Axis Bank FD Rates

Due to its superior customer service and extensive distribution network, it has become one of the nation's top financial services providers. The bank specialises in providing investment choices such as fixed deposits and first-rate savings services. The programme is available at a fixed interest rate for a defined period of time. Investors can open a fixed deposit account for seven days to ten years. Such programmes include interest rates ranging from 2.50 per cent to 5.75 per cent annually.

Senior citizens can also take advantage of an additional 0.50 per cent annually on investments between 7 and 5 years. The investor will receive an extra 0.75 per cent annual interest rate for 5 to 10 years. The Axis Bank has numerous fixed deposits, interest rates, features, and benefits covered in this blog. 

About Axis Bank FD Rates

The Axis Bank offers specific types of fixed deposits to cope with versatile investor needs. You can choose from the digital fixed deposit and tax saver fixed deposits, auto fixed deposits, the fixed deposit plus, and recurring deposits. You can secure Axis Bank fixed deposits with interest rates ranging from 2.50% to 5.75% per annum. However, senior citizens can avail of an additional advantage of 0.50% on returns. 

The Axis Bank FDs are not limited to the general public and senior citizens; they are also available for NRIs. In addition to Indian rupees, Axis Bank accepts fixed deposits in US dollars, British Pound Sterling, Euro, Australian dollars, Canadian dollars, and Japanese Yen.

Highlights of Axis Bank FD Interest Rate

Note: These interest rates were updated by the Axis Bank on 26 July 2022.

Classification of Axis Bank FD Rates

When you decide to invest in Axis FDs, you can't escape the fact that you have multiple options. There are several types of FDs in Axis Bank on which you can count. You just have to go through the benefits that every scheme can offer you and pick the best one to invest in.

1. Axis Bank Fixed Deposit

Axis Bank Fixed Deposit is the flagship term deposit plan in which you can open an account with an investment of as low as Rs.5000. It is one of Axis Bank's online FDs, which can be conveniently opened from the comfort of your home. 

Furthermore, you get the facility to choose a flexible tenure from 7 days to 10 years. It allows you to secure higher returns to meet your long-term financial obligations. Some crucial features that you can unlock with this plan include 

• Easy transfer of savings accounts into a fixed deposit account.
• Competitive interest rates and higher returns regardless of the chosen tenure.
• It comes with an automatic roll-out feature that credits the interest to your savings account or any other chosen account.  

2. Axis Bank Digital Fixed Deposit

Digital Fixed Deposits are one of the different kinds of FD products the banking industry offers. It is based upon the depositor's KYC compliance. You can open an Axis Bank Digital Fixed Deposit account if you don't have a savings account with the bank. The key features of the Axis FD are:

• You can open an FD account online by depositing a minimum amount of Rs.5000 for a flexible time frame of up to 10 years. 
• There’s no need to pay penalty charges to withdraw 25% of the principal FD amount before maturity.

3. Axis Bank Tax-Saver Fixed Deposit

If you want to invest in FDs for tax-saving purposes, count on Axis Bank Tax-Saver Fixed Deposits. It offers you a perfect blend of tax savings and higher returns. It comes with a fixed tenure of 5 years. It features three investment options in the range of Rs. 100 to Rs. 1.5 lakhs. The available options include:

• Tax Saving Reinvestment Deposit by Axis Bank
• Tax Saving Quarterly Interest Payout by Axis Bank
• Tax Saving Monthly Interest Payout by Axis Bank. 

In addition, this sort of FD account comes with a single or joint depositor option. You can enjoy tax benefits of INR 1.5 lakhs as mandated in the Income Tax Act’s section 80C.

4. Axis Bank Auto-Fixed Deposit

Axis Bank understands that, at some point in time, depositors might need to maximise the returns offered on their invested funds. Thus, it offers Auto Fixed Deposits, which allows you to transfer funds from savings accounts towards the FD account. However, the transferable amount is limited to Rs. 5000, which is multiple. It can never be a random amount. Here are some of the key features of the Axis Bank Auto Fixed Deposit schemes:

• You can deposit funds for a time frame ranging from 6 months to 5 years.
• It allows you to maximise the interest earned by deploying funds within the savings account. 
• The liquidity of the deposit remains intact. 

5. Axis Bank Fixed Deposit Plus

When you open an Axis Bank Fixed Deposit Plus account, you can secure a higher interest rate than the specified card rate. However, it is not available for all deposit amounts. You must invest a minimum amount of Rs. 2 crores. Additionally, the secured returns are subject to the chosen interest method, i.e., simple or compound interest. You can invest the amount in a time frame of 7 days to 10 years.

How to Choose the Right Fixed Deposit

Now, when you know you have multiple options, the next crucial thing is deciding which Axis Bank fixed deposit will be right for you. If you are confused and can’t figure out which FD will be the best investment tool for you, go through the highlighted points. Keeping these things in mind will help you to select the right one.

• The Investment Tenure of the Axis Bank Fixed Deposit

Based on the investment tenure of the FD, the interest rate changes. Axis Bank FD schemes offer higher interest rates for longer investment periods. The scheme's liquidity is jeopardised by longer tenure because the deposited amount remains tied up for a longer time. Therefore, investing in FD schemes with shorter tenures is advised if you are making investments to meet your short-term goals. You can choose an FD with a term between seven days and ten years based on your financial obligations. 

