Axis Bank is the third-largest private sector bank in India, having an operating revenue of Rs. 681 Billion, as of 2019. Approximately 4050 operational branches of Axis Bank are present pan India, with around 11801 ATMs. International operations are facilitated through 9 overseas offices.
Axis Bank was founded in 1993 and is one of the scheduled commercial institutions operating in the country.
Benefits of Axis Bank Fixed Deposit
- Ease of account opening
Individuals can open an Axis Bank fixed deposit offline by visiting the nearest branch, or online through internet or mobile banking.
- Flexibility of tenure
A wide range of lock-in periods ranging from 7 days to 10 years is available to all applicants.
- Axis FD plus
Investments above Rs. 5 crores attract higher interests on the principal amount.
- Low minimum investment amount
You can open an Axis FD with as low as Rs. 5,000.
Individuals and companies satisfying any of the following criteria can successfully create 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.
1 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.
Axis Bank FD interest rates
|Tenure||Interest rate for individuals (%)||Interest rate for senior citizens (%)|
|7 days -14 days||3.50||3.50|
|15 days -29 days||4.25||4.25|
|30 days -45 days||4.90||4.90|
|46 days – 60 days||5.40||5.40|
|61 days – 3 months||5.40||5.40|
|90 days – 119 days||5.40||5.40|
|4 months – 5 months||5.40||5.40|
|5 months – 6 months||5.40||5.40|
|6 months – 8 months 29 days||5.80||5.80|
|9 months – 11 months 25 days||6.05||6.30|
|13 months – 17 months 29 days||6.40||7.05|
|18 months – 2 years||6.50||7.15|
|30 months – 3 years||6.50||7.00|
|1 year – 1 year 24 days||6.40||7.05|
|1 year 25 days – 12 months 29 days||6.45||7.10|
|2 years – 30 months||6.50||7.15|
|3 years – 4 years 364 days||6.50||7.00|
|5 years – 10 years||6.50||7.00|
Axis FD plus attracts a 0.10% higher interest on the above rates. Also, NRE FD rates range between 7 and 7.10% respectively.
Types of Axis Bank FD
- Standard FD – All resident individuals can open a fixed deposit account under this scheme. Minors can also apply for Axis Bank FD online, provided they apply with a co-applicant above 18 years of age.
- Senior citizen FD – Individuals above 60 years of age can park their surplus income in a fixed deposit scheme offered by Axis bank.
- Axis FD plus – Corpus amount of Rs. 5 crores or higher can be kept in this FD scheme to earn a 0.10% higher interest rate.
- Tax saver FD – Such fixed deposits have to be locked in for five years to enjoy tax exemptions on total investment.
- Express FD – You can open an Axis Bank FD online in 3 minutes under this plan, without a savings account.
- Auto fixed deposits – Amount is directly transferred from an Axis Bank savings account of an individual, reducing the hassles of account opening.
- NRE deposits – NRIs can invest their earnings from abroad into domestic Axis Bank fixed deposit schemes.
Axis FD – Premature Withdrawal Rules
A penalty deduction of 1% is made on total interest income in case of premature withdrawal of the entire deposit. In the case of partial withdrawal of up to 25% of total investment, no penalty charges are levied.
Axis FD – Special Forms to be Filled
Interest income through Axis Bank fixed deposit is taxable as per the Income Tax Act of 1961. However, if your total interest income is less than Rs. 40,000 for one financial year, you can submit Form 15G as a declaration of the same. Senior citizens have to file Form 15H for this purpose.
Loan Against FD
Advances of up to 90% of the total deposit amount can be availed on Axis Bank FD, at attractive interest rates.
- Can I renew my FD online?
Yes, you can renew your fixed deposit online through net banking or Axis Bank’s official mobile banking app.
- Can I withdraw interest periodically?
You can opt for a non-cumulative Axis fixed deposit to withdraw interest accrued on fixed deposits annually, quarterly or half-yearly.
- What are the taxation rules on FD?
TDS at 10% is applicable on an Axis Bank fixed deposit earnings. If you don’t furnish your PAN details, the tax rate rises to 20%.
- What is the minimum deposit amount in axis bank FD?
Minimum deposit should be Rs. 5,000 if you open an Axis Bank FD online. The offline account opening requires a minimum deposit amount of Rs. 10,000.
- What are the minimum and maximum deposit tenure?
Axis Bank fixed deposits have a tenure ranging from 7 days to 10 years.
- Why should I invest in FD?
Fixed deposits are safe investment tools with assured returns as they are not subject to market-related fluctuations.
- Can I undertake premature withdrawal on tax-saver FD?
No, tax saver FDs have to be kept locked for five years mandatorily.
- What are the additional charges payable for opening as Axis FD?
No additional fees are levied on activation of Axis Bank fixed deposits.
- Can I open an FD without PAN?
No, PAN details are mandatory for opening a fixed deposit account.
- Can I apply for auto-renewal?
Yes, Axis Bank provides auto-renewal facility on all existing fixed deposits.