Axis Bank Limited is a prominent Indian banking and financial services company based in Mumbai, Maharashtra, and is the third-largest private sector bank in India.

It offers a comprehensive array of financial services including retail banking services like deposits and loans, corporate banking services such as Demat accounts, equity capital markets, mutual fund investments, and international banking services.

Axis Bank offers a variety of fixed deposit schemes that allow customers to secure a portion of their savings for a set period.

The competitive interest rates on Axis Bank Fixed Deposits enable depositors to earn higher returns, providing a safe haven for their money and ensuring judicious use in the future.

At the time of account opening, customers must deposit a minimum amount. Withdrawals from the fixed deposit are restricted until the maturity date.

Key Features and Advantages of Axis Bank Fixed Deposits

Senior citizens receive a higher interest rate than regular customers.

• Axis Bank provides a nomination facility for fixed deposits.

• The minimum amount required to open a fixed deposit with Axis Bank is Rs. 5,000.

• Competitive interest rates are offered on short-term deposits.

• Opening a fixed deposit account with Axis Bank is straightforward and hassle-free.

• Loans up to 90% of the value of your fixed deposit can be obtained.

• A broad selection of fixed deposit schemes is available at Axis Bank.

Axis Bank FD Interest Rates 2024

Types of Axis Bank FD Schemes

In India, banks offer two primary types of fixed deposits: cumulative and non-cumulative. Cumulative fixed deposits accumulate interest over the tenure and pay it along with the principal at maturity. Non-cumulative fixed deposits distribute interest periodically during the tenure, typically quarterly; monthly payouts are possible but at slightly lower rates. Interest is compounded quarterly in cumulative deposits.

Here are various fixed deposit schemes available:

Standard Fixed Deposits:

• Money is deposited for a fixed period.

• Interest rates are predefined by the bank.

• Terms range from 7 days to 10 years.

• Typically offer higher interest rates than savings accounts.

Tax Saving Fixed Deposits:

• Designed to offer tax benefits, available at most banks.

• Eligible for tax exemptions up to Rs. 1.5 lakh annually.

• Feature a 5-year lock-in period without withdrawals.

• Accept only lump sum deposits.

Special Term Deposits:

• Similar to standard FDs but offer higher interest rates for not withdrawing within a certain period.

Fixed Deposits for Regular Income:

• Suitable for those needing regular income from their deposits, with options for monthly or quarterly interest payouts.

Fixed Deposit Scheme for Senior Citizens:

• For individuals aged 60 and above.

• Offers additional interest of about 0.50% above standard rates.

• Flexible tenure options.

Flexible Fixed Deposits (Flexi FDs):

• Linked with a savings account.

• Allows automatic transfer of excess funds from the savings account to the FD.

Corporate and Alternative Fixed Deposits:

• Invested with companies or NBFCs for a specified period and rate.

• Potentially higher returns but carry more risk and are unsecured.

Fixed Deposits for Non-Resident Indians (NRIs):

• NRE Fixed Deposits: For earnings in foreign currency, offering tax-free interest and full repatriability.

• NRO Fixed Deposits: For managing income earned in India, subject to tax but with full repatriability within limits.

Long-term & Short-term Fixed Deposits:

• Long-term FDs offer durations from over five to ten years with higher returns.

• Short-term FDs have durations from seven days to two years, ideal for short-term savings.

How to Open a Fixed Deposit Account with Axis Bank

You can open an Axis Bank FD account through various methods such as online via Internet Banking or offline at a bank branch.

1) Opening an FD Account Through Axis Bank Internet Banking:

Follow these steps to open an FD account online:

• Log in to your Internet Banking account and navigate to the 'Deposit' option.

• Select 'Create Fixed Deposit'.

• Provide all necessary information and nominate a beneficiary.

• Once confirmed, the fixed deposit amount will be transferred from your savings account to the fixed deposit account. You will immediately receive a web receipt.

• Once the FD is successfully created, the Fixed Deposit advice will be emailed to your registered email address or sent physically to your postal address. Additionally, the FD advice can be downloaded via internet banking one working day after the deposit is booked.

2) Opening an Axis Bank FD Offline: To open an FD account offline:

• Visit your nearest Axis Bank branch.

• Complete the FD application form and provide all necessary documents.

• Deposit the funds required to open the fixed deposit.

• Upon successful processing of your application, you will receive an FD receipt from Axis Bank.

Qualifications for Opening a Fixed Deposit Account at Axis Bank

The following individuals and entities are eligible to open a fixed deposit account with Axis Bank:

• Resident individuals, including minors.

• Senior and super senior citizens.

• Hindu Undivided Families (HUF).

• Sole traders, partnership firms, and joint-stock companies.

• Trusts

Necessary Documents to Open a Fixed Deposit Account at Axis Bank

To open a fixed deposit account at Axis Bank, you will need to provide the following documents:

• Identification proof via KYC documents, which may include an Aadhaar card, driver’s license, or voter ID card.

• PAN card, as required by the Income Tax Department of India.

• Address proof, which can be verified through KYC documents, a passport, or utility bills such as electricity or water bills.

Early Withdrawal of Axis Bank Fixed Deposit

You can withdraw funds from your Axis Bank fixed deposit before its maturity; however, a 1.0% penalty will be applied. If you choose to make a partial withdrawal, the bank allows one penalty-free withdrawal of up to 25% of the principal amount for the first instance.