Axis Bank Fixed Deposit

Axis Bank, the third-largest private sector bank in the country, offers a fantastic range of financial services to all customer segments, including corporate entities, MSME, retail businesses, and agriculture. The bank has more than 4,050 branches and 11,800 ATMs situated in almost all the towns and cities in India.

Axis Bank, in its 25th year in the Indian banking sector, offers a variety of deposit products to their customers. The bank caters to the non-resident clientele by providing excellent deposit services like FCNR (B) and NRE deposits.

Why Axis Bank Fixed Deposits?

Axis Bank Fixed Deposits (FDs) enable its customers to earn more because of the competitive rates they offer. The bank has various deposit schemes to suit every section of society. Axis Bank offers one of the most flexible deposit products that provide high liquidity. The bank focuses on technology, whereby they provide facilities to open FDs online and through the mobile banking platform. The bank allows seamless transfer of funds from the customer's savings accounts to FD Account to enable them to earn a higher rate of interest.

Axis Bank Fixed Deposits - Features and Benefits

  • Extensive range of fixed deposit options
  • Advantage of reinvestment deposits to increase the total yield on the deposits
  • Monthly and quarterly interest payout options
  • Flexible tenure ranging from seven days to ten years
  • Attractive and competitive rates of interest
  • Tax Saver Deposit schemes allow customers to avail benefit under Sec 80C of the Income Tax Act (IT Act).
  • Recurring deposit (RD) schemes to enable customers to save gradually
  • Nomination facilities available
  • TDS on interest exceeding 40,000 in a financial year
  • Facility to submit Form 15G and 15H to ensure that the bank does not deduct TDS

Axis Bank Fixed Deposits - Rate of Interest

Axis Bank offers attractive rates of interest on its fixed deposits. The rates of interest depend on the amount of the deposit and the tenure. Senior citizens get a benefit of 0.25% to 0.65% on selected mandates for more than six months.

Domestic Deposits/NRO deposits less than 5 Crores - with effect from 24.07.2019

NRE deposits attract the same rate of interest. The minimum tenure for NRE deposit is one year

Deposit Tenure

Rate of Interest (% per annum)

< 2 Cr

2 Cr to < 4.91 Cr

4.91 Cr to < 4.92 Cr

4.92 Cr to < 5 Cr

7 days to 14 days

3.50

5.25

5.25

5.25

15 to 29 days

30 to 45 days

5.50

5.75

5.70

5.75

46 to 60 days

 

 

6

6

5.90

6

61 days to < Three months

6.25

 

 

 

 

6

6.25

3 months to < 4 months

 

6.40

 

6.40

4 months to < 5 months

5 months to < 6 months

6 months to < 7 months

 

6.50

 

6.65

 

6.65

7 months to < 8 months

8 months to < 9 months

9 months to < 10 months

 

6.75

 

6.80

 

 

 

 

 

6.10

 

6.80

10 months to < 11 months

11 months to < one year

1 year to < 1 year 5 days

 

 

7.10

 

 

7.10

 

 

7.10

1 year 5 days to < 1 year 11 days

1 year 11 days to < 1 year 25 days

1 year 25 days to < 13 months.

 

 

 

 

7.20

7.20

6.20

7.20

13 to < 14 months

 

 

7.15

 

 

 

 

6.15

 

 

7.15

14 to < 15 months

15 to < 16 months

16 to < 17 months

17 to < 18 months

18 months < 2 years

2 years to < 30 months

7.30

7

7

30 months < 3 years

3 years < 5 years

7.25

6.85

6.85

5 years < 10 years

7

6.50

Domestic Deposits/NRE Deposits for 5 Crores and above - with effect from 20.07.2019

 NRE Deposits are for a minimum tenure of one year

Deposit Tenure

Interest Rates (% pa)

5 Cr < 10 Cr

10 Cr < 24.75 Cr

24.75 Cr < 25 Cr

25 Cr < 50 Cr

50 Cr < 100 Cr

100 Cr and above

7 days to 14 days

 

5.25

15 to 29 days

30 to 45 days

5.75

5.70

5.75

46 to 60 days

6

5.90

6

61 days to < 3 months

6.25

 

