Axis Bank is India’s third-largest private bank, providing different financial services to individuals, businesses and SMEs. The vision of Axis Bank is to be an excellent financial service provider by using technology and unique insight. The fixed deposit service provided by Axis Bank is a convenient way to invest your money and grow your savings over a certain period. Axis Bank FD rates 2024 are competitive and attractive when compared to the rates of other banks in India.
Read this article to explore more about Axis Bank FD and its interest rates, types, eligibility criteria, features and benefits.
| Minimum Deposit | ₹5000 – if booked using Axis Bank mobile app or Internet banking₹10,000 – if booked by visiting a bank branch |
| Maximum Deposit | No specific limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.50% – 8.05% |
| Lock-in Period | Between 30 days to 10 years (for fixed deposits that do not allow premature withdrawal) |
| Senior Citizen | 3.50% – 7.25% (for deposits under ₹5 crores)5.00% – 7.30% (for deposits more than ₹5 crores) |
| General Citizen | 3.50% – 7.25% (for deposit under ₹5 crores)5.00% – 7.30% (for deposits more than ₹5 crores) |
Axis Bank FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of Axis Bank FD Interest Rate
Here is a list of benefits and features associated with Axis Bank’s fixed deposit rates. You can book an FD account with them if these align with your investment objective:
- The minimum amount you can invest in an Axis Bank FD is only ₹5,000, but while using Internet banking or a mobile bank application service.
- If you book your FD by visiting the bank’s branch, the minimum deposit amount increases to ₹10,000.
- If you are an existing customer of Axis Bank, you can easily book your FD using the Internet banking process or mobile application, which only takes a few minutes.
- The minimum period is 7 days and goes up to 10 years. So, choosing the tenure as per your financial goals is easy and flexible.
- The Axis Bank FD interest rates mainly depend on the tenure of the FD you book. The FD rate starts from 3% and goes up to 8.05%, based on the type of FD and the age of the depositor.
- You can earn more interest on your FD account with the reinvestment deposit option. Here, the interest earned gets accrued every quarter, along with the principal amount.
- The deduction of TDS on the interest earned on your FD is made as per the total projected interest of the aggregate deposit for a specific financial year.
- There are multiple options for FD schemes; you can choose from them per your preference and financial plans.
How to Book Axis Bank FD?
Booking an FD with Axis Bank is easy as the bank gives you different options. Let us take a closer look at the steps you need to follow to book a fixed deposit account.
Online
You can book an FD account with Axis Bank online in two ways. They are as follows:
1. Internet Banking
The steps to follow for FD account opening by using the Internet banking method are:
- Step 1: Visit the official website of Axis Bank and log in to Internet banking using your credentials.
- Step 2: Select the ‘Deposit’ option.
- Step 3: Click the option ‘Create Fixed Deposit’.
- Step 4: You will get the option to fill out your details here. Fill it appropriately along with the details of the nominee.
- Step 5: Post confirmation, your specified amount will be deducted from your Axis Bank savings account, and the FD account will be immediately booked. An online receipt for the booked fixed deposit will be emailed to you.
- Step 6: After your FD account is created, ‘Fixed Deposit Advice’ mail will be sent to your registered e-mail ID (if you have registered yourself for e-statement).
2. Mobile Banking
Here are the steps you can follow while using the mobile application to book your Axis Bank FD.
- Step 1: Log in to the Axis Bank mobile app by using your login credentials.
- Step 2: Navigate to the ‘Deposit’ option and click on it. Once redirected, click on the ‘Open FD’ option.
- Step 3: Fill in all the required details with information about the nominee.
- Step 4: After confirmation, the specified amount will be deducted from your Axis Bank savings account, and the FD account will be opened immediately. An online receipt for the booked fixed deposit will be emailed to you.
- Step 5: Post the creation of your FD account, the ‘Fixed Deposit Advice’ will be delivered to your registered e-mail ID (if you are registered for e-statement).
Offline
- Step 1: Visit the nearest branch of Axis Bank.
- Step 2: The bank employees will provide the application form and explain the process.
- Step 3: Fill in all the details in the form and submit it along with the required documents and deposit funds.
As soon as the verification process is completed, you will receive an alert from the bank and your FD receipt.
Documents Required to Book Axis Bank FD
You must submit the documents while applying for a fixed deposit account with Axis Bank.
- For Individuals, Sole Proprietorship, Hindu Undivided Families (HUF) – A valid driving licence or passport, one photograph, an introduction by another bank or Axis Bank savings account holder for the last six months.
