Fixed Deposit

Axis bank offers attractive interest rates on Fixed Deposit schemes for customers to facilitate savings among the masses. Here are the various types of Fixed Deposit schemes available with the bank.
 

Axis Bank FD Rates 2017

FD Tenure

Interest Rates for Domestic Deposits less than Rs 5 Crores (in %)

Regular Citizens Senior Citizens
7 days to 14 days 3.50 3.50
15 days to 29 days 3.50 3.50
30 days to 45 days 5.50 5.50
46 days to 60 days 6.00 6.00
61 days < 3 months 6.00 6.00
3 months < 4 months 6.20 6.20
4 months < 5 months 6.25 6.25
5 months < 6 months 6.25 6.25
6 months < 7 months 6.25 6.50
7 months < 8 months 6.25 6.50
8 months < 9 months 6.25 6.50
9 months < 10 months 6.50 6.75
10 months < 11 months 6.50 6.75
11 months < 1 year 6.50 6.75
1 year < 13 months 6.75 7.25
13 months < 14 months 6.75 7.25
14 months < 15 months 6.75 7.25
15 months < 16 months 6.75 7.25
16 months < 17 months 6.75 7.25
17 months < 18 months 6.85 7.35
18 months < 2 years 6.25 6.75
2 years < 30 months 6.25 6.75
30 months < 3 years 6.25 6.75
3 years < 5 years 6.25 6.75
5 years to 10 years 6.25 6.75

Note: the above rates are applicable with effect from 10th Oct 2017 and are subject to change without any prior notice.
 

Types of Fixed Deposit

The Axis Bank offers various fixed deposit schemes like a regular fixed deposit or a tax saving fixed deposit, recurring deposit or a fixed deposit account for those looking to invest higher amounts thereby earning higher interest rates.
 

Axis Bank Fixed Deposit

It is simple deposit scheme which can be opened with a minimum investment of Rs.10, 000. The various features are:

Axis FD Rates

  • Under the reinvestment deposits, the interest is accrued quarterly on the principal. The minimum deposit term is 6 months.
  • The facility of Automatic Rollover can also be selected by the customer on the Account Opening Form (AOD) where there are 2 options of:
     
  • the principal amount is reinvested and the accrued interest is paid into the accountholder’s account
  • the interest and the principal are reinvested on maturity for the tenure and interest same as on the date of opening
     
  • The customer may choose to receive the interest as when they accrue instead of reinvesting the same for the next quarter
  • On pre-mature withdrawals, the applicable interest rate is 1%  

Axis Bank Tax Saver Fixed Deposit

A 5 year fixed deposit scheme designed to save tax under Section 80C of the Income Tax Act. The features of the scheme are as follows:
 

  • The deposit is for a fixed term of 5 years and cannot be prematurely withdrawn or pledged against a loan
  • The amount of investment ranges from Rs.100 to a maximum of Rs.1.5 lakhs
  • The bank will issue a fixed deposit receipt on which tax exemption can be claimed
  • There are 2 types of scheme – TDGRI (Reinvestment scheme) and TDGQI (Quarterly interest scheme)
  • There are 2 types of deposits – one provides compounding of interest and the other one provides payout of the interest accrued
  • The fixed deposits held with the bank will be subject to TDS which is calculated as per a pre-defined method
  • In case of opening the deposit with a Joint holder, a declaration signed by all the holders is required to be submitted in case of unfortunate death of one of the holders in which case the bank would pay the maturity proceeds prematurely to the survivor.
  • Axis Bank FD rates are offered with special concessions to senior citizens and existing staff members of the bank.

Axis Bank High Value Fixed Deposit

A fixed deposit account yielding higher interest rates than a normal deposit account. The following are its features and benefits:
 

  • The scheme is available to retail and corporate customers who can invest a minimum amount of Rs.15 lakhs to earn a higher interest rate
  • Flexible deposit term ranging between 1 year to 2 years
  • Options between Simple Interest or Compound Interest for the purpose of interest calculation
  • The types of deposits under the scheme are short term deposit, reinvestment deposit, monthly and quarterly payout deposit
  • In case of unfortunate death of one of the accountholders of the joint account, the bank would pay the maturity proceeds prematurely to the survivor

Axis Bank Recurring Deposit

An account to facilitate regular savings where a small amount can be invested every month for a pre-determined term. The features and benefits are:
 

  • The minimum amount of monthly deposit is Rs.1000 and thereafter in multiples of Rs.500
  • The minimum term of deposit is for 12 months and thereafter in up to 10 years
  • The amount of installment once fixed does not change
  • In case of premature encashment, the applicable interest rate will be 1% less than the prevailing Axis Bank RD interest rate or contracted rate, whichever is lower.
  • In case of unfortunate death of any one of the account holders of the joint account, the bank would pay the maturity proceeds prematurely to the survivor

Axis Bank Encash 24 Flexi Deposit

It is a dual benefit scheme which provides liquidity and earns high interest on the Fixed Deposit account. Below are the detailed features of the product:
 

  • The Encash 24 Flexi Deposit is a dual benefit scheme which provides liquidity and earns interest at a rate higher than the prevailing Axis Bank FD Rates.
  • The tenure of the fixed deposit account can be chosen for a minimum of 6 months to a maximum of 5 years.
  • The money in the Fixed Deposit account is easily accessible and can be withdrawn by issuing a cheque or through ATMs.
  • The money which is reverse swept earns the Fixed Deposit interest rate for the term till it was held in the deposit account and the remaining amount earns the contracted interest rate.
  • In case of premature encashment, the applicable interest rate is 1% less than the prevailing card rate or contracted rate whichever is lower for a period for which the deposit was made with the bank.

Tax Deductions under the Re-investment Scheme

If the interest payable per year exceeds Rs.10, 000, TDS will be deducted and the relevant TDS Certificate will be sent to the customer showing the details of the Tax deducted.
 

Documents Required for Axis Bank Fixed Deposit

The following Documents are required for opening a Fixed Deposit Account
 

An individual, HUF, Sole Proprietorship concern

  • A valid Passport or a valid Driving License
  • Last 6 months bank statement
  • Passport size photograph

Trusts

  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account

Associations / Clubs

  • By-Laws of the Association
  • Copy of the Resolution by the board authorizing the members concerned to open and operate the account
  • Passport size photographs

Partnership Firm

  • Partnership Deed
  • Letter from partners approving the persons concerned to open and operate the account
  • Passport size photographs

Fixed Deposit Maturity Amount Calculation

It is always advisable to find out the fixed deposit maturity amount using the FD calculator before investing in any scheme. You can calculate it easily by entering the amount you wish to invest and the tenure, the prevailing Axis Bank FD Rate will be prefilled. As most of the Axis bank FD schemes provide the option of choosing between simple interest and compound interest for the depositor, people should calculate the maturity amount using the compound interest calculator and compare the benefits that they can get from a particular scheme.

Axis Bank Fixed Deposit
(4.8/5 ) 5 Reviews
Fixed DepositFixed Deposit
5/5

Excellent Tax saving option

I opened a tax saving FD of Rs 1 lakh for 5 years at 7.25% p.a. interest rate. The interest rate is almost double of what is offered on my salary account. I will also be able to save 1 lakh on my taxable income while paying income tax. It is an excel..Read more...

Male Profile Pic
Posted on: Aug 24 , 2017
Fixed DepositFixed Deposit
5/5

Good scheme for senior citizens

I opened a FD scheme of Rs 2 lakhs for duration of 3 years for my father recently. The bank offered high interest rate of 8% on senior citizen scheme. It is more than the rate offered by the bank where I have my salary account. It was easy to add mys..Read more...

Male Profile Pic
Posted on: Aug 23 , 2017
Fixed DepositFixed Deposit
5/5

Low Penalty Premature withdrawal

I had invested in 5 year FD scheme and more than half tenure had completed. But I needed money so I had to break my FD. But the bank did not charge high fees. It levied very low penalty on my premature withdrawal. The disbursement of money was also v..Read more...

Male Profile Pic
Posted on: Aug 22 , 2017
Fixed DepositFixed Deposit
5/5

Opened FD online

I opened FD online through netbanking. It was very easy to open FD as I already have Axis Bank saving account. I got the option to choose the tenure and amount to be invested. It also showed me beforehand the maturity amount I will get after the comp..Read more...

Male Profile Pic
Posted on: Aug 21 , 2017
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