Formerly UTI Bank
7%
Interest for 3 years
Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
---|---|---|
7 days - 1 month 17 days | 3.5% | 3.5% |
1 month 18 days - 2 months 1 day | 4% | 4% |
2 months 2 days - 3 months 1 day | 4.5% | 4.5% |
3 months 2 days - 5 months 29 days | 4.75% | 4.75% |
5 months 30 days - 8 months 27 days | 5.75% | 6% |
8 months 28 days - 11 months 30 days | 6% | 6.25% |
1 year - 1 year 24 days | 6.75% | 7.5% |
1 year 25 days - 1 year 1 month | 7.1% | 7.85% |
1 year 1 month 1 day - 1 year 11 months 29 days | 6.75% | 7.5% |
1 year 11 months 30 days - 2 years 6 months | 7.26% | 8.01% |
2 years 6 months 1 day - 9 years 11 months 28 days | 7% | 7.75% |
Note: All interest rates shown below are as on 2nd Feb 2023
Axis Bank is the third largest private sector bank in India. Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The Bank has a large footprint of 4,528 domestic branches (including extension counters) with 12,044 ATMs & 5,433 cash recyclers spread across the country.
3.5% - 7.26%
FD Rate
3.5% - 8.01%
FD Rate for Seniors
₹ 5000
Minimum Deposit
₹ 2 Crores
Maximum Deposit
-
Lock-in
-
FD Tenure
-
Loan against FD
AAA (Stable)
CRISIL Rating
Investment Amount | For 3 years with interest of 7% | For 5 years with interest of 7% |
---|---|---|
₹ 50,000 | ₹ 61,646 | ₹ 70,881 |
₹ 1 lakh | ₹ 123,293 | ₹ 141,763 |
₹ 2 lakh | ₹ 246,585 | ₹ 283,525 |
₹ 5 lakh | ₹ 616,463 | ₹ 708,813 |
₹ 10 lakh | ₹ 1,232,926 | ₹ 1,417,625 |
Use FD calculator to change values and compare your returns from top banks.
Maturity Amount | ₹ 106,963 | ₹ 108,149 |
Total Investment Amount | ₹ 100,000 | ₹ 100,000 |
Total Interest Gained | ₹6,963 | ₹ 8,149 |
Bank Name | FD Interest Rates |
---|---|
7.86% - 8.36% | |
7.25% - 7.75% | |
5.5% - 6% | |
6.1% - 6.6% | |
7.5% - 7.75% | |
7% - 7.5% | |
6.25% - 6.25% | |
5.6% - 5.6% | |
5.5% - 5.75% | |
7.5% - 7.75% |
₹ 100,000
Total Investment
6,963
Wealth Gained
₹ 106,963
Maturity Amount
The flexible & tax efficient alternative to FDs.
Axis Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Axis Bank FDs is higher than their savings account. One can invest in Axis Bank FDs in a hassle-free manner, enjoy their flexible tenures, and seamless transfers with just a minimum investment of INR 5,000. This article covers Axis bank FD, its features and interest rates in detail.
Axis Bank Fixed Deposit (FD) is one of the most convenient and safe ways to grow savings. One can open an account online. Also, the account offers an easy transfer facility from a savings account to a fixed deposit. The scheme offers competitive interest rates to both long and short term fixed deposit investments. Furthermore, the scheme offers an auto roll out facility, where the fixed deposit interest is credited to the designated account. Or paid out to a different account.
Depositors can earn more interest with interest reinvestment. In other words, the interest accrued on the fixed deposit each quarter is invested along with the principal. The interest computation is done on a quarterly basis.
Following are the types of Axis Bank fixed deposit schemes:
The scheme offers attractive interest rates, no penalty on premature withdrawals (up to 25% of the amount), and zero issuance fees.
