| Started On | 1993 |
| Head Quarters | Mumbai |
| CRISIL Rating | FAAA |
| CEO | Amitabh Chaudhry |
| Listed on exchange as | Axis Bank Ltd. |
| ICRA Rating | MAAA |
| Tenure | Regular customers | Senior citizens |
|---|
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 5.50% p.a. These deposits are known as short-term deposits as their tenure is less than 1 year.
Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.25% p.a and 6.50% p.a
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.50%.
| Name | Tenure | Interest rate |
|---|
An Axis Bank FD account can be opened via different modes like Internet Banking and offline.
Follow the listed down steps for opening an Axis Bank FD account via internet banking-
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.
To open 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.
Individuals and companies satisfying any of the following criteria can successfully open an Axis Bank fixed deposit account –
Axis Bank offers the Tax Saving FD at an attractive interest rate and a tenure of 5 years. The minimum and maximum amounts that one can deposit are Rs.100 and Rs.1.5 lakh, respectively. At present, Axis Bank offers the rate of interest at 5.75% p.a.
The bank even offers several tax-saving deposits and FD options like FD Plus, Regular Deposit, Encash 24 Flexi Deposit, to name a few, that are backed by an online banking facility, loan facility, seep-in facility, etc. scheme.
Under the fixed deposit tax deduction benefit option, you can save up to Rs. 1,50,000 annually according to Section 80C of the Income Tax Act, 1961.
Axis bank customers can also avail of a loan against Axis fixed deposit account. The account holder can get up to 85% of the value of the FD as a loan.
You can easily withdraw the money from FD before maturity, subject to a penalty of 1.0%. Although, if you wish to withdraw the money only partially, the bank will levy no penalty on the first partial withdrawal of up to 25% of the principal amount.
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?
The minimum deposit amount is Rs. 5000
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?
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?
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?
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.