Axis Bank Fixed Deposit
Last Updated : April 16, 2020, 10:28 p.m.
Fixed deposits are a kind of investment instrument that banks and financial companies provide. Through this, an individual can deposit a specific amount for a certain period of time. Banks and financial companies pay the back the locked-in amount along with the interest accrued at the maturity. Axis Bank Fixed Deposit could be the best option for those customers who are willing to get good returns at regular intervals.
You can have a glance at the Axis Bank fixed deposit interest rates mentioned below :
Axis Bank FD Interest Rates April 2024
The bank provides interest on fixed deposits at attractive rates. These rates depend on the period of investment and the investor’s category. The highest interest paid by the Axis Bank on the domestic fixed deposit is 7.15% per annum. However, the rates are not the same for all tenures. To know the interest rate of the different investment period, check the interest rate table given below :
For Investment Below ₹ 5 Crore
| Tenure | Interest Rates (in % Per Annum) | |
|---|---|---|
| Below ₹ 2 Crore | From ₹ 2 Crore to Less than ₹ 5 Crore | |
| 7 days - 29 days | 3.50 - 4.25 | 4.00 - 4.25 |
| 30 days - 45 days | 4.9 | 4.25 - 4.90 |
| 46 days - 60 days | 5.4 | 4.50 - 5.40 |
| 61days - less than 3 months | 5.4 | 4.50 - 5.40 |
| 3 months - less than 4 months | 5.4 | 4.75 - 5.40 |
| 4 months - less than 6 months | 5.4 | 4.75 - 5.40 |
| 6 months - less than 9 months | 5.8 | 4.75 - 5.80 |
| 9 months - less than 1 Year | 6.05 - 6.40 | 5.00 - 6.40 |
| 1 Year - less than 14 months | 6.4 | 5.00 - 6.40 |
| 14 months - less than 17 months | 6.4 | 5.00 - 6.40 |
| 17 months - less than 18 months | 6.4 | 5.00 - 6.40 |
| 18 months - less than 2 years | 6.5 | 5.00 - 6.50 |
| 2 Years - 10 Years | 6.5 | 5.00 - 6.50 |
Axis Bank FD Interest Rates for Senior Citizens
| Tenure | Interest Rates (in % Per Annum) | |
|---|---|---|
| Below ₹ 2 Crore | From ₹ 2 Crore to Less than ₹ 5 Crore | |
| 7 days - 29 days | 3.50 - 4.25 | 4.00 - 4.25 |
| 30 days - 45 days | 4.9 | 4.25 - 4.90 |
| 46 days - 60 days | 5.4 | 4.50 - 5.40 |
| 61 days - less than 3 months | 5.4 | 4.50 - 5.40 |
| 3 months - less than 4 months | 5.4 | 4.75 - 5.40 |
| 4 months - less than 6 months | 5.4 | 4.75 - 5.40 |
| 6 months - less than 9 months | 6.05 | 5.00 - 6.05 |
| 9 months - less than 1 Year | 6.30 - 6.65 | 5.25 - 6.30 |
| 1 Year - less than 14 months | 7.05 | 5.65 - 7.05 |
| 14 months - less than 17 months | 7.05 | 5.65 - 7.05 |
| 17 months - less than 18 months | 7.05 | 5.65 - 7.05 |
| 18 months - less than 2 years | 7.15 | 5.65 - 7.15 |
| 2 Years - less than 30 Months | 7.15 | 5.65 - 7.15 |
| 30 Months - 10 Years | 7 | 5.50 - 7.00 |
For Investment Above ₹ 5 Crore
| Tenure | Interest Rate ( in % per annum) |
|---|---|
| 7 days - 29 days | 4 |
| 30 days - 45 days | 4.25 - 4.50 |
| 46 days - less than 6 months | 4.50 - 5.25 |
| 6 months - less than 1 Year | 4.75 - 5.75 |
| 1 year - less than 2 years | 5.00 - 6.15 |
| 2 years - less than 5 years | 5.00 - 6.25 |
| 5 years - 10 years | 5.00 - 6.10 |
Note: The rate of interest on deposits above ₹ 5 Crores remains the same for both the general individuals and senior citizens.
Axis Bank Fixed Deposit Calculator
The Axis Bank Fixed Deposit Calculator is an online calculator that helps the depositors in calculating the maturity value of the deposited amount. By this, the user can know the overall hike in the deposited amount that you will get at the completion of the investment period. You can also use this to compare the interest yield on the deposits of different amounts for different periods. And it also can help in deciding the investment amount and tenure.
