Axis Bank FD Interest Rates
About Axis Bank
In India, Axis Bank is the third-largest private sector bank. Deposits, loans, credit and debit cards, Demat accounts, and mutual fund investments are among the services they provide. Individuals, farm and retail enterprises, MSMEs, medium and big organisations are among the bank’s customers. With 4,528 domestic branches and 12,044 ATMs across the country, the bank has a large network.
The term “retail banking” refers to lending to individuals and small enterprises that meets the criteria of orientation, product, and granularity. Liability products, card services, Internet banking, automated teller machine (ATM) services, depository, financial advising services, and non-resident Indian (NRI) services are also included.
Features of Axis Bank FD Rates
- Flexible Tenure: Axis bank has a variety of deposit tenures to choose from. An FD can be kept open for as little as seven days or as long as ten years. In between, you have a variety of tenure options. This applies to everyone who makes a deposit. Select a term that meets your financial requirements.
- Minimum Investment: Depending on how you open the FD, the minimum investment amount varies. It takes 5,000 to open an account through the bank’s website or mobile app. The minimum investment amount is Rs 10,000 if you create an account at any of the bank’s branches.
- Easy account opening: Depositors can open an Axis Bank FD both offline and online with no difficulty. To open your FD branch through the offline method, go to any bank branch near you. You can also open an account by visiting the bank’s website or downloading the bank’s mobile app.
- Automatic roll-over maturity: You can have your deposits automatically rolled over when they reach maturity. This applies to the principal as well as the interest. If you select only the principal option, the principal will be rolled over and the interest will be credited to a designated account.
Axis FD Interest Rates 2021
The fixed deposit rates for the Canara bank is given below based upon the tenure:
|
Tenure |
General Public FD Rate | Senior Citizens FD Rate |
|
7 days to 29 days |
2.50% |
2.50% |
|
30 days < 3 months |
3.00% | 3.00% |
| 3 months < 6 months | 3.50% |
3.50% |
| 6 months < 11 months 25 days |
4.40% |
4.65% |
|
11 months 25 days < 1 year |
5.15% |
5.40% |
|
1 year < 1 year 5 days |
5.15% |
5.80% |
|
1 year 5 days < 18 months |
5.10% |
5.75% |
|
18 months < 2 years |
5.25% |
5.90% |
|
2 years < 30 months |
5.40% |
6.05% |
|
30 months < 5 years |
5.40% | 5.90% |
| 5 years to 10 years | 5.50% |
6.00% |
Benefits of AxisBank FD
- FDs are available at attractive interest rates.
- Advantage of the easy fund liquidation option.
- Advantage of the account’s auto-renewal.
- Open an FD account quickly and easily through internet banking, a mobile app, or from the bank branch.
- The process of opening an FD account is simple and can be done online.
- The FD has a tenure ranging from 7 days to 10 years.
Types of Axis Bank FD Rates
- Express Fixed Deposits: Customers can open an Express Fixed Deposit account online in three minutes, even if they don’t have a savings account, thanks to an industry-first digital FD scheme. The account must be opened with a minimum deposit of Rs.5,000 and a minimum term of six months.
- Fixed Deposits: The scheme requires you to deposit a minimum sum of Rs.5,000 when booked via internet banking or the mobile app for a tenure ranging from 7 days up to 10 years. The minimum deposit will be Rs.10,000 if you wish to open the account via a branch.
- Fixed Deposit Plus: Axis Bank offers this scheme so that you can earn higher returns on investment than with traditional FD schemes. All domestic and NRI customers are eligible for the scheme. On a minimum deposit of Rs.5,00,000, you can earn simple or compound interest. The scheme provides a variety of deposit options with no maximum investment amount.
- Auto Fixed Deposit: The scheme connects your existing savings account to the FD account, enabling money to be transferred to the FD account in multiples of Rs.5,000 when your savings account balance exceeds Rs.25,000. The FD account has a minimum term of six months and a maximum term of five years. The scheme provides a simple method of liquidation.
Eligibility of Axis Bank FD
- Individuals above the age of 18 who are Indian residents
- Non-Resident Indians (NRIs)
- Hindu Undivided Families (HUFs)
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
How to Calculate AxisBank FD Rates
A fixed deposit calculator tool is used to estimate the maturity amount that an investor should expect for a specific deposit amount at the current rate of interest at the end of a specified term.
The amount of interest that can be earned on a fixed deposit can be calculated using a fixed deposit calculator. The deposit amount, FD interest rate, and fixed deposit tenure are used to determine the maturity amount. The amount received at the conclusion of the FD’s term is known as the maturity amount. It contains all of the interest that has accrued on the principal (deposit amount).
Factors Affecting Axis Bank FD Rates
There are multiple factors that can have an effect on the FD rates at Axis Bank. Some of these factors are:
- The rate of inflation
- Prevailing liquidity scenario in India
- Conditions of demand and supply
- Anticipation of a lending rate cut
- Falling call rates
- Plummet in the Bank’s fund costs
FAQs:
What is the minimum amount for opening an FD with Axis Bank?
The minimum investment amount is Rs. 5,000 if you book an FD through the mobile app or internet banking. However, if you go to a bank branch, the minimum amount is Rs. 10,000.
What is the interest rate on Axis Bank FDs for senior citizens?
Senior citizens are typically offered a 0.5 per cent higher interest rate on FDs, with rates ranging from 3.25 per cent to 6.25 per cent depending on the amount invested.
Is it possible to make a premature withdrawal from Axis Bank?
Yes, Axis Bank does allow for early withdrawals. The penalty imposed will differ depending on when the money is withdrawn.
