Axis Bank FD Calculator
Axis FD calculator is an online tool that helps in estimating the wealth gained from an FD investment. It determines the maturity amount and interest earned from the FD. Axis FD calculator is available online and is free to use. In this article, we have covered the Axis Bank FD calculator and its interest calculation in detail.
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Axis Bank Fixed Deposit Features
Axis Bank Fixed Deposit offers investors with high interest rates and minimum risk. Following are some of the key features of Axis bank fixed deposit account:
- Guaranteed Returns: Axis Bank deposit schemes offer guaranteed income at a fixed interest rate.
- Tenure: The fixed deposits tenure ranges from seven days to ten years
- Minimum Amount: The minimum amount to open an Axis Bank FD account is INR 10,000.
- Maximum Amount: There is no limit.
- Axis Bank FD rates: The Axis bank fixed deposit interest rate ranges between 2.50% to 5.50% p.a.
- Senior Citizens FD Rate: Axis bank offers preferential interest rates to its senior citizen depositors. The Axis Bank FD rates range between 2.50% to 6.05%.
- Safety: The Deposit Insurance Scheme insures the Axis Bank deposits up to INR 5,00,000.
- Loan against FD: Axis Bank provides its depositors with a facility to avail a loan against their FDs. This allows investors to meet their financial gaps without having to withdraw or break the deposit.
- Nomination Facility: Axis Bank depositors can nominate beneficiaries while opening the account.
- Auto-Renewal: Axis bank offers an auto-renewal facility of the fixed deposit account.
- Convenience: Depositors can open and manage their FD scheme investments at their convenience. In other words, they can open the deposit account either through online banking or by visiting the nearest bank branch.
Types of Axis bank fixed deposits
Following are the different types of Axis Bank fixed deposit schemes:
- Express Fixed Deposit
- Fixed Deposit
- Tax Saver Fixed Deposit
- Auto Fixed Deposit
- Fixed Deposit Plus
What is an Axis Bank FD Calculator?
Axis FD calculator is an online tool that helps one to estimate the returns from an FD investment. The tool is available online and is simple to use. One has to enter the following details to calculate the maturity amount and the wealth gained from an FD investment.
- Investment: It is the amount that the investors want to put in an FD.
- Interest rate: It is the rate of interest that the bank will offer on the FD. This rate differs for different banks and tenures.
- FD Period: It is the tenure of the investment horizon of the FD.
- Compounded: The compounding frequency of the FD depends on the banks. Usually, FDs are compounded on a quarterly basis. The interest calculation entirely depends on the compounding frequency.
Upon entering the above inputs, the calculator gives the following outputs.
- Total investment: It is the same as the investment amount that an investor invests.
- Wealth gained: It is the interest income that the investor might earn from the FD investment.
- Total corpus created: It is the sum of the above two. It is also known as the maturity amount that the investor might receive at the end of the investment tenure.
Following are the benefits of using Axis FD calculator:
- Simple, easy and free to use: Axis Bank deposit calculator is a simple and user-friendly tool. One needs to just enter the inputs, and the calculator will do the rest of the work.
- Time saving: Axis Bank deposit calculator estimates the potential returns from an FD investment within seconds. Hence it saves time for the investors.
- Accuracy: The Axis Bank fixed deposit calculator estimates the returns accurately, provided the inputs are entered correctly. However, Axis Bank FD calculator only gives an estimation and doesn’t guarantee returns from an FD investment.
- Comparison: One can use the Axis Bank fixed deposit calculator to compare different FD investments in different scenarios and pick the one that best suits them.
- Future planning: By using an Axis Bank fixed deposit calculator, one can estimate the returns from the FD investment. This will further help them in planning their investments and goals in a well informed manner.
How does an Axis Bank FD Calculator work?
The Axis Bank fixed deposit calculator is available online, and one can use it for free. The calculator helps in determining the maturity value of a fixed deposit investment. One has to enter a few details like investment amount and interest rate. Also, the calculator uses the future value formula to compute the value of an investment. Let's understand how the Axis FD calculator works with an example.
Mr Samrat wants to invest INR 1,00,000 in a Fixed Deposit scheme for a period of seven years. The Axis bank FD interest rate is 5.50%. Also, he wishes to receive the interest amount annually. The maturity value using the Axis FD calculator for the investment is as follows:
Following are the calculator inputs:
- Investment amount: INR 1,00,000
- Interest Rate: 5.50%
- FD period: 7 years
- Compounded: Yearly
With the above inputs, the calculator computes the following:
- Total Investment: INR 1,00,000
- Wealth Gained: INR 45,468
- Total Corpus Created: INR: 1,45,468
The investment of INR 1,00,000 made today at 5.50% interest per annum would be INR 1,45,468 in seven years. The interest income (wealth gained) for Mr Samrat will be INR 45,468.
Formula to calculate fixed deposit maturity value
To determine the maturity value, the FD calculator uses the future value formula.
A = P (1 + r/n) ^ n*t
A – Maturity Amount
P – Investment amount
r - Interest rate
n – is the number of times the interest gets compounded
t - Investment tenure
How is Axis Bank FD interest calculated?
Let us understand how to calculate the interest on Axis Bank fixed deposits with the help of an example.
Ms Kiara Mathew wants to invest INR 5,00,000 in Axis Bank FD for a tenure of 5 years. Axis Bank offers an interest of 5.5% this tenure. If she wants the interest yearly, then one can use the calculation of the interest from her FD investment using the FD formula.
A = 500000* (1+5.5%/1)^(1*5)
A = INR 6,53,480
The maturity amount for Ms Kirti is INR 6,53,480
Also, the interest earned is INR 1,53,480
Axis Bank FD interest rates
The following table shows Axis Bank FD interest rates for regular citizens and senior citizens for different tenures.
|Tenure||FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 14 days||2.50%||2.50%|
|15 days to 29 days||2.50%||2.50%|
|30 days to 45 days||3.00%||3.00%|
|46 days to 60 days||3.00%||3.00%|
|61 days to 3 months||3.00%||3.00%|
|90 days to 119 days||3.50%||3.50%|
|4 months to 5 months||3.50%||3.50%|
|5 months to 6 months||3.50%||3.50%|
|6 months to 8 months 29 days||4.40%||4.65%|
|9 months to 11 months 25 days||4.40%||4.65%|
|11 months 25 days to 1 year||5.15%||5.40%|
|13 months to 17 months 29 days||5.10%||5.75%|
|18 months to 2 years||5.25%||5.90%|
|30 months 1 day to 3 years||5.40%||5.90%|
|1 year to 1 year 5 days||5.15%||5.80%|
|1 year 5 days to 1 year 11 days||5.10%||5.75%|
|1 year 11 days to 1 year 25 days||5.10%||5.75%|
|1 year 25 days to 12 months 29 days||5.10%||5.75%|
|2 years to 30 months||5.40%||6.05%|
|3 years to 4 years 364 days||5.40%||5.90%|
|5 years to 10 years||5.50%||6.00%|
Note: Axis Bank periodically revises its Fixed Deposit rates
What are the documents required to open a Fixed Deposit account in Axis Bank?
The documents required to open an FD account in Axis Bank are:
- Passport size photographs
- Introduction by other banks or Axis Bank Savings account holders of the last 6 months
- Pan Card or Form 60
- ID proofs (Pan Card, Passport, Driving licence, Aadhar card)
- Residence Proof (Aadhar Card, Utility bills, Driving license)
- Copy of the trust deed, partnership deed, bylaws of the association, and any other document as required by the trust, partnership firm, and company.
Also, only eligible investors can invest in Axis Bank FD. The eligibility criteria for investing in Axis Bank FD is:
- Indian residents
- Sole proprietorships
- Partnership firms
- Hindu Undivided Families (HUF)
- Limited companies
- Trust accounts
Fixed deposits are one of the most traditional yet popular investment options in India. They are the most trusted investment product due to their guaranteed returns. However, FDs lack liquidity and investors can choose debt mutual funds instead. Debt mutual funds offer higher returns and are more liquid than fixed deposits.
Frequently Asked Questions
What is the highest FD rate for Axis Bank?
The highest Axis Bank FD interest rate is 5.50% for a regular investor for the tenure of 5-10 years. Also, for the same tenure, the senior citizen FD interest rate is 6.0%.Returns from Axis Bank fixed deposits can be calculated using Axis Bank FD calculators. One can use Scripbox's Axis Bank fixed deposit calculator to calculate an FD investment's maturity amount. Also, it is available online and is free to use.
How are FDs taxed?
The interest income that one earns on their Axis Bank FD investment is taxable. The tax rate is dependent on the individual's income tax slab rates. There is also a TDS of 10% in case the interest income above INR 40,0000. In case of senior citizens, the limit is INR 50,000. Also, this 10% rate is applicable only if the PAN details are submitted. Else, the TDS rate on the interest income is 20%.To determine whether the interest income is above or below the TDS threshold limit, one can use multiple bank FD calculators available online. Furthermore, one can use Scripbox's Income Tax Calculator to estimate their tax liability.
Does Axis Bank provide Loan against FD?
Investors can avail loan against their Axis Bank FD. Hence, Axis Bank provides an opportunity for the investors to meet their liquidity requirements without breaking their Axis Bank FD. An investor can get up to 85% of the deposit amount as a loan against the Axis Bank FD. The minimum loan amount is INR 25,000, and the interest will be 2% above the prevailing Axis Bank FD interest rate.Axis Bank gives loans such as education loans, business loans and loans against property against their FDs. Using an EMI calculator, one can estimate their loan EMI amount. Scripbox's loan EMI calculator works as a car loan EMI calculator, home loan EMI calculator, and personal loan EMI calculator. Moreover, the investor can use Scripbox's EMI calculator in multiple scenarios. They can do so by changing the car loan, personal loan and home loan interest rate.
Is there a Premature withdrawal facility available with Axis Bank?
Axis bank allows its investors to withdraw the deposit amount prematurely. However, Axis Bank charges a penalty for premature withdrawal. The penalty of 1% is charged on the interest. However, there is no penalty on premature withdrawal for NRE term deposits.
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