For Example, a customer books a fixed deposit of ₹ 20,000 for a period of 10 years. He chooses the option of quarterly compounding interest. The interest on the deposit will be calculated at the rate of 7.25% per annum. After 10 years his amount will hike to ₹ 41,000.
Table Showing Opening Balance, Interest Earned and Closing Balance
| Year | Interest Rate (% per annum) | Opening Balance (in ₹) | Interest Earned (in ₹) | Closing Balance (in ₹) |
|---|---|---|---|---|
| 1 | 7.25% | 20000 | 1000 | 21000 |
| 2 | 7.25% | 21000 | 2000 | 23000 |
| 3 | 7.25% | 23000 | 2000 | 25000 |
| 4 | 7.25% | 25000 | 2000 | 27000 |
| 5 | 7.25% | 27000 | 2000 | 29000 |
| 6 | 7.25% | 29000 | 2000 | 31000 |
| 7 | 7.25% | 31000 | 2000 | 33000 |
| 8 | 7.25% | 33000 | 2000 | 35000 |
| 9 | 7.25% | 35000 | 3000 | 38000 |
| 10 | 7.25% | 38000 | 3000 | 41000 |
What are the Methods of Interest Calculation?
- Simple Interest – The interest on the deposit booked for the period less than 6 months is calculated at simple interest.
- Compound Interest – On deposits, remaining with the bank for a period of 6 months and above, the interest is calculated on a quarterly basis. That is, the interest earned in the previous quarter is added to the principal for calculation of interest in the next quarter, and so on. With this method, you will get a cumulative interest on your deposited amount.
How To Apply For Axis Bank Fixed Deposit?
In order to apply for an Axis Bank fixed deposit, you just have to visit the nearest Axis Bank branch and fill the form. Or you can download the application form from the bank’s official website and submit it along with the required documents at the branch. Those who want to save the visiting time can even open the FD account online from the comfort of the home/ office. You’ll require the following things to apply online.
- An Axis Bank Savings Account
- An i-connect id and password (apply for i-connect id at a branch office)
- Availability of funds in the account at the time of booking the fixed deposit
What are the Steps To Apply Online?
- Click on the Login tab.
- Enter the login id and password. Click on the submit button.
- Select the ‘Fixed Deposit Request’ option.
- Fill in the required account and nominee details.
- After confirmation, the selected amount will be debited from the savings account. You will get a web receipt.
- After the creation of a Fixed Deposit Account, you will get the FD Advice on your registered mail id or the physical advice to the registered address.
How can You get the Application Form?
The Fixed Deposit Account Opening Form can be downloaded from the website. The form comprises of the following fields that are to be mandatorily filled –
- Name of the applicant, Customer ID, and PAN
- Name of Joint Applicant, Customer ID, and PAN
- Mode of operation
- Type of deposit account (deposit amount and period, auto-renewal, auto- closure)
- Interest payout option (monthly, cumulative, quarterly and half-yearly)
- TDS ( A/c no. of the account to be debited)
- Interest payment (A/c no. of the account to be credited)
- Payment details ( Deposit amount, mode of payment)
- Nomination
Eligibility Criteria and Documents Required
The required documents vary from one category of the depositor to another so you should keep this fact in mind. You can have a peek at the table showing the documents required by each of the eligible depositors.
Documentation Table
| Eligibility | Required Documents |
|---|---|
| Individuals, Hindu Undivided Families, and sole proprietorship firms | A valid Passport or a valid Driving License An introduction by any other bank or an introduction by an Axis Bank Savings Account holder for the last six months A photograph |
| Trusts | Copy of the Trust Deed Copy of the Registration Certificate Copy of the Resolution of Trustees authorising the members concerned to open and operate the account Photographs of the members operating the account |
| Associations / Clubs | Bye-laws of the Association Copy of the Resolution by the board authorising the members concerned to open and operate the account Photographs of the members operating the account |
| Partnership firms | Partnership Deed Letter from partners approving the persons concerned to open and operate the account Photographs of the persons operating the account |
What are Some Amazing Features Of Axis Bank FD?
- Book deposit with the minimum amount of ₹ 5,000 if booked via Internet Banking or Mobile App
- Flexible range of tenure starting from 7 days to 10 years
- Additional interest paid to senior citizens
- The benefit of automatic rollover facility (Auto-Renewal)
- The convenience of online booking
Axis Bank Fixed Deposit Plans
The bank offers different FD plans to choose from. You can see the name and details of these FD plans below.
