Axis Bank Fixed Deposit (FD) Rates
Axis Bank Term Deposit Rates
|Best Interest Rate for 6 Months < 1 Year||7.10%|
|Best Interest Rate for 1 Year < 2 Years||7.35%|
|Best Interest Rate for 2 Years < 3 Years||7.50%|
|Best Interest Rate for 3 Years < 4 Years||7.25%|
|Best Interest Rate for 4 Years < 5 Years||7.25%|
|Best Interest Rate for 5 Years and Above||7.00%|
Key Benefits of Fixed Deposits in Axis Bank
- Axis Bank offers FD interest rates up to 7.00% per annum.
- Interest on deposits with Axis Bank is compounded annually.
- Axis Bank accepts deposits starting at Rs.1000 for various tenures.
- For senior citizens Axis Bank offers higher interest rate over and above rates mentioned above
- Axis Bank Fixed Deposit.
- Premature Withdrawal-You may break you FD and withdraw your money subject to minimum stipulated requirements.
- Axis Bank offers loan against its own deposit.
- Applicable rate of interest on loan against FD is typically 0.5% to 2% over the fixed deposit rate.
- You can claim Tax exemption in Axis bank by submitting 15G/15H.
- Recurring Deposit Rates are same as FD Rates in Axis Bank
- In Axis Bank you can take quarterly or monthly payouts from your Fixed Deposits.
Open a Fixed Deposit Account easily through a number of channels like Internet or Phone Banking or simply by visiting you nearest Axis Bank branch.
General Information on Axis Bank FD Rates (source: Axis bank website)
Axis Bank offers multitudes of fixed deposit schemes for various durations. It offers simple reinvestment Fixed Deposits (at very competitive interest rates), which can be opened with a minimum investment of Rs 10,000. You can make additions to your deposit in multiples of Re 1 thereafter. The tenure of your fixed term deposit must be a minimum of 6 months.
Fixed Deposit Schemes
In a reinvestment fixed deposit scheme, the interest accrued on your deposit at the end of each quarter is invested along with the principal. The tenure of your deposit must be a minimum of 6 months. At the end of the quarter, the interest and the principal are both rolled over, and the interest is calculated on the total sum net of Tax Deducted at Source (TDS)
As a Fixed Deposit holder, you can avail of the facility for automatic rollovers on maturity (for both the principal and interest). You can select this option in the Account Opening Document (AOD). The options available are:
Rollover only Principal:
Only the principal amount of your fixed deposit will be rolled over. The interest will be either credited to your designated account or paid out.
Rollover Principal and Interest accrued in Reinvestment Deposit scheme:
This will rollover both the deposit and the interest accrued for the same tenure at the Interest Rates applicable on the maturity date.
Method of calculation of interest rates on your fixed deposits
- For fixed deposits with tenure of 6 months & above, interest is calculated on a quarterly basis.
- Interest earned during the previous quarter is added to the Principal for calculation of interest. Fixed deposit interest rate on this amount is calculated every quarter.
- For fixed deposits schemes with tenure of below 6 months, interest is calculated at Simple Interest. Please note that the period of Fixed Deposit is considered in number of days.
- In the event the depositor chooses to receive the periodic interest payments on a quarterly basis, interested is calculated and paid on quarterly rests.
- The Fixed Deposit rate applicable for a monthly interest option will be discounted rate over the standard rate.
- Premature Encashment:
For Rupee Term Deposits of a contracted amount less than Rs 5 Crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest rate shall be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1.00% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
- Tax at source is deducted as per the Income Tax regulations prevalent from time to time.
*For all new Reinvestment Term Deposits to be opened on and after 1st August, 2013 and all existing Reinvestment Term Deposits that may be renewed on and after 1st August, 2013, interest reinvested would be net of TDS and hence the maturity value would vary to that extent.
Calculation of TDS in respect of interest on Fixed Deposits
TDS in respect of interest earned on fixed deposits, is deducted on the basis of thetotal interest projected on the aggregate of fixed deposits of the customer, for the financial year.
Thus, if the total projected interest in a financial year crosses the threshold limit which is presently Rs.10,000/-, TDS is deducted proportionately from the existing fixed deposits at the time of interest application.
This is in accordance with Section 194 A 3 (i) (a) of the Income Tax Act.
For any further clarifications, please contact the base Branch.
Withdrawals of Term Deposits:
If you have created a Term Deposit with a Joint holder, kindly submit a declaration signed by all the holders. This is required in the unfortunate event of death of one of the holders, to enable Axis Bank to pay the maturity proceeds prematurely to the survivor.