• Premature Withdrawal from Fixed Deposits

It is advisable to review the terms and circumstances mentioned in the application while opening a fixed deposit account. Your major focus should be on the fine print of a premature withdrawal before selecting a fixed deposit scheme. The official website also displays the clauses relating to early withdrawals. Get familiar with the fees and charges associated with the premature withdrawal of the funds from the FD. Usually, banks offer a liquidity option and deduct a fixed amount for early withdrawals.

• Interest Rates Offered

When selecting an appropriate fixed deposit option, the offered interest rates on FDs are the foremost thing to consider. Your investment returns will increase in direct proportion to the interest rate. Decide on an Axis Bank fixed deposit scheme that offers better interest rates and higher investment returns.

• Additional Advantages

Banks provide additional services outside of interest rates, such as the ability to borrow money against a fixed deposit. Additionally, some banks provide an auto-renewal or overdraft facility, allowing for high liquidity for the money placed. Get familiar with the additional advantages you can get from a specific FD scheme. 

Based on these pointers, finalise your fixed deposit investment. Taking these factors into account will make the entire process easier for you. 

Advantages of Axis Bank Fixed Deposit

When you count on Axis Bank fixed deposits to meet your short or long-term financial requirements, you open the door to numerous other benefits. Understanding what advantageous features you will unlock with Axis Bank FDs is crucial. Here are the benefits you get while investing in Axis fixed deposits:

• You get automated roll-over on the returns for both principal and interest amount.
• Flexible investment tenure starting from 7 days.
• You can invest a small amount as low as Rs. 5000 (this amount is specific for online procedures).
• If you invest the amount by visiting the bank branch, you will have to make a minimum investment of INR 10,000. 
• Fixed deposits are also available for NIRs as NRE fixed deposits and NRO, with interest rates starting at 5.15 per cent per annum. 
• Open Axis Bank fixed deposits from the comfort of your home. 
• Hassle-free transaction of money from saving accounts to FD accounts. 
• Get flexibility in terms of investment time and date of FD maturity. 
• Open a fixed deposit account with Axis Bank at any bank branch. 

Eligibility Criteria for Axis Bank FD

Axis Bank aims to offer investment tools to a broad range of investors. To ensure the same, eligibility criteria are kept at their minimum. You can enjoy the benefits of Axis Bank's fixed deposit if you fall within the below-depicted category.

• Indian Residents
• Sole Proprietorship Firms and Partnership Firms
• Member of Hindu Undivided Family (HUFs)
• Limited Companies and Trusts

Documentation Required - Axis Bank Fixed Deposits

To avail of the benefits of an Axis Bank FD, you will have to provide certain documents to the bank executive. You can either upload the scanned copies of the documents if you count on the online procedure or provide the hard copy of the documents to the dedicated bank executive.

To open your fixed deposit account with Axis Bank in one go with utmost ease, prepare the documents in advance. You will need the following set of documents to get the Axis Bank FD plan:

• Government-approved identity and residence proof documents including Aadhar Card, Passport
• PAN Card and Bank Account Details
• Form 15G/15F ( for TDS exemption)
• Latest photographs (passport-size)

How is the Interest Rate Calculated on Axis Bank Fixed Deposit?

Axis Bank offers several FD accounts at attractive interest rates. The Axis FD account's term ranges from seven days to ten years.

Amounts in certain FD schemes are eligible for tax benefits under Section 80C of the Income Tax Act. The returns and the offered interest rate can be found using the Axis Bank FD Calculator. The basic and compound interest formulas are combined to determine the Axis Bank FD interest rate. These equations are,

SI = P x R x T / 100,

Where:

• SI denotes Simple Interest, 
• P represents the Principal Amount, 
• R denotes the offered Interest Rate,
• and T is the FD Tenure.

A = P (1+r/n) ^ (n * t)

Where:

• A represents the Maturity Amount, 
• P is the Principal Amount, 
• R denotes the Interest Rate, 
• n is the Investment tenure,
• and T is the Fixed Deposit tenure.

Axis Bank FD Returns Based on Investment Amount

Before understanding the FD return-based investment amount, it is crucial to determine the offered FD interest rate. It will help you to get a clear idea about the returns you will get at the time of FD maturity.

The following table represents the offered interest rates:

Now, when you are familiar with the interest rates, let's have a look at FD returns based upon investment amount:

Compare Axis Bank Fixed Deposit Returns with Top Banks

To get a clear idea about the benefits that you are going to unlock with Axis Bank FD, you must compare it with the FD interest rates offered by other banks. In the below-depicted table, we have compared the FD interest rates offered by other top banks.

How to Open an Axis Bank FD Account

The Axis Bank allows depositors to open their fixed deposit account either online or offline. The procedure for each method has been explained below:

Online Procedure

Your Axis Bank FD account can be opened online by following the below steps.

• Visit the official Axis Bank website.
• Utilise your login credentials to access your net banking account.
• Select "Term Deposit" under "Deposit Scheme" from the list.
• Go to the menu and select "E-fixed Deposit"
• Look over the many fixed deposit options and choose the one that best suits you.
• You will be needed to provide the essential information after clicking "Proceed."
• Upload the scanned copies of the requested documents.
• Click "Submit" once you re-read the information you have provided.

And you are done! The fixed deposit account is open, and now you can invest in the same to generate higher returns.

Offline Procedure

You can open an Axis Bank FD account by visiting the nearest bank branch. Follow the steps below to open an FD account with utmost ease.

• Visit your closest Axis Bank branch. 
• Keep all self-attested documentation with you.
• Complete and submit the Axis Bank fixed deposit form.
• A bank agent throughout the procedure will assist you.