The Tax Saver FD scheme offers attractive interest rates on lump sum investments and also the benefit of tax saving. Under Section 80C of the Income Tax Act, deposits up to INR 1,50,000 qualify for a tax deduction. The axis bank tax saving fd comes in three options:
Therefore, investors can choose the most suitable option depending on the interest payout. Also, depositors can claim tax benefit through FD receipt that the bank issues.
Digital Fixed Deposit is a first-of-its-kind digital Full KYC Fixed Deposit product in the industry. By submitting your basic information, you can open a Digital Fixed Deposit without having an Axis Bank Savings Account. It has a number of benefits, including competitive FD interest rates, no issuance fees, and no penalty for early withdrawal (up to 25% of the amount). It’s a quick and easy approach to save money.
The Axis Bank Auto Fixed Deposit links the existing savings account to the fixed deposit. The account facilitates automatic transfer of money when the savings account balance crosses INR 25,000. Also, the automatic transfer happens in multiples of INR 5,000. Furthermore, the scheme offers easy liquidation and auto-renewal of deposits.
Axis Bank’s Fixed Deposit Plus scheme offers a higher interest rate in comparison to regular FDs. The interest is available on a simple and compounding basis. Furthermore, the scheme is available to both domestic and NRI customers. Also, the scheme doesn’t offer an auto-renewal facility. Depositors can pick any of the types of following deposits:
Following are the scheme details
Axis Bank offers recurring deposits to its depositors. Axis bank RDs have a minimum tenure of 180 days and maximum tenure of 10 years. The minimum investment in Axis bank RD is INR 500, and there is no limit on the maximum investment. One can invest in Axis bank RD through either internet banking or mobile banking or by physically visiting an Axis bank branch.
One can open an Axis Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open an Axis Bank FD account through internet banking:
Upon successful creation, the Fixed Deposit advice will either be emailed to the registered email address, or a physical advice will be sent to the communication address. Alternatively, depositors can also download the FD advice through internet banking after one working day of booking the deposit.
The following steps will guide in opening an FD account through Axis Bank Mobile App:
Upon successful creation, the Fixed Deposit advice will either be emailed to the registered email address, or a physical advice will be sent to the communication address. Alternatively, depositors can also download the FD advice through internet banking after one working day of booking the deposit.
To open an Axis Bank FD account offline, one has to visit the nearest Axis Bank branch. Fil the Axis Bank FD application form and submit all the necessary documents. Make the deposit of the required funds to open the fixed deposit. Upon successfully processing the application, Axis bank will provide an FD receipt.
The documents required by all eligible investors are the following:
Only eligible investors can invest in Axis Bank FD. The eligibility criteria to invest in Axis Bank FD is:
Axis Bank FD rates range between 3.5% and 7% for regular citizens and between 3.5% and 7.75% for senior citizens. Axis bank offers an additional 0.5% interest to senior citizens on their FDs.
Investors can close their Axis bank FDs online via internet banking. However, Axis bank will charge a penalty of 1% on the interest rate for breaking the FD before maturity.
Axis bank charges a 1% penalty on the interest for premature withdrawals. However, there is no penalty for premature withdrawal of NRE deposits.
To know in how many years Axis Bank FD will double, we can follow the 72 rule. Divide 72 by the interest rate, and the result will be the number of years the FD will double. For example, for a tenure of 10 years, the FD interest rate is 5.75%. An investor can double the investment amount by investing for this tenure in 12.52 years (72/5.75).
Yes, Axis Bank allows investors to open a joint fixed deposit account.
No, it is not mandatory to have an Axis Bank savings account to open an Axis Bank FD account. The investor can use funds in any bank account to invest in Axis Bank FD.
Only investment in Axis bank Tax Saving FDs qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Axis bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from Axis FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to Axis Bank, then the TDS rate will be 20%.
Axis bank FDs guarantee return in the form of interest. The interest is paid regularly or at maturity as per the choice of the investor. Moreover, all Axis bank deposits are covered by the Deposit Insurance Scheme of RBI. The scheme covers all Axis bank deposits up to INR 5,00,000. Hence Axis Bank FDs are safe for investment.