Digital products/Apps by Axis Bank
Banking with Axis Bank is just a touch away with Axis Mobile – a user-friendly, convenient and secure mobile banking application from Axis Bank.
1. View account summary, mini-statement and transaction details for all your savings, current and credit card accounts
2. View your credit cards’ latest, unbilled and past statements. Pay your Credit Card bill instantly or schedule it for a later date
4. Have complete control over you Credit and Debit Cards:
a. Convert Credit Card Transactions to EMI
b. Check eligibility for Credit Limit Increase
c. Block and Replace your cards
d. Temporarily switch your debit card on and off
e. Modify your debit card purchase limits as per your needs
5. Make immediate or scheduled fund transfers to Axis Bank and Other Bank customers through NEFT and IMPS facilities.
6. Safely add payees right from the app. No need to log in to internet banking to add a payee.
7. Recharge your Prepaid Mobile, Data Card and DTH connection instantly.
8. Schedule/ Pay/ Auto-Pay your utility bills for more than 200 billers. View scheduled bills on your phone calendar.
9. Save your 10 frequent transactions as Favorites and repeat them in one click in future
10. Personalize your account details and payee list by adding an image for them (from Facebook, photo gallery or by taking a picture).
11. Request for statement of your account, new cheque book, issued cheque status and stop cheque payment. Generate your MMID and OTP for IMPS P2M transactions
12. Tweet/Email feedback or Call Axis Bank right from the application
13. One click view of Special Offers only for you
14. Locate Axis Bank Branches, ATMs, Loan Centers and Cash Deposit Machines near you (through GPS) or search them by Location
15. Easily locate dining delights offers near you
16. View your eDGE Loyalty Reward points balance and redeem from over 500 exciting reward options.
Axis Pay Connect
PayConnect mobile empowers corporates to carry out bulk payments on the move. Making electronic payments, within-bank transfers and cheque/DD payments is now available on the mobile device. The application also has analytical capabilities to enable monitoring of fund position and liquidity. Customers can view account summary, download statement of accounts, link group accounts, check balances in real-time and download or e-mail transaction reports.
Axis Bank mVisa - Merchant
Axis Bank mVisa – Merchant app is a QR code based payment solution for Axis Bank merchants. It offers a hassle free and secure way to receive payments from customers. It is a unique solution where the app becomes the Point of Sale (POS) without having the need of the traditional Point of sale device. Two types of QR codes that can be generated with the app are:
1. A unique QR code for each transaction by entering the amount
2. A generic QR code which can then be scanned by customers to make the payment
Axis Bank mVisa has a number of benefits as below:
1.The app becomes a PoS device where merchants can accept Debit Card/ Net-banking payments. Hence there is absolutely no set-up time/cost.
3. Payments accepted through Axis Bank mVisa – Merchant will be credited directly to the merchant's account, hence merchants do not have to visit the branch often
4. No cash handling costs for merchants accepting through Axis Bank mVisa app
5. Merchants can access transaction records and sales history real time.
PingPay by Axis Bank
Axis Bank presents Ping Pay – India’s first payment solution that lets you connect to multiple social media platforms in a single application. Now send or ask for money or recharge across Whatsapp ,Facebook, Twitter, Email or SMS using Ping Pay. You can also Add pictures, voice messages, video and customized messages while asking for, or sending money.
· Axis Bank customers can send money, ask for or receive money and recharge using the Ping Pay app across multiple social media platforms like Whatsapp, Facebook, Twitter, Email or SMS from anyone in their friend list, without knowing their bank account details
· Non-Axis Bank customers can ask for or receive money and recharge using the Ping Pay app across multiple social media platforms like Whatsapp, Facebook, Twitter, Email or SMS from anyone in their friend list, without knowing their bank account details
· The app enables users to customise their transactions by adding text messages, pictures, video or audio messages.
· Fund transfers are instant, 24*7, 365 days and absolutely free of cost and take place in a completely safe and secure way as none of the user’s banking details are shared with any social media platforms
· Axis Bank customers can view their account balance and non-Axis customers have a choice to send a request for opening a savings account with Axis Bank using this app.
FxConnect by Axis
Axis Bank Presents FxConnect , an easy to access and user friendly mobile based forex dealing platform for corporate customers.
1. View online streaming rates published by Axis Bank.
2. Set up favourite currency pairs for ease of trading.
3. Book a deal as soon as you see a good rate.
4. Cash, Tom , SPOT and Forward Deals can be booked instantly.
5. Instant deal confirmation on the app along with email and SMS alerts .
To avail this facility, you have to Contact your Axis Bank relationship manager or Axis Bank branch for activation of the facility.