 

 

 

 

 

6

6.25

3 months to < 4 months

 

 

6.40

 

 

6.40

4 months to < 5 months

5 months to < 6 months

6 months to < 7 months

 

 

6.65

 

 

6.65

7 months to < 8 months

8 months to < 9 months

9 months to < 10 months

 

 

6.80

 

 

 

 

 

 

 

6.10

 

 

6.80

10 months to < 11 months

11 months to < one year

1 year to < One year 5 days

 

 

 

 

 

 

7.15

 

 

 

 

 

 

 

 

 

 

 

 

 

7.15

1 year 5 days to < 1 year 11 days

1 year 11 days to < 1 year 25 days

1 year 25 days to < 13 months

6.20

13 to < 14 months

 

 

 

 

 

 

6.15

14 to < 15 months

 

 

 

 

7

 

 

 

 

7

15 to < 16 months

16 to < 17 months

17 to < 18 months

18 months < 2 years

2 years to < 30 months

30 months < 3 years

3 years < 5 years

 

6.85

 

6.85

5 years < 10 years

6.50

Domestic Deposits/NRE Deposits - 'Fixed Deposits Plus' Scheme -Premature withdrawals are not allowed

 NRE Deposits are for a minimum tenure of one year

Deposit Tenure

Interest rate with effect from 20.07.2019 ( % pa) 5 Crores and above

7 days to 14 days

5.25

15 to 29 days

30 to 45 days

5.75

46 to 60 days

6

61 days to < 3 months

6.25

3 months to < 4 months

 

6.50

4 months to < 5 months

5 months to < 6 months

6 months to < 7 months

 

6.75

7 months to < 8 months

8 months to < 9 months

9 months to < 10 months

 

6.90

10 months to < 11 months

11 months to < 1 year

1 year to < 1 year 5 days

 

 

 

 

7.25

1 year 5 days to < 1 year 11 days

1 year 11 days to < 1 year 25 days

1 year 25 days to < 13 months

13 to < 14 months

14 to < 15 months

 

 

 

7.10

15 to < 16 months

16 to < 17 months

17 to < 18 months

18 months < two years

2 years to < 30 months

30 months < 3 years

3 years < 5 years

6.95

5 years < 10 years

6.85

  • Senior citizens do not get the benefit of additional interest in the case of NRE deposits
  • The rates of interest for NRO and domestic deposits for amounts less than 5 Crores are the same.

 Resident Foreign Currency Fixed Deposits - with effect from 13.07.2019

Deposit Tenure

USD

GBP

EURO

AUD

CAD

 

Below 5 months

5 months and above

30 days < 3 months

1

1

0.50

 

 

 

 

 

0.10

1.50

1

3 months < 6 months

1.50

1.50

0.75

2

1.25

6 months < 12 months

2

2

1

12 months < 18 months

2.75

2.75

1.35

2.20

1.75

18 months < 2 years

2 years < 3 years

 

2.65

 

2.65

1.45

2.30

1.85

3 years < 4 Years

1.55

2

4 Years < 5 Years

2.35

2.05

5 years only

2.10

FCNR (B) Deposits - with effect from 13.07.2019 

Deposit Tenure

USD

GBP

EURO

AUD

CAD

JPY

 

Below 5 months

5 months and above

1 year

 

2.75

 

1.35

 

 

 

0.10

 

2.20

 

1.75

 

 

 

0.05

Greater than 1 year < 18 months

18 months < 2 years

2 years < 3 years

 

2.65

1.45

2.30

1.85

3 years < 4 years

1.55

2

4 years < 5 years

2.35

2.05

5 years only

2.10

               

Types of Axis Bank Fixed Deposits

Axis Bank has different fixed deposit products to suit the needs of its customers. These deposit products are safe and convenient ways of seeing your savings grow.