- For Clubs/Associations – Bye-laws of the club or association, photographs of all members operating the account, copy of the Board Resolution authorising the concerned members to book and operate the FD account.
- For Trusts – Copy of the Registration Certificate, copy of Trust Deed, photographs of all the members operating the account, and copy of the Resolution of Trustees authorising the concerned members to book and operate the FD account.
- For Partnership Firms – Partnership Deed, photographs of the individuals operating the FD account, letter from partners approving the concerned individual to open as well as operate the FD.
Eligibility to Open Axis Bank FD
The eligibility criteria for booking a fixed deposit account with Axis Bank are below.
- Type of Applicant: Residents, Sole proprietorship firms, Hindu Undivided Families (HUFs), Limited companies, Partnership firms, and Trust accounts.
- Age of Applicant: Has to be 18 years or more. Minors can book FD jointly with an adult.
Types of Axis Bank FD Schemes
Axis Bank provides its customers with a number of schemes that they can choose to book the FD as per their financial suitability and future goals. The Axis Bank fixed deposit interest rate differs for each type since the tenures of the schemes are different.
Let us delve deeper into the types of FD schemes provided by Axis Bank.
1. Regular Fixed Deposits
It is a secure option of investment for individuals, offering guaranteed returns. The Axis Bank FD rates are higher than the interest rates on savings accounts, making it a suitable option to save and grow your money.
- Minimum Deposit: ₹5000 (only when booked using Axis Bank mobile app and Net Banking) or ₹10,000 (for booking using FD offline method)
- Maximum Deposit: No maximum limit
- Tenure: 7 Days to 10 Years
- Interest Rate: 3.50% to 7.30%
- Eligibility Criteria: Indian resident
Tax-Saver Fixed Deposits
In this scheme, you can save your hard-earned money for the future as well as enjoy tax benefits. Using this scheme, you can claim a tax deduction of ₹1.5 lakhs on the interest income as per Section 80C. However, the lock-in period on the principal amount is 5 years.
- Minimum Deposit: ₹100
- Maximum Deposit: ₹1,50,000
- Tenure: 5 Years
- Interest Rate: 7.00% – 7.75%
- Eligibility Criteria: Indian residents and Hindu Undivided Families (HUF)
3. Digital Fixed Deposits
It is a type of fixed deposit scheme of Axis Bank that can be opened with online KYC and doesn’t require any physical documentation. The process is entirely digital and can be completed in 7 minutes upon successful completion of the video KYC process.
- Minimum Deposit: ₹5000
- Maximum Deposit: No maximum limit
- Tenure: 7 Days to 10 Years
- Interest Rate: 3.50% to 7.30%
- Eligibility Criteria: Resident of India
4. Senior Citizen Fixed Deposits
Axis Bank provides senior citizens (individuals above the age of 60 years) with the benefit of a higher interest rate while opening an FD account. However, the higher Axis Bank FD rates do not apply to Non-Resident Indians (NRIs). The rate for NRI senior citizens is the same as regular fixed deposit rates.
- Minimum Deposit: ₹5000
- Maximum Deposit: No maximum limit
- Tenure: 7 Days to 10 Years
- Interest Rate: 3.50% to 8.05%
- Eligibility Criteria: Indian residents above 60 years of age
5. Fixed Deposit Plus
You can earn higher interest with this FD than the regular FD account. However, the minimum amount you have to deposit is ₹2 crores. The bank also allows you to choose how you want the interest to be calculated, that is, on a simple or compounded interest basis.
- Minimum Deposit: ₹2 crores
- Maximum Deposit: No maximum limit
- Tenure: 30 days to 10 years
- Interest Rate: 5.50% to 7.40%
- Eligibility Criteria: Resident Indians/ HUFs/ Trusts/ Partnership Firms/ Limited Companies/ Sole Proprietorship Firms
6. Auto Fixed Deposits
Here, Axis Bank links your savings account with the FD account to help you enjoy the flexibility of a savings account as well as high returns on fixed deposits. Your money gets transferred automatically from the savings account to FD when your balance exceeds the limit in this scheme.
- Minimum Deposit: ₹5000 (applicable only when the balance of savings accounts exceeds ₹25,000)
- Maximum Deposit: No maximum limit
- Tenure: 6 Months to 5 Years
- Interest Rate: 5.75% to 7.25%
- Eligibility Criteria: You have to be an existing Savings Account holder with Axis Bank
7. NRE Rupee Deposit
Axis Bank also provides FD options for NRIs. This fixed deposit scheme helps you get high interest during your desired tenure with hassle-free repatriability. The interest earned here is tax-free in India, and an overdraft facility of 85% is also available.
