Axis Bank Fixed Deposit Interest Rates
Axis bank presents its clients with various Fixed Deposit choices to park their surplus gains for a fixed duration and enjoy ample returns. The depositor is expected to submit the amount once at the time of opening the bank account. The bank will ensure the money for the duration opted for, and it will offer interest subsequently. The customer cannot deposit further funds during the tenure, and he/she can retrieve no funds either.
Axis Bank Fixed Deposit Features
Axis Bank FDs are the most suitable investment prospect available for depositors studying to invest in a fixed revenue tool and earn higher returns than a savings account. Some key features of Axis Bank Fixed Deposit are:
- Deposit Amount: Axis Bank FD can be initiated with a low sum of ₹ 5,000 to up to No Limit.
- Interest Rate Range: 2.50% – 5.50% p.a.
- Senior Citizens FD Rate: 3.00% to 6.25% p.a.
- FD Tenure: Varies between 7 days to 10 years.
- Highest Interest Rate: Axis Bank’s highest interest rate on FD is 5.50%, offered for 10 years.
- Loan against FD: Axis Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
- Safety of Axis Bank Deposits: Axis Bank deposits are covered under the Deposit Insurance Scheme of RBI, in which DICGC insures up to ₹ 5 lakh of all deposits of a depositor.
- Auto-Renewal Facility: Available
- Nomination Facility: Available
- Popular FD Schemes: Regular FD, Axis Bank 5 Year Tax Saving FD, Foreign Currency Non-Resident (FCNR) Fixed deposit, Non-withdrawable Deposits, Overdraft against FD.
Axis Bank Fixed Deposit Interest Rates
| Tenure | FD Interest Rates for General Citizens | FD Interest Rates for Senior Citizens |
| 7 days – 14 days | 2.50% | 3.00% |
| 15 days – 29 days | 2.50% | 3.00% |
| 30 days – 90 days | 3.00% | 3.50% |
| 91 days – 6 months | 3.50% | 4.00% |
| 181 days – 364 days | 4.40% | 4.90% |
| 1 year | 4.90% | 5.40% |
| 1 year 1 day – 2 years | 5.00% | 5.50% |
| 2 years 1 day – 3 years | 5.15% | 5.65% |
| 3 years 1 day – 5 years 731 days | 5.30% | 5.80% |
| 5 years 1 day – 10 years 9 days | 5.50% | 6.25% |
Types of Axis Bank Fixed Deposit Schemes
- Regular fixed deposit
- Dream Deposits
- 5-Year Tax Saving Fixed Deposit
- Overdraft Against Fixed Deposits
- Axis Bank NRI Fixed Deposit
Regular Fixed Deposits
- This plan enables the depositor to preserve money by depositing it into the FD account and receiving assured interest on it over a certain period.
- A nomination facility is free.
- Sweep in and super saver facility available.
- Attractive interest rates
- Up to 90% loan facility is open on your deposit.
Dream Deposits
- Axis Bank’s Dream Deposit plan presents you with the compliance to set aside a part of your payroll to accomplish your goals by having interests on par with the bank’s FDs.
- The bank does not impose a penalty on breaking the account or skipping the monthly payment.
- If you are an existing consumer, you can open this deposit by net banking; if you don’t have a bank account, you can call customer care or visit the bank to start an account.
5-Year Tax Saving Fixed Deposit
- As the name implies, this deposit is only meant for tax gains, and you can preserve the tax under Section 80C of the IT Act.
- In the case of joint accounts, only the first holder is qualified for tax advantages under 80C.
- A nomination feature is available.
- Interest on deposit is compounded every 3 months.
- The payout can be monthly as well as quarterly.
- The user can open it via net banking.
Overdraft Against Fixed Deposits
- This feature offers you the advantage of 2 accounts working simultaneously.
- You can choose either a current account or a savings account to link with your FD account.
- The benefits of the overdraft facility are presented to aid your business or household needs.
- The interest is valid only on the withdrawn sum, while the remaining FD continues to earn the interest.
Axis Bank Fixed Deposit for NRIs
- Axis Bank provides numerous kinds of FDs to choose from.
- The least deposit amount needed to start a new account is Rs. 25000, while it is Rs. 10,000 for add-ons.
- The tenure can be between 1 to 10 years.
- The interest obtained is omitted from Income Tax in India.
Documents required to open an Axis Bank Fixed Deposit Account
Mandatory Proofs:
- Recent passport-size photograph
- KYC (Know-Your-Customer) documents
Individual and Company Proofs:
- Aadhaar card
- PAN Card
- Passport
- Voter’s ID
- Driving License
Partnership Proofs:
- Incorporating certificate
- Authorized signatories ID proofs
- Partnership Deed
- Authorized signatories’ signatures
For Hindu Undivided Families (HUFs):
- Self-attested PAN card.
- HUF declaration deed.
- HUF’s bank statement.
Axis Bank Fixed Deposit Rates – Premature Withdrawal
Premature conclusion of Term Deposit with Axis Bank is along with the lower interest rate of 1% than the negotiated rate. The corrective procurements for premature conclusion on Axis Bank FD are subject to revision from time to time and may also fluctuate with deposit plans.
Loan against Fixed Deposit Axis Bank
Axis Bank extends loans up to 90% upon its own deposit. Note that Axis Bank will not give you a loan against FD of any other bank. Axis Bank offers Loans against FD at a rate of 3.5% to 6.5%.
Illustration – Mr Akhil has started an FD of ₹ 1,00,000 for 2 years in Axis Bank. He later opted to take a loan against his FD. The bank has allowed a balance limit of 90% against his FD at an interest rate of 10%. If the borrower draws ₹ 90,000 on the 1st day of the month and then returns the money on the 1st of next month, he is deemed to pay the interest on ₹ 90,000 withdrawn for that month only. The sum he returns after 1 month is ₹ 90,744. So, the interest imposed on the loan exercised is ₹ 744.
Calculation of Axis Bank Fixed Deposit Interest Rates
The interest obtained on your FD account is influenced by a lot of determinants, like, the amount, the interest offered, interest calculation incidence, tenure, and taxation. One can manage the Axis Bank FD Calculator to compute the interest on their FD account upon maturity. You need to submit basic information about your FD, like interest and tenure.
Opening Process for Axis Bank Fixed Deposit Account
To start an FD account in Axis Bank, you can:
- Visit the official website.
- Login to your current account or register for a new one.
- Choose the FD icon from the menu, select the FD Type you want to start, and proceed further.
- You have to enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
- You have to select the tenure and interest payout recurrence.
- Click on Submit to open the Axis Bank FD after agreeing to the terms and conditions.
Nomination Facility on Axis Bank Fixed Deposit
Axis Bank provides a nomination facility on FD to demand the amount if the depositor dies. An individual, single or joint account holder can designate a nominee. Only 1 person can be designated as the candidate. You can enter nominee info while starting an Axis Bank FD account. The nominee has to present his/her ID proof at the time of application.
Tax Benefits on Axis Bank Fixed Deposit
Axis Bank grants a Tax Saver Fixed Deposit plan so that the depositor can obtain attractive interest rates and receive benefits under Section 80C of the IT Act,1961. After making an initial investment of Rs. 100 up to Rs. 1.5 lakh, you can decide to reinvest the interest obtained or get a quarterly or monthly payout. The account arrives with a minimum lock-in term of 5 years.
To know more about the Axis Bank Fixed Deposit Interest Rates and details about FD accounts at other banks, please visit Dialabank.
Axis Bank News Snippets
Axis Bank collaborates with WhatsApp to provide banking services to customers at any time.
Starting March 3, Axis Bank customers will now be able to access standard banking services via messaging service WhatsApp at any time, including national/banking holidays.
“The service will be provided to both customers and non-customers of the bank; it is absolutely secure, as it works on a protected end-to-end encrypted messaging channel,” officials said in a statement.
Axis Bank to list home loans of credit card defaulters as non-performing loans: Report.
Axis bank is making adjustments from its earnings, but operations may not be initiated due to the SC order, which has stayed NPAs during the pandemic.
NPLs, from the banks’ viewpoint, means a hit on income as it will have to provision for the loan while interest payment acquired on loan will no longer be paid.
Axis Bank Fixed Deposit Interest Rates – FAQs
✅ What are the tenure options available for Axis Bank Fixed Deposit?
Axis Bank provides FD with tenures ranging from 7 days to 10 years. You can choose any one among them.
✅ What is the minimum deposit amount needed to open an FD account with Axis Bank?
The minimum deposit amount is Rs. 10000 if opened by visiting any Axis Bank branch and Rs. 5000, if opened through net banking or app.
✅ 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 10% if PAN is provided and 20% if not.
✅ Can I add the amount to my Axis Bank FD account?
No, you can only add money at the time of opening the account.
✅ What are the documents needed to start an FD account with Axis Bank?
You need to provide 2 photographs, a driving license or a passport to open an Axis Bank Fixed Deposit account.