Axis Bank Fixed Deposits

Features

  • Attractive interest rates
  • Minimum Investment of 5,000
  • Flexible tenure
  • Seamless transfer
  • Straightforward account opening process

Eligibility

  • Resident Individuals
  • HUFs
  • Sole proprietorship concerns and partnership firms
  • Limited Companies
  • Trusts
  • Associations and Clubs

Quantum of deposit

The least sum you can deposit is 5,000 if you open the deposit online. The lowest deposit amount is 10,000 if you open FD offline.

Deposit tenure

7days to 10 years

Taxation

As per rules

Premature Payment

Allowed subject to charging of penalty as per rules

Other benefits

  • Automatic roll-out facility available
  • Monthly and Quarterly interest payouts available
  • Seamless transfer between FD and savings account
  • Automatic roll-over or principal and interest allowed
  • For deposit tenures higher than 6 months, interest is compounded quarterly.
Axis Bank Recurring Deposits

Features

  • Build your savings monthly
  • Flexible deposit tenure
  • Minimum Investment of 500
  • The benefit of Axis eDGE rewards

Quantum of deposit

  • The minimum is 500 per month
  • It is not possible to change the monthly instalment amount

Deposit tenure

  • The minimum period for RD is 6 months
  • The maximum tenure can go up to 10 years

Taxation

As per IT rules

Premature withdrawal

Permissible subject to penalty

Other benefits

Facility to apply online and offline

Delayed payment

Penalty @ 10 per 1,000 per month for the delayed period

Axis Tax Saver Fixed Deposit

Features

  • Get concessions in income tax under Sec 80C up to 1.50 Lakhs
  • Monthly or Quarterly interest payouts available
  • Reinvestment facility available
  • Joint accounts allowed but the benefit of Sec 80C will go to the first holder.

Eligibility

  • Resident Individuals
  • HUFs

Quantum of deposit

The minimum amount is 100 with a maximum of 1.50 Lakhs

Deposit tenure

Fixed tenure of 5 years

Premature payment

Not allowed for 5 years

Taxation

As per IT rules

Axis Fixed Deposit Plus

Features

  • High-value deposit with a minimum deposit of 5 Crores
  • Higher rate of interest
  • Multiple Deposit types - Simple and Compound interest options
  • Flexible tenure

Eligibility

  • Resident Individuals
  • HUFs
  • Sole proprietorship concerns, partnership entities, and limited companies
  • Trusts

Quantum of deposit

The minimum value is 5 Crores

Deposit tenure

7 days to 10 years

Premature payment

Allowed

Taxation

As per rules

Other benefits

  • Joint accounts allowed
  • Short Term deposits allowed
  • Monthly and Quarterly interest payouts permissible
  • Reinvestment deposit plans available
  • Quarterly compounding of interest for deposits with tenure more than 6 months.
Axis Encash 24 Flexi Deposit

Features

  • Flexible transfers between a savings account and Fixed Deposit
  • Automatic transfer in multiples of 5,000 from savings to FD when the balance in savings crossed 25,000.
  • Short minimum tenures
  • Avoid premature encashment by withdrawing the required amount alone instead of breaking the deposit.
  • Use of ATM or cheque for withdrawal
  • The residual amount in FD will keep earning interest at the contracted rate of interest.
  • The facility of auto-renewal  

Eligibility

  • Existing account holder
  • Must have PAN card

Quantum of deposit

No maximum amount

Deposit tenure

The minimum tenure is for 6 months and the maximum period of FD is 5 years

Taxation

As per rules

Benefits

  • Earn maximum interest on your savings deposits
  • Auto-reverse sweep facility when the balance in the savings account falls below 25,000.
Sukanya Samriddhi Yojana

Features

  • Government-backed fixed deposit exclusively for the development and benefit of the girl child.
  • Deposit opened in the name of the girl child below 10 years by the parent or legal guardian.
  • IT benefits under Section 80C
  • Interest at quarterly basis and compounded at year intervals reinvested
  • No withdrawals until the girl reach 18 years of age
  • After 18 years, partial withdrawal allowed up to 50%

Eligibility

  • Only in the girl child's name
  • Only 1 account per child permitted
  • The natural guardian can open an account for a maximum of 2 children

Quantum of deposit

  • An initial deposit of 1,000
  • The maximum contribution in a financial year should not be more than 1.50 Lakhs.
  • There should be a deposit every year for 15 years from the date of opening

Premature closure

  • Death of the primary account holder
  • Under extreme circumstances like medical emergencies, the Government can allow early closure.
  • If account holder attains NRI status

Closure on maturity

  • On account holder reaching 21 years of age
  • On account holder getting married provided, she undertakes that she is more than 18 years.

