Axis Bank is India’s third largest private sector bank. The bank provides the full range of financial services to customers in the Large and Mid-Corporate MSMEs in agriculture and retail. The bank is divided into four business segments: treasury retail banking, corporate/ wholesale banking, and other banking operations. Treasury activities include investments in governmental and corporate debt, equities and mutual funds trading, derivative trading, and foreign currency operations on behalf of and for clients, as well as central funding. Retail banking comprises loans to people and small enterprises that is subject to the product orientation and granularity requirement. It also covers card services and liability products.
Internet banking, automated teller machines (ATMs), depository financial consulting services, and non-resident Indian (NRI) services are all available. Corporate partnerships not covered in retail banking are included in the corporate/wholesale banking section, as are placements and syndication management of public issues project assessments capital market related services and cash management services.
Axis Bank FD Rates June 2023
| Tenure 0f Axis Bank FD | Regular Citizens | Senior Citizens |
| 7 days to 14 days | 3.50% | 3.50% |
| 15 days to 29 days | 3.50% | 3.50% |
| 30 days to 45 days | 3.50% | 3.50% |
| 46 days to 60 days | 4.00% | 4.00% |
| 61 days to less than 3 months | 4.50% | 4.50% |
| 3 months to less than 4 months | 4.75% | 4.75% |
| 4 months to less than 5 months | 4.75% | 4.75% |
| 5 months to less than 6 months | 4.75% | 4.75% |
| 6 months to less than 7 months | 5.75% | 6.00% |
| 7 months to less than 8 months | 5.75% | 6.00% |
| 8 months to less than 9 months | 5.75% | 6.00% |
| 9 months to less than 10 months | 6.00% | 6.25% |
| 10 months to less than 11 months | 6.00% | 6.25% |
| 11 months to less than 11 months 25 days | 6.00% | 6.25% |
| 11 months 25 days to less than 1 year | 6.00% | 6.25% |
| 1 year to less than 1 year 5 days | 6.75% | 7.50% |
| 1 year 5 days to less than 1 year 11 days | 6.80% | 7.55% |
| 1 year 11 days to less than 1 year 25 days | 6.80% | 7.55% |
| 1 year 25 days to less than 13 months | 6.80% | 7.55% |
| 13 months to less than 14 months | 7.10% | 7.80% |
| 14 months to less than 15 months | 7.10% | 7.85% |
| 15 months to less than 16 months | 7.10% | 7.85% |
| 16 months to less than 17 months | 7.10% | 7.85% |
| 17 months to less than 18 months | 7.10% | 7.85% |
| 18 months to less than 2 years | 7.10% | 7.85% |
| 2 years to less than 30 months | 7.05% | 7.85% |
| 30 months to less than 3 years | 7.00% | 7.80% |
| 3 years to less than 5 years | 7.00% | 7.75% |
| 5 years to 10 years | 7.00% | 7.75% |
Features and Benefits of Axis Bank FD
- On maturity, there is an automatic rollover that is valid for both the principal and interest.
- For deposits under Rs. 2 crores, the axis bank fd rates on NRE and NRO fixed deposits varies from 5.15% to 5.50% per annum.
- For online bookings, a Rs. 5,000 minimum deposit is required.
- Seven days is the minimum investment term.
- For NRIs, there are NRE Fixed Deposits and NRO Fixed Deposits.
- If purchased through a bank branch, the required minimum investment is Rs. 10,000.
- A simple and quick approach for opening from anywhere.
- Easy transfer of cash from your savings account to fixed deposits that provide greater interest rates.
- Flexibility in branch selection and determining the duration and maturity date of your FDs.
- You can open an FD account at any Axis Bank branch or online using the Kuvera app.
| Fixed Deposit | Tenure | Axis Bank FD Rates | Min. Deposit | Senior Citizen Benefits |
| Axis Bank Ltd. | 1Y 11D | 5.75% p.a. | Rs. 5,000 | Anyone above the age of 60 is eligible for up to 0.75% p.a. extra. |
| Axis Bank Ltd. | 5Y | 5.75% p.a. | Rs. 5,000 | Anyone above the age of 60 is eligible for up to 0.75% p.a. extra. |
| Axis Bank Ltd. | 2Y | 5.70% p.a. | Rs. 5,000 | Anyone above the age of 60 is eligible for up to 0.75% p.a. extra. |
| Axis Bank Ltd. | 3Y | 5.70% p.a. | Rs. 5,000 | Anyone above the age of 60 is eligible for up to 0.75% p.a. extra. |
| Axis Bank Ltd. | 1Y6M | 5.60% p.a. | Rs. 5,000 | Anyone above the age of 60 is eligible for up to 0.75% p.a. extra. |
| Axis Bank Ltd. | 9M | 4.75% p.a. | Rs. 5,000 | Anyone above the age of 60 is eligible for up to 0.75% p.a. extra. |
| Axis Bank Ltd. | 6M | 4.65% p.a. | Rs. 5000 | Anyone above the age of 60 is eligible for up to 0.75% p.a. extra. |
Types of Axis Bank FD Schemes
Regular Fixed Deposit:
- Regular Fixed Deposit:
- Maturity spans range from 7 days to 10 years.
- Earn secured returns while developing a corpus to match your requirements.
Digital Fixed Deposit
- Open FD with complete KYC and no supporting documents
- 7-minute fully digital end-to-end account opening procedure with video KYC and basic information.
- Open your Digital FD with a Savings Account at any bank.
Tax-Saver Fixed Deposit
- You may save money for the future while also benefiting from tax deductions.
- Section 80C provides tax exemption on investments up to Rs 1.5 lakh.
- The principal amount is locked in for 5 years.
Fixed Deposit Plus
- Earn a better interest rate in axis bank than traditional FDs.
- The needed minimum investment is Rs 2 crore.
- Select between simple and compound interest.
Auto Fixed Deposit
- Link your Savings Account to an FD and benefit from the flexibility of the Savings Account as well as the greater returns of the FD.
- When the amount in the Savings Account surpasses a certain limit, money is automatically transferred to the FD with Auto Fixed Deposit
- You can withdraw funds from your FD using an ATM or cheques.
Term wise Axis Bank Fixed Deposit Rates
- Short-term Deposits
These deposits are considered short-term since their maturity period is less than one year. This Axis Bank fd rates ranges from 3.50% p.a. to 6.00% p.a. for a tenure of 7 to 12 months.
- Medium-term Deposits
The tenure of medium-term fixed deposits ranges between 1 and 5 years. The annual percentage return provided by axis bank fd rates on these deposits is between 6.00% and 6.35%.
- Long term Deposits
The term of these deposits ranges from five to ten years, and the annual interest rate is 6.00%.
How to invest in Axis Bank FD?
- Online Mode
You may apply for a Fixed Deposit using Axis Bank’s different options, including its website, mobile app, or local branch. Here are 5 simple steps for applying for a fixed deposit online or using a mobile app. You may also visit the Axis Bank branch closest to you and ask one of Axis Bank’s staff members for assistance.
Internet Banking
Fixed Deposits can be ordered through any of the following methods by Internet Banking customers:
Step I
Choose the “deposit” option after logging into Internet Banking. Click here to sign in to Internet Banking.
Step II
Click on Create Fixed Deposit
Step III
Complete the necessary account and nominee information.
Step IV
The specified amount will be deducted from your Savings Account and your Fixed Deposit will be created instantly upon confirmation. You will receive an immediate online receipt for the Fixed Deposit booked. The deposit amount and interest rate will be determined by the date of request, which is the day the Savings Account is debited.
Step V
If you have registered for e-statement, the Fixed Deposit advice will be delivered to your registered email address after creation. If you are not signed up for an electronic statement, physical documentation will be sent to your communication address. Additionally, after one working day after deposit booking, you will be able to get the Fixed Deposit advice through Internet Banking.
- Offline Mode
Visit the closest Axis Bank branch to create an FD account with the bank in person. Complete the Axis Bank FD application form and attach all necessary supporting documentation. Next, make the necessary deposit to open the fixed deposit. Axis Bank will offer an FD receipt following the application’s successful processing.
Eligibility to Open Axis Bank FD
- Residents, including minors.
- A sole proprietor
- Undivided Hindu Families (HUF).
- A company, and a joint stock company.
- Trust Accounts
Documents Required to Open Axis Bank FD
For Individuals, Hindu Undivided Families, and Sole Proprietorship firms
- A valid driver’s licence or passport
- A six-month-old Axis Bank Savings Account holder’s introduction or an introduction from any other bank.
- A Photograph
For Trusts
- The Trust Deed’s copy
- The registration certificate’s copy
- A copy of the trustees’ resolution approving the concerned members to open and manage the account
- Photographs of the users that are running the account
For Associations / Clubs
- Association’s Byelaws
- A copy of the board resolution authorising the concerned members to create and manage the account
- Photographs of the users that are running the account
For Partnership firms
- Partnership businesses must submit the following paperwork when applying for a fixed deposit:
- Deed of Partnership
- Letter from the partners giving the individuals permission to start and run the account
- Photographs of the individuals in charge of the account
Tax on Axis Bank Fixed Deposit
- Section 80C of the Income Tax Act exempts up to Rs. 1.5 lakh of investment in a Tax Saver FD from income tax.
