Axis Bank Announces Zero Penalty on Premature Closure

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Axis Bank Announces Zero Penalty on Premature Closure

In the very first offer for retail customers, Axis Bank has made an announcement to compromise the fine on premature to all new retail term deposits which are registered after 15 December 2020 for a period of 2 years and more. 

The main aim of the customer-friendly feature is to grab and encourage retail customers to go for long-term investments and worry about the sudden need for liquidity. The newest feature will be applicable to new fixed deposits and recurring deposits. With the new deposits booked for 2 years, it is anticipated that there will be no premature penalty only if the deposit is withdrawn post in 15 months of period. 

Praveen Bhatt, EVP Retail Liabilities and Direct Banking Products of Axis clear a statement that defines the behavior and mission of Axis Bank in the near future. The committee concludes that they are constantly taking efforts in introducing new and amusing features to meet the improved changing needs of the customer. They are waiving the penalty on term deposits that are closed after 15 months. The new feature with sole objective has been introduced with flexibility and convenience along with improved book quality. 

The new feature also represents the offerings of providing zero penalties on the first withdrawal up to 25 percent of the term deposit on the principal amount. Axis Bank offers attractive interest rates and multiple options such as monthly or quarterly pay-out of interest on its fixed and recurring deposits. 

Axis Bank is believed to be one of the powerful banks with an improved banking system and vast spread over the country. It provides an interest rate that measures from 2.5% to 5.50% on deposits that mature in 7 days. Moreover, the period lasts for 10 years to the general public and 2.5% to 6.06% to senior citizens on these FDs. 

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