- Minimum Deposit: No data found
- Maximum Deposit: No maximum limit
- Tenure: 1 year to 10 years
- Interest Rate: 6.75% – 7.40%
- Eligibility Criteria: Non-Resident Indian (NRI)/ Overseas Citizen of India (OCI)/ Person of Indian Origin (PIO)
8. NRO Rupee Deposit
The NRO Rupee Deposit scheme of Axis Bank involves an automatic renewal of the principal amount as well as the interest on maturity. NRO account funds can be repatriated up to $1 million every financial year for bona fide purposes.
- Minimum Deposit: No data found.
- Maximum Deposit: ₹5 crores
- Tenure: 7 days to 10 years
- Interest Rate: 3.50% – 7.25%
- Eligibility Criteria: NRI/ OCI/ PIO
9. Foreign Currency Non-Resident Deposit
With this FD scheme, you get guaranteed returns on the booked deposit. You can get the option to choose from various permissible credits. However, interest in such deposits is calculated at the rate applicable and not with a compounding effect.
- Minimum Deposit: No data found
- Maximum Deposit: No maximum limit
- Tenure: 1 year to 5 years
- Interest Rate: 4.10% – 5.60%
- Eligibility Criteria: NRI/ OCI/ PIO
10. NRI-Pro Rupee Deposit
This Axis Bank FD scheme allows you to lock in the conversion rate to earn higher INR. No capital risk is involved here due to the investment being made in a fixed deposit. Also, the interest earned is non-taxable in India.
- Minimum Deposit: USD 10,000 or equivalent
- Maximum Deposit: No maximum limit
- Tenure: 3 years to 5 years
- Interest Rate: 5.00% – 7.00%
- Eligibility Criteria: NRI/ OCI/ PIO
11. NRI-Pro Foreign Currency Deposit
Axis Bank offers NRIs the opportunity to invest in NRE deposits that are designed to earn high returns on foreign currency. With this FD scheme, you can deposit your money in foreign currency and avoid the risk of exchange rate fluctuations.
- Minimum Deposit: ₹5 lakh
- Maximum Deposit: No maximum limit
- Tenure: 3 months to 5 years
- Interest Rate: No data found
- Eligibility Criteria: NRI/ OCI/ PIO
12. Resident Foreign Currency Deposit
NRIs who are planning to return to India to reside continuously for more than one year can apply for this deposit scheme. Any foreign currency is permitted in this type of deposit. You can withdraw from the account whenever you need.
- Minimum Deposit: No data found
- Maximum Deposit: No maximum limit
- Tenure: 30 days to 5 years
- Interest Rate: 0.15% – 5.60%
- Eligibility Criteria: NRI/ OCI/ PIO
13. NRI Fixed Deposit Plus
To invest in this FD scheme, you need to have an idea of the period you want the money to be invested for, as you cannot withdraw your investment before maturity. You can also select the interest calculator method – compound and simple interest.
- Minimum Deposit: ₹2 crores
- Maximum Deposit: No maximum limit
- Tenure: 1 year to 10 years
- Interest Rate: 7.20% – 7.45%
- Eligibility Criteria: NRI/ OCI/ PIO
Whenever you select an FD scheme, you must check all the criteria and features of the deposit to achieve your financial goals. Now that you know all the types, benefits, eligibility criteria and documents required, booking Axis Bank FD with the latest interest rates will help you save and grow your hard-earned money for a specific period.
FAQs
Yes, you can invest in the ‘Tax Saver Fixed Deposit’ scheme of Axis Bank, where interest income of up to ₹1.5 lakh can be claimed as a tax deduction under Section 80C of the Income Tax Act.
For a 5-year Axis Bank tax-saving FD account, you get 7.00% and 7.75% interest rates for general and senior citizens, respectively.
To get a high interest rate on your FD account, you must book the FD for a tenure of 13 months to less than 30 months.
7.10% is the interest rate applicable for a general citizen for an FD tenure of 2 years with Axis Bank.
No, the age of the depositor, the type of FD scheme chosen and the amount you want to deposit for the FD are also the factors on which Axis Bank’s latest FD rates depend.
You can withdraw money from your fixed deposits before the completion of maturity at a penalty charge of 1.00%. However, no penalty is charged for partial withdrawal of the investment of up to 25%.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
