Updated 14 Dec 2023
India's well-known private sector bank, Axis Bank, provides a variety of Fixed Deposits (FDs) that can be tailored to the financial objectives of its sizable customer base. Axis Banks FDs are a well-liked option among investors since they combine profits with safety and are recognised for their consistency and stability in the banking sector.
These fixed-rate deposits have adjustable interest payment options and tenures tailored to investors' liquidity needs and time horizons. In this blog post, we'll delve into the specifics of Axis Bank Fixed Deposits, emphasising their benefits, features, and what makes them stand out above other investing options.
Regular FD
The interest rates for this scheme range from 3.50% to 7.00% for the general public and 3.50% to 7.75% for senior citizens.
Digital FD
The interest rates for this scheme range from 3.50% to 7.00% for the general public and 3.50% to 7.75% for senior citizens.
Tax saving FD
Fixed Deposit Plus
The interest rate for this ranges from 5.50% to 7.40%.
Auto Fixed Deposit
The interest rates for this scheme range from 3.50% to 7.00% for the general public and 3.50% to 7.75% for senior citizens.
One can start a fixed deposit with a minimum amount of Rs. 5,000. (if it's booked from internet banking or a mobile app, the minimum amount is Rs. 10,000/-). There isn't any maximum limit for the fixed deposit amount.
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
For Identity Proof and Signature Proof
For Address Proof
If you already hold a Savings or Current Account with Axis, a Fixed Deposit can be opened using the below procedure.
Using Axis Bank Mobile Application (App)
Using Axis Bank Internet banking website
Through Internet Banking
Axis Mobile App
By Visiting an Axis Bank Branch
Head to any Axis Bank branch, provide a photo ID and give them a signed Fixed Deposit Advice to close your FD account.
Scheduled FD (Post Maturity) Through the Axis Bank Mobile Application:
Using Axis Bank Internet Banking:
Is having an Axis Bank saving bank account important to open a digital FD?
No, you can also use another bank saving account to open Axis Bank digital FD.
What are the features of tax saver FD?
Tax-saver fixed deposits offer tax exemption of up to Rs. 1.5 lakh under Section 80C on the deposited amount. The exemption is allowed only on the initial deposit amount and not every year on the same deposit. The FD has a tenure of five years and cannot be withdrawn before maturity. Joint holding is permitted, but only the first holder can claim tax exemption.
Is an overdraft facility available in FD?
You can get an overdraft facility against your FD, which is available for the remaining tenure of the FD. The amount is usually 85% of the FD amount, with a minimum of Rs. 25,000. Interest rates are competitive, and interest is charged only on the amount utilised.
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