Documents Required for Opening Axis Bank Fixed Deposit

Constitution Documents needed for opening FD account

Individuals, HUFs, and Sole Proprietorship Concerns

  • Valid passport/Driving licence
  • Introduction from an Axis Bank existing customer
  • Photograph

Trusts

  • Copy of trust deed and registration certificate
  • Copy of Resolution of trustees authorising its members to open and operate FD in Axis Bank.
  • Photographs of the persons allowed to operate the account.

Associations/Clubs

  • Copy of Bye-laws of the association/clubs
  • Resolution copy of the board
  • Photographs of the authorised persons

Partnership Firms

  • Partnership deed copy
  • Letter from partners authorising the persons qualified to operate the account.
  • Photographs of such authorised persons

Sukanya Samriddhi Scheme

  • Specific account opening form
  • Birth certificate of the girl with her name on it
  • KYC documents of the parent including a photograph

Procedure to Open Axis Bank Fixed Deposits

One can open an Axis Bank Fixed deposit in many ways:

  • Online using internet banking mode
  • Online using the mobile banking mode
  • Offline by visiting the Axis branch personally

How Do You Open Axis Bank Fixed Deposit Online?

Axis Bank focuses a lot on technology. It is easy to open an Axis Bank Fixed Deposit online using your internet banking or mobile banking credentials.

Internet Banking

  • Log in to the module using your user ID and password.
  • Select the 'Create Fixed Deposit' option.
  • Complete the application form by filling the account and nominee details.
  • Confirm your action. The amount will be deducted from your savings account. You will get the web receipt of your Fixed Deposit account.
  • Axis Bank will arrange to send the FD advice to your registered email address. You can also ask for the physical advice to be sent to your communication address. Alternatively, you can download the FD advice after one day of booking the FD.

Mobile Banking

  • Access your mobile banking app and select the deposit option
  • Choose the option - 'Open FD.'
  • Submit the information required
  • Confirm the transaction to create the FD
  • Save the copy of the web receipt
  • Download the FD advice the next day.

Maturity Value Calculator

Axis Bank offers the facility of a Fixed Deposit Maturity Value Calculator on its webpage. Using this calculator, customers can determine the maturity value on their Axis Bank FDs. The procedure is a user-friendly one.

  • Choose the type of customer, normal or senior citizen
  • Select the FD type from the drop-down box
  • The date of the deposit is an automatic field
  • Enter the principal amount
  • Choose the tenure
  • The system calculates the maturity value and provides the value along with the aggregate interest amount and the date of maturity.
  • This calculator has an 'Open FD Now' option using which you can open your Axis Bank FD online

Tax Deduction at Source on Fixed Deposit Interest

Interest earned on fixed deposit is taxable in India. The Income Tax Act stipulates that banks have to deduct TDS if the interest paid on FDs is more than 40,000 in a financial year. In the case of senior citizens, the threshold amount is 50,000. The TDS rate for all accounts except NRO fixed deposits is 10%. Interest earned by a non-resident in NRE and FCNR accounts is not taxable in India. The TDS rate for NRO accounts is 30.90% without any concession.

Depositors can submit Form 15G (15H in case of senior citizens) requesting the bank not to deduct TDS. Under such circumstances, customers should note to include their PAN details. Otherwise, the IT rules empower the bank to deduct TDS @ 20%.

Rules for Axis Bank Premature Payment

  • Deposits less than 5 Crores - opened or renewed on/after 01.05.2014

    The applicable rate of interest will be 1% less than the contracted rate or the rate for the period that the deposit remained with the bank, whichever is less. No premature penalty if the premature withdrawal is within 14 days from the booking of the deposit.

