Others: 6.25% per annum
Interest Payout OptionsMonthly & Quarterly Payout/ Quarterly CompoundingMonthly & Quarterly Payout/ Quarterly CompoundingMonthly & Quarterly Payout/ Quarterly Compounding
EligibilityResidents
Hindu Undivided Families (HUFs)
Sole Proprietorship Firms
Partnership Firms
Limited Companies
Trust Accounts
Residents
Hindu Undivided Families (HUFs)
Sole Proprietorship Firms
Partnership Firms
Limited Companies
Trust Accounts
Residents
Hindu Undivided Families (HUFs)
Auto Renewal FacilityNot Available Available Not Available
Premature Withdrawal No Penalty for Premature Withdrawal (up to 25%)No Penalty for Premature Withdrawal (up to 25%)Not Permissible

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