Fixed deposit

Introduction

With a customer base of millions, Axis Bank is the third-largest private sector bank in the country, offering financial services including deposits, loans, mutual funds, and more. The company achieved consistent growth and a CAGR of 15% in deposits over five years from 2016-17 to 2021-22. The company recently made headlines for raising interest rates on its domestic fixed deposits. 

In this article, we will look into the Axis bank Fd features, types, changes in domestic and senior citizen FD rates, and more in-depth.

Axis Bank fixed deposit features

  • Eligibility
  • Following is a list of individuals eligible to open a fixed deposit account with Axis bank:
  • Indian resident individuals
  • Hindu Undivided Families(HUFs)
  • Limited Companies
  • Trust Accounts
  • Sole-Proprietorship Firms
  • Non-Resident Indians
  • Senior citizens

 

  • Multiple payout options
  • Quarterly compounding or Reinvestment of interest scheme
  • Quarterly payout of interest scheme
  • Monthly payout interest scheme

 

  • Loan facility
  • In case you have a cash emergency, you don’t need to liquidate your fixed deposits. You can simply avail loan against your fixed deposits. Here are the features of this facility.
  • You can avail of funds up to 85% of the fixed deposit value. 
  • Interest on the loan is payable on the amount of loan utilized and the period of utilization.
  • An overdraft facility is also available with this.

 

  • Types of deposits
  • You can open multiple fixed deposit accounts with Axis Bank. Here are the types of deposits.
  • Classic Fixed deposits
  • Digital Fixed deposit
  • Recurring Deposits
  • Tax Saver Fixed deposits
  • Fixed Deposit Plus
  • Auto Fixed Deposit Plus
See also  Does Marrying Someone With Debt Make You Responsible For Their Debt?

 

  • Minimum investment: 
  • Rs 5000 if you book with Internet banking or a Mobile app.
  • Rs10,000 if you book offline through the branch

 

  • Documents requirements

 

S.noEntityDocuments 
1For 

  • Individuals
  • Sole- proprietorship
  • Hindu-Undivided Families
  • Valid Passport or Driving License
  • Introduction by other bank or by Axis Bank Savings Account Holder for last 6 months
  • Photograph
2For Trusts
  • Copy of the Trust Deed
  • Copy of the Registration certificate
  • Copy of resolution of the trustees authorizing member to open the fixed deposit account
  • Photograph of the member whose operating the account
3For Associations and Clubs
  • Copy of the Bye-laws
  • Copy of the Board resolution authorizing the members to open the account
  • Photograph of the members who are operating the account
4For Partnership firms
  • Partnership Deed
  • Authorization letters from the partner to let the member open the fixed deposit account
  • Photographs of the members who are operating the account

 

  • Automatic Rollover facility
  • This can be applied to either the principal or both the principal and interest. The option chosen is automatically rolled over for the same tenure and interest rate applicable at the time of maturity. 

 

  • Pre-closure of fixed deposit account
  • To encourage long-term deposit bookings, Axis Bank has introduced no penalties for premature closure of new retail deposits. Specifically, it applies to deposits held for more than two years and withdrawn prematurely after 15 months of opening the account. Furthermore, there is no penalty for withdrawing up to 25% of the principal amount of the term deposit. 

Axis Bank fixed deposit rates

  • For deposits up to Rs 2 crores as of May 2022
See also  No Exam Life Insurance: The Pros and Cons

 

S.noTenureFor individuals below the age of 60 yearsFor individuals above the age of 60 years- Senior citizens
17 days- Up to 30 days2.50% p.a2.50% p.a
230 days- Up to 3 months3.00% p.a3.00% p.a
33 months – Up to 6 months3.50%p.a3.50% p.a
46 months- Up to 9 months4.40% p.a4.65% p.a
59 months – Up to 1 year4.75% p.a5.00% p.a
61 year – Up to 15 months5.25% p.a5.90% p.a
715 months – Up to 2 years5.30% p.a5.95% p.a
82 years – Up to 5 years5.60% p.a6.25% p.a
95 years – 10 years5.75% p.a6.50% p.a

How can you open a fixed deposit with Axis Bank ?

Following are how you can open a fixed deposit account with Axis Bank:

 

  • Visiting the branch
  • By visiting any nearest Axis Bank branch and fill out the fixed deposits application form.

 

  • Via Internet banking
  • Go to the Axis website Axis login page  and log in.
  • There, click on “ Create fixed deposit” and fill in the amount and nominee details.
  • Once confirmed, the amount will be debited from the savings account.
  • As well as a web receipt, an email will be sent to the registered email address with the fixed deposit advice. You can also download this a day after booking your deposit.

 

  • Via Mobile banking
  • Login to your mobile app and go to the “Deposit” tab.
  • Select the “Open Fd” option.
  • Fill in the deposit amount and nominee details
  • Once confirmed, the amount will be debited from the savings account.
  • As well as a web receipt, an email will be sent to the registered email address with the fixed deposit advice. You can also download this a day after booking your deposit.
See also  6 Commonly Used Cryptos for Beginners

In a nutshell

This article gives a detailed overview of the Axis bank fixed deposits. With their digital fixed deposits, you can open a fixed deposit with the company without a savings account. In addition, the whole process is completed within minutes. 

 

Originally posted 2022-05-27 23:58:26.