- Axis Bank Fixed Deposit Plus
- Axis Bank Fixed Deposit
- Axis Bank Tax Saver Fixed Deposit
What is Axis Bank Fixed Deposit Plus?
The customer can open a Fixed Deposit Plus account with the minimum amount of ₹ 5,000 for the tenure ranging from 7 days to 10 years. There is no ceiling on the maximum investment amount. If required, the depositor can withdraw the deposit before the maturity date. However, in such a case, the interest will be paid at the penal rates which is 1% below the card rate.
| Particulars | Details | |||
|---|---|---|---|---|
| Minimum Investment Amount | ₹ 5,000 | |||
| Maximum Investment Amount | No Upper Ceiling | |||
| Minimum Tenure | 7 Days | |||
| Maximum Tenure | 10 Years | |||
| TDS | As per Prevailing Income Tax Regulation | |||
| Interest Payout Frequency | Monthly & Quarterly Payout/ Quarterly Compounding | |||
| Premature Withdrawal | No Penalty for Premature Withdrawal (up to 25%) | |||
| Auto-renewal Facility | Not Available |
Know about Axis Bank Fixed Deposit
Under this plan, the depositor can book the deposit with the amount as low as ₹ 5,000 and decide the frequency of interest payout. The bank pays interest at the monthly and quarterly intervals. The depositor even has the option to reinvest the interest and get higher returns.
| Particulars | Details | |||
|---|---|---|---|---|
| Minimum Investment Amount | ₹ 5,000 if booked via Internet Banking or Mobile App, ₹ 10,000 if booked via branch | |||
| Maximum Investment Amount | No Upper Ceiling | |||
| Minimum Tenure | 7 Days | |||
| Maximum Tenure | 10 Years | |||
| TDS | As per Prevailing Income Tax Regulation | |||
| Interest Payout Frequency | Monthly & Quarterly Payout/ Quarterly Compounding | |||
| Premature Withdrawal | No Penalty for Premature Withdrawal (up to 25%) | |||
| Auto-Renewal Facility | Available |
What is Axis Bank Tax Saver Fixed Deposit?
The tax saver plan provides the tax benefits to the fixed deposit account holders, who have invested the maximum of ₹ 1,50,000 for the period of 5 years. The amount invested cannot be withdrawn before the lock-in period of 5 years. The holder of the account has the option to choose from the various interest payout options that are quarterly compounding (reinvestment of interest), quarterly payout or monthly payout.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹ 100 |
| Maximum Investment Amount | ₹ 1,50,00 |
| Tenure | 5 years |
| Lock-in Period | 5 years |
| TDS | Subject to Provision of Section 80C of the IT Act, 1961 |
| Interest Payout Frequency | Monthly & Quarterly Payout/ Quarterly Compounding |
| Premature Withdrawal | Not Permissible |
A Quick Review of Axis Bank Fixed Deposit Plans
| Parameters | Fixed Deposit Plus | Fixed Deposit | Tax Saver Fixed Deposit |
|---|---|---|---|
| Minimum Investment Amount | ₹ 5,000 | ₹ 5,000 if booked via Internet Banking or Mobile App, ₹ 10,000 if booked via branch | ₹ 100 |
| Maximum Investment Amount | No maximum limit | No maximum limit | ₹ 1,50,000 |
| Tenure | 7 days - 10 years | 7 days - 10 years | 5 years |
| Interest Rate | 4.00% to 6.35% per annum | For Senior Citizens: 3.50% to 7.35% per annum For Others: 3.50% to 6.70% per annum | For Senior Citizens: 6.75% per annum For Others: 6.25% per annum |
| Interest Payout Options | Monthly & Quarterly Payout/ Quarterly Compounding | Monthly & Quarterly Payout/ Quarterly Compounding | Monthly & Quarterly Payout/ Quarterly Compounding |
| Eligibility | Residents Hindu Undivided Families (HUFs) Sole Proprietorship Firms Partnership Firms Limited Companies Trust Accounts | Residents Hindu Undivided Families (HUFs) Sole Proprietorship Firms Partnership Firms Limited Companies Trust Accounts | Residents Hindu Undivided Families (HUFs) |
| Auto Renewal Facility | Not Available | Available | Not Available |
| Premature Withdrawal | No Penalty for Premature Withdrawal (up to 25%) | No Penalty for Premature Withdrawal (up to 25%) | Not Permissible |
