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Axis Bank Fixed Deposit Interest Rates

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Axis Bank Fixed Deposit

Axis Bank offers several types of fixed deposit schemes to meet the diverse needs of its customers. These schemes include Fixed Deposit Plus, Digital Fixed Deposit, and regular fixed deposits. Each scheme has its own unique features and benefits.

The Fixed Deposit Plus scheme by Axis Bank offers higher interest rates compared to regular fixed deposits. It also provides the flexibility of premature withdrawal and loan against the deposit. This scheme is suitable for individuals looking for a higher return on their investment.

The Digital Fixed Deposit scheme is a convenient option for customers who prefer online banking. One of its major advantages is that customers can open a fixed deposit without holding a savings account with Axis Bank. This scheme also offers the convenience of online application, and there is no penalty for early withdrawal.

For regular fixed deposits, Axis Bank has a minimum deposit amount of Rs 5,000 and a maximum deposit amount of Rs 1,99,99,999. The tenure for these deposits ranges from 7 days to 10 years. The eligibility criteria for regular fixed deposits include being an individual, HUF (Hindu Undivided Family), private or public limited company, partnership firm, trust, or association.

In summary, Axis Bank offers a variety of fixed deposit schemes to suit different needs. While the Fixed Deposit Plus scheme provides higher interest rates and flexibility, the Digital Fixed Deposit scheme offers the convenience of online banking without the need for a savings account. Customers can choose the scheme that best fits their requirements and enjoy the advantages of Axis Bank's fixed deposit offerings.

Benefits of Axis Bank Fixed Deposit

Axis Bank Fixed Deposit is a secured investment option that offers attractive interest rates and a range of benefits to investors. With its long-standing reputation as one of India's leading private sector banks, Axis Bank provides customers with a reliable and trustworthy platform to grow their savings. This article delves into the various advantages of investing in Axis Bank Fixed Deposit, highlighting its potential to generate steady returns while ensuring financial stability for individuals and families alike.

1. Higher Interest Rates: One of the key benefits of Axis Bank Fixed Deposit is the higher interest rates it offers compared to regular savings accounts. With potential returns that are generally higher than inflation rates, individuals can make their money work harder and grow their savings faster. Investors can choose different tenures ranging from a few months to several years, allowing them to align their investments with their financial goals and needs. Additionally, Axis Bank offers attