About Axis Bank
| Started On | 1993 |
| Head Quarters | Mumbai |
| CRISIL Rating | FAAA |
| CEO | Amitabh Chaudhry |
| Listed on exchange as | Axis Bank Ltd. |
| ICRA Rating | MAAA |
Axis Bank FD Rates 2022
| Tenure | Regular customers | Senior citizens |
|---|
Features and Benefits of Axis Bank Fixed Deposit
- Senior citizens can avail higher interest rate over regular customer’s rates
- Nomination facility is provided by the bank
- The minimum deposit amount required to book an FD with Axis Bank is Rs. 5000
- Avail competitive interest rates on short-term deposits with an Axis Bank FD account
- One can book an FD account in a hassle-free way with Axis Bank
- Loans up to 90% can be availed against your Axis Bank Fixed Deposits
- Axis Bank offers a wide range of fixed deposits to choose from
Types of Axis Bank FD Schemes
Regular Fixed Deposit
- Senior citizens can avail higher interest rates over regular customer’s rates
- Nomination facility is provided by the bank
- The minimum deposit amount required to book an FD with Axis Bank is Rs. 5,000
- Avail competitive interest rates on short-term deposits with an Axis Bank FD account
- One can book an FD account in a hassle-free way with Axis Bank
- Loans up to 90% can be availed against your Axis Bank Fixed Deposits
- Axis Bank offers a wide range of fixed deposits to choose from
Tax Saver Fixed Deposit
- As the name implies, under this scheme, the depositor can avail tax benefits on deposit under Section 80C of the Income Tax Act, 1961
- The bank provides the flexibility to choose between single holder type deposits and joint holder type deposits. The rate of interest depends on the category in which the applicant fall
- Nomination facility is provided by the bank
- Tax benefits can be claimed with a fixed deposit receipt issued by the bank
- Eligibility - Resident Indians and HUFs
Fixed Deposit Plus
- Customers can earn a higher interest rate under this scheme as compared to regular term deposits
- Nomination facility is provided by the bank
- The minimum deposit amount is Rs. 5,00,00,000
- Interest earned is subject to TDS (Tax Deducted at Source)
- Depositors can choose the method of interest calculation, wiz, simple interest, and compound interest options.
- Eligibility - Resident Indians, Hindu Undivided Family sole proprietorship firms, proprietorship firms, partnership firms, limited companies, and trust.
Encash 24 Flexi Deposit
- Under this scheme, dual benefits are offered viz. Liquidity of a savings account and high earnings of a fixed deposit.
- Auto-renewal facility is available on the deposit
- Enjoy Tax Benefits on deposit under Section 80C of Income Tax Act, 1961
- Maximum liquidity on investment
- Great returns with a shorter tenure
- The FD account is linked to the existing savings account
- Maximum tenure is 5 years and the minimum is 6 months
- Eligibility - Savings account holders with valid PAN card
Term wise Axis Bank Fixed Deposit Rates
Short-term Deposits
For an Axis Bank FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.50% p.a. to 6.00% p.a. These deposits are known as short-term deposits as their tenure is less than 1 year.
Medium-term Deposits
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.00% to 6.35% p.a.
Long-term Deposits
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.00%.
Axis vs Other Banks' FD Rates
| Name | Tenure | Interest rate |
|---|
How to invest in Axis Bank FD?
An Axis Bank FD account can be opened via different modes like Mobile App, Internet Banking, and offline.
1) Mobile App
Open FD Account Online on Groww App
- Download the Groww App and sign in.
- Go to ‘More’ tab after stocks and mutual funds and click on Fixed Deposit
- Select Axis Bank and choose the desired tenure
- Provide all the required details such as the amount and nominee details then click on proceed
- On confirmation, the fixed deposit amount will be debited from the provided Savings Account to the Fixed Deposit account.
Open FD Account Online on Groww Website
- Go to Groww’s Fixed deposit Page and login
- Select Axis Bank FD and tenure
- Fill in the details such as amount and nominee details
- On confirmation, the fixed deposit amount will be debited from the provided Savings Account to the Fixed Deposit account.
2)Open FD Account Through Axis Bank Internet Banking
Follow the listed down steps for opening an Axis Bank FD account via internet banking-
- Log in to the Internet Banking account and select the ‘Deposit’ option.
- Click on the ‘Create Fixed Deposit’ option.
- Furnish all the required information and nominee details.
- After confirmation, the fixed deposit amount will be debited from the Savings Account to the Fixed Deposit account. Depositors will receive a web receipt of the fixed deposit immediately.
On successful creation, the Fixed Deposit advice will be sent over a registered email address or physical advice will be sent to the communication address. Also, depositors can download the FD advice via internet banking after one working day of booking the deposit.
3) Opening Axis Bank FD Offline
For opening an Axis Bank FD account offline, one needs to visit the nearest Axis Bank branch. Fill out the Axis Bank FD application form and submit all the required documents. Next, deposit the required funds to open the fixed deposit. On successful processing of the application, an FD receipt will be provided by the Axis Bank.
Eligibility to Open an Axis Bank FD Account
Individuals and companies satisfying any of the following criteria can successfully open an Axis Bank fixed deposit account –
- Resident individuals including minors.
- Senior and super senior citizens.
- Hindu Undivided Families (HUF).
- Sole trader, partnership firms and joint-stock companies.
- Trusts.
Documents Required to Open Axis Bank FD Account
- Identification proof through KYC documents such as Aadhaar card, Driver’s License and Voter ID card.
- PAN card as per rules established by the Income Tax Department of India.
- Address proof through KYC documents, Passport, and utility bills such as electricity and water bill.
FAQs
What are the tenure options available for Axis Bank FD?
What are the tenure options available for Axis Bank FD?
Axis Bank provides FD with tenures ranging from 6 months to 5 years. You can choose anyone among them.
What is the minimum deposit amount needed to open an FD account with Axis Bank?
What is the minimum deposit amount needed to open an FD account with Axis Bank?
The minimum deposit amount is Rs. 5000
Can I add an additional amount to my Axis Bank FD account?
Can I add an additional amount to my Axis Bank FD account?
No, you can only add money at the time of opening the account.
Is the interest earned on Axis Bank FD taxable?
Is the interest earned on Axis Bank FD taxable?
Yes, the Axis Bank FD interest earned is taxable under the Income Tax Act, 1961. TDS is deducted by the bank at the rate of 10% if PAN is provided and 20%, if not.
What is the difference between a regular Axis Bank FD and a Tax-saver FD?
What is the difference between a regular Axis Bank FD and a Tax-saver FD?
In a Tax-saver FD, the investment is eligible for a deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. The important thing to note is the investment made in this FD will be subject to a lock-in period of 5 years. On the other hand, a regular FD is not eligible for tax deductions and hence there is no lock-in period on the investment either.
What are the documents needed to start an FD account with Axis Bank?
What are the documents needed to start an FD account with Axis Bank?
You need to provide any one of these address proof - Aadhar, driving licence, passport or voter id to open an Axis Bank FD account. For proof of id, you can present your pan card.
