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What is Express FD in Axis Bank?

Express Fixed Deposit is the first digital Fixed Deposit product in the business. By submitting your basic information, you can open an Express Fixed Deposit without a Savings Account in within 3 minutes. It has a number of benefits, including competitive FD interest rates, no issuance fees, and no penalty for early withdrawal (up to 25 percent of the amount). A simple and practical way to save money for your short-term objectives. You can fund the Express FD Axis Bank using your savings account from any bank in India and benefit from Axis Bank’s excellent interest rates. As a result, major advantages are its ease of use and comfort of operation. Furthermore, there are no issuance fees associated with opening the FD.

Features of Express FD in Axis Bank

  • You can instantly open an Express FD Axis Bank account within a few minutes. Furthermore, you just need your Aadhaar and PAN details and you will receive the FD receipt instantly.
  • Moreover, you do not need a savings bank account with Axis Bank to open an Express FD Axis Bank account. You can fund your express FD with any savings account with any bank
  • The interest rate is similar to that of regular Axis Bank fixed deposits. Click here to know the Axis Bank FD interest rates.
  • The minimum investment amount is Rs 5,000. The maximum deposit amount is Rs 90.000.
  • Duration or tenure of this fixed deposit is minimum 6 months. Maximum tenure for the FD is 12 months or 365 days
  • You can withdraw upto 25% of the amount deposited before maturity without any penalty or other charges.
  • On maturity, the entire amount will be credited to your chosen account within three days from the date of maturity.
  • The maturity amount will be the initial investment plus interest earned.

Who Can Invest in Axis Bank Express FD?

The following is the eligibility criteria to invest in the fixed deposit:

  • An individual who is a resident of India and above the age of 18 years
  • The depositor has a valid PAN and Aadhaar
  • The mobile number is linked with the Aadhaar
  • The depositor is not an existing account holder with Axis Bank

Frequently Asked Questions

Is it necessary to have an Axis Bank account to open an Express FD?

No. You don’t need an Axis Bank Savings account to open an Express FD. To fund your fixed deposit, you can utilise any other bank’s savings account.

What is the rate of interest payable on an Express fixed deposit?

Express FD can be booked for a minimum of 6 months to a maximum of 12 months. The rate of interest applicable is similar to regular FD rates

How much amount can I invest in the Express FD with the Axis Bank?

You can invest a minimum amount of Rs 5,000 and a maximum amount of up to Rs 90,000. This investment will be for a minimum period of 6 months and a maximum period of 12 months.

How will I receive the maturity amount on my Express FD?

The maturity amount will be credited to your chosen savings bank account within 3 working days. Moreover, the maturity amount will be  the initial investment plus interest earned.

Can I invest in more than one Express FD at a time?

No you cannot invest in more than one Express FD at a time. As per the RBI circular, only one account can be opened using OTP Based KYC.

I have an Axis ASAP account. Am I allowed to invest in Axis Bank Express FD?

No. Axis ASAP is an account opened using OTP Based KYC. As per the RBI circular, only one account can be opened using OTP Based KYC.

Can I open the Axis Bank Express FD with my spouse?

No, currently the Axis Bank Express FD can be opened by an individual as a single holder fixed deposit. A joint account FD is not available at the moment.

Can I convert my Express FD to a full KYC?

Yes. You can convert your Express FD to a full KYC compliant FD. You must complete your KYC by visiting any of the branches of the Axis Bank. You need to present your PAN card along with other documents. Such documents are valid drivers license, valid passport, Aadhaar card, election card or Voter’s ID card. You must also submit, if applicable, the National Population Register letter confirming name, address and job card issued by NREGA.

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