- All FD interest is applied to your income tax and taxed in accordance with your income tax slab.
- If a PAN is provided to the bank, a TDS of 10% is applied. TDS is 20% if PAN is not given.
- There is no TDS if the combined interest income from all of your FDs is less than Rs 40,000. The cost for senior citizens is Rs. 50,000.
- You can avoid TDS by giving the bank Form 15G if your annual income is less than Rs 2.5 lakh, or if you are not subject to tax.
- In a similar manner, elderly people who fall under the taxable threshold might avoid TDS by filing Form 15H to the bank.
Why Kuvera is the best place to Open Axis Bank FD Account?
Aiming to simplify investing, Kuvera.in is an Indian online wealth management platform for mutual funds, digital gold, fixed deposits, cryptocurrency trading, insurance, and US ETF investment.
Here is how Kuvera makes opening an Axis Bank FD Account simple:
- User Interface
Kuvera is a beginner-friendly platform with a simple and easy-to-use User Interface.
- Goal-Based Investment
Investors can define their goals for purchasing real estate, saving for retirement, or funding a child’s education on the Kuvera platform. You can determine how long it will take, say, 5 or 10 years, to reach your target. The future value is displayed on the Kuvera platform using inflation. By making ideas, Kuvera will assist you in selecting the strategy to accomplish your objectives. On Kuvera, you can also define goals for your ongoing investments. Per target they set, investors will also receive 50 coins. On the Kuvera platform, you can group many goals together.
- Family Account
Investors can open a family account in which the entire family can invest. They can establish their own goals and use the same login ID and password.
It is a valuable and distinct feature for a family to invest jointly on a single platform. Everyone can invest individually in a single account.
- Customer Service
When investing in or withdrawing in Axis Bank Fixed Deposit, investors may encounter various difficulties. If you are experiencing any problems with the Kuvera platform, you can contact by email and their team would reach out to you with the required specific details.
Steps to open FD Account in Kuvera
Step 1: Download the Kuvera app or register on the website.
Step 2: Complete the KYC by providing PAN, Aadhaar, and in-person video verification. The Prevention of Money Laundering Act of 2002 and the rules made under it, as well as the SEBI Master Circular on Anti Money Laundering (AML) Standards/Combating the Financing of Terrorism (CFT)/Obligations of Securities Market Intermediaries, require that KYC compliance be completed.
Step 3: From “Home,” select the “Invest” option.
Step 4: To view the categories, click “Fixed Deposits” and then “Bank Option.“
Step 5: You will be taken to a list of all Axis Bank fixed deposit options. You can view the tenure, interest rate, and minimum deposit requirements for each FD by clicking on it. Verify the fixed deposit’s lock-in duration to be certain.
Step 6: Choose the fixed deposit you wish to purchase and touch “Start FD.”
Step 7: You must provide the IFSC code, account number, and account type for your main bank account.
FAQs
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What is the minimum amount required to open a Fixed Deposit account with Axis Bank?
The minimum amount necessary to start an FD account in a bank branch is Rs.10,000, but Rs.5,000 if opened online.
-
Does Axis Bank permit joint accounts for fixed Deposits?
Yes, the bank allows the opening of a joint FD account. Joint FD accounts can be created by up to three individuals.
-
Does Axis Bank impose fees for early withdrawal of fixed deposits?
The bank assesses a minimal 1% penalty for early withdrawal on its standard fixed deposits. NRE fixed deposits are, however, excluded from the penalty fee.
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Is a savings account a prerequisite for opening a fixed deposit account with Axis Bank?
No. A savings bank account is not required to create a fixed deposit account with Axis bank. Prior to the maturity date of the FD, the bank will request approval for its rollover or transfer the money to a customer-specified account at another bank.
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Is the interest on Axis Bank Fixed Deposit taxable?
The Income Tax Act of 1961 states that the interest received on Axis Bank FDs is taxable. The bank deducts TDS at a rate of 10% if a PAN is given and 20% if not.
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Does Axis Bank provide Tax Saver Fixed Deposits?
Yes, Axis Bank offers tax-advantaged Fixed Deposits to HUFs and Indian citizens. The bank offers “Single Holder Type Deposits” and “Joint Holder Type Deposits” under their tax saving FDs. In the case of standard fixed deposit plans, tax is deducted at the source in accordance with the Income Tax Act of the Government of India.
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