  • Deposits less than 5 Crores - opened/renewed on/after 15.12.2017

    There is no premature penalty on the first partial withdrawal up to 25% of the FD value. For subsequent partial withdrawals and withdrawals over 25%, the premature penalty will be on the entire amount. Similarly, there are no penalties for withdrawing the deposit within 14 days of the issuance date.

  • Deposits of 5 Crores and above

    Premature withdrawal penalty of 1% is applicable, irrespective of the period for which the deposit remained with the bank.

  • NRE Deposits - No premature withdrawal penalty

Axis Bank Fixed Deposits - Frequently Asked Questions

What makes the Fixed Deposit a popular savings avenue in India?

A fixed deposit in a bank is a secure investment because you get a fixed interest rate for the entire tenure. The FD interest rate is higher than the savings account interest rate. Hence, people deposit their excess money in a bank FD to earn better returns. The rates of interest differ from one bank to the other. Usually, all banks provide interest payout options like monthly, quarterly, or on maturity. Senior citizens get an additional benefit of around 0.25% to 0.65% in Axis Bank.

Are Fixed Deposits liquid?

The intention of opening an FD is to save money. Hence, the FDs are traditionally not liquid. However, there are options for customers to seek premature encashment of FDs. Banks charge a premature withdrawal penalty under such circumstances. Axis Bank has an FD product that allows customers to opt for a seamless transfer from their savings to their FD accounts and vice versa. This facility makes the FD a liquid investment.

Does Axis Bank calculate FD interest on a compounding basis?

Axis Bank offers three types of interest payouts on their FDs. The monthly and quarterly payouts use simple interest calculations. Fixed deposits for a period more than six months use the compound interest formula where the interest earned on the deposit is reinvested and payable on maturity.

What are the minimum and maximum amounts for Axis Bank FDs?

The minimum amount required to open an Axis Bank FD online is 5,000. If you visit the Axis Bank branch, the minimum deposit is 10,000. In the case of recurring deposits, the minimum monthly instalment is 500, whereas you can open a Tax-Saver FD with a minimum of 100. The Axis Bank Fixed Deposit Plus product has a minimum investment of 5 Crores. Other than the Tax Saver Deposit that has a maximum investment ceiling of 1.50 Lakhs, there is no maximum amount for the other deposit products.

What are the minimum and maximum deposit tenures in Axis Bank?

The minimum deposit tenure for regular FDs in Axis Bank is seven days, whereas the minimum tenure for recurring deposits is six months. The maximum tenure for FDs in Axis Bank is ten years. In the case of Tax-Saver FD, there is a fixed tenure of five years. The Sukanya Samruddhi product allows customers to maintain FD for more than ten years.

What are the differences between a Tax-Saver FD and the regular FD?

The primary difference between a Tax-Saver FD and the regular FD is that the investment in the former qualifies for tax concessions under Sec 80C of the IT Act. Therefore, it comes with specific conditions like a lock-in period of five years, no premature withdrawal, and ceiling on investment.

Is interest earned on FDs taxable in India?

Yes, interest income from FDs is taxable in India. The rate of income tax depends on the slab that the individual fits into at the time of computation of taxable income. However, banks and financial institutions have to deduct TDS @ 10% on the interest income if it exceeds 40,000 in a financial year.

Can depositors request the bank not to deduct TDS?

Yes, the IT Act has a provision where the depositor can submit Form 15G or 15H to request the bank not to deduct TDS on interest income. They have to provide their PAN details along with the forms. Otherwise, the banks can deduct TDS @ 20%.

Is there any option to rollover your Axis Bank FDs?

Axis Bank offers two options of rollover for your FDs:

  • The principal rollover option ensures that the customer gets the payment of the interest component into his/her savings account. The principal amount rolls over as a fresh deposit.
  • The principal and interest rollover option enables the reinvestment of interest and the principal amount for the same tenure at the applicable rate of interest.

Customers can avail any of these options.

Can I close my Axis Bank FD online?

Axis Bank allows customers to open FD online. It has provisions for closing such deposits online, as well. However, for deposits opened at the branch level cannot be closed online. You have to visit the branch for their closure. 

OTP is sent to your mobile number

Enter OTP

Resend OTP