As the third-largest private bank in India, Axis Bank offers a wide range of financial services to all citizens, including senior citizens. The Axis Bank Senior Citizen FD is designed for individuals above 60 years to help them effectively invest and increase their savings within a specified timeframe. In this blog, you will learn more about Axis Bank Senior Citizen FD rates, the features and benefits of this scheme and other relevant details.
Axis Bank Senior Citizen FD Rates 2023
The following table highlights the prevailing Axis Bank FD interest rates in 2023 for senior citizens with deposits below ₹2 crores.
|Tenure||Interest Rate for Deposits below ₹2 crores|
|7 to 14 days||3.50%|
|15 to 29 days||3.50%|
|30 to 45 days||4.00%|
|46 to 60 days||4.75%|
|61 to less than 3 months||5.00%|
|3 months to less than 4 months||5.25%|
|4 months to less than 5 months||5.25%|
|5 months to less than 6 months||5.25%|
|6 months to less than 7 months||6.25%|
|7 months to less than 8 months||6.25%|
|8 months to less than 9 months||6.25%|
|9 months to less than 10 months||6.50%|
|10 months to less than 11 months||6.50%|
|11 months to 11 months 24 days||6.50%|
|11 months 25 days to less than 1 year||6.50%|
|1 year to 1 year 4 days||7.20%|
|1 year 5 days to 1 year 10 days||7.20%|
|1 year 11 days to 1 year 24 days||7.20%|
|1 year 25 days to less than 13 months||7.20%|
|13 months to less than 14 months||7.20%|
|14 months to less than 15 months||7.20%|
|15 months to less than 16 months||7.60%|
|16 months to less than 17 months||7.60%|
|17 months to less than 18 months||7.60%|
|18 months to less than 2 years||7.60%|
|2 years to less than 30 months||7.60%|
|30 months to less than 3 years||7.60%|
|3 years to less than 5 years||7.60%|
|5 years to 10 years||7.75%|
Here is a list of Axis Bank senior citizen FD rates you can avail by depositing a principal amount of more than ₹2 crores.
|Tenure||Interest Rate for Deposits above ₹2 crores|
|7 to 14 days||5.30%|
|15 to 29 days||5.50%|
|30 to 45 days||6.00%|
|46 to 60 days||6.25%|
|61 to less than 3 months||6.50%|
|3 months to less than 4 months||7.00%|
|4 months to less than 5 months||7.00%|
|5 months to less than 6 months||7.00%|
|6 months to less than 7 months||7.15%|
|7 months to less than 8 months||7.15%|
|8 months to less than 9 months||7.15%|
|9 months to less than 10 months||7.25%|
|10 months to less than 11 months||7.25%|
|11 months to 11 months 24 days||7.25%|
|11 months 25 days to less than 1 year||5.50%|
|1 year to 1 year 4 days||7.20%|
|1 year 5 days to 1 year 10 days||7.75%|
|1 year 11 days to 1 year 24 days||7.75%|
|1 year 25 days to less than 13 months||7.75%|
|13 months to less than 14 months||7.75%|
|14 months to less than 15 months||7.75%|
|15 months to less than 16 months||7.55%|
|16 months to less than 17 months||7.55%|
|17 months to less than 18 months||7.55%|
|18 months to less than 2 years||7.55%|
|2 years to less than 30 months||7.50%|
|30 months to less than 3 years||7.50%|
|3 years to less than 5 years||7.50%|
|5 years to 10 years||7.75%|
Features & Benefits of Axis Bank Senior Citizen FD Rates
Here are some of the vital features and benefits of Axis FD rates for senior citizens in 2023.
- You have the flexibility to select the duration of your FD, ranging from 7 days to 10 years.
- Depositors can avail of overdraft or loan facilities by investing in Axis Bank Senior Citizen FD.
- Under the Senior Citizen FD, individuals can get 0.75% more interest rates rather than regular ones.
- Senior citizens below the taxable limit, i.e. with annual income less than ₹2.5 lakh, can avoid TDS through this FD investment.
How to Book Senior Citizen FD from the Axis Bank?
The following are the ways of booking a fixed deposit account from Axis Bank to avail of Axis Senior Citizen FD rates.
You can book an Axis Senior Citizen FD online through the Internet banking portal or mobile app.
1. Internet Banking
The steps to follow for FD account opening by using the Internet banking method are:
- Step 1: Visit the official portal of Axis Bank and log in by providing your credentials.
- Step 2: Click ‘Create Fixed Deposit’ under the deposit option.
- Step 3: Provide all the details like the type of FD scheme, tenure and your deposit amount.
- Step 4: Once confirmed, the bank will deduct the specified amount from your savings account, and your Senior Citizen FD will be booked.
After completing the above steps, you will receive an online receipt for the booked fixed deposit on your email ID.
2. Mobile Banking App
Follow the stepwise process given below to avail of Axis Bank Sr. Citizen FD rates through the bank’s mobile application.
- Step 1: Download the Axis Mobile Banking App on your device and log in.
- Step 2: Click on the ‘Deposit’ option, then select ‘Open FD.’
- Step 3: Provide all the necessary nominee details.
- Step 4: After confirmation, your amount will be deducted from the Axis Bank savings account, and the FD account will be opened immediately.
Upon successful completion, Axis Bank will issue and send you a fixed deposit receipt.
The following are the steps you need to perform to avail of Axis Bank senior citizen FD rates
- Step 1: Visit the nearest Axis Bank branch with the required documents.
- Step 2: Fill out the application and attach the documents.
- Step 3: Submit the form.
- Step 4: Deposit the principal amount you want to invest in the Senior Citizen FD scheme.
Once your application is processed, the bank will provide you with an FD receipt.
Documents Required to Open Axis Bank Senior Citizen FD
Here are the documents required to open Axis Bank Senior Citizen FD:
- The filled-up application form for Axis Bank Senior Citizen FD.
- Identity proof – Aadhaar card, Voter ID card, driver’s license, etc.
- Address proof – Aadhaar card, PAN card, Voter ID card, passport, utility bills etc.
- Age proof – birth certificate, school passing/graduation certificate.
- Senior Citizen ID Card
- Bank statement with a cheque.
- 4 passport-size photographs.
Eligibility to Open Axis Bank Senior Citizen FD
Before opening an Axis Bank Senior Citizen FD, an individual must fulfil the following eligibility criteria:
- The applicant’s minimum age must be 60 years.
- An individual has to be a resident of India.
Now that you have a clear idea of Axis Bank Senior Citizen FD rates, it is important to note that interest rates on FD are subject to change. Therefore, before investing your money in any FD, kindly verify with a bank representative regarding interest rates, tenures or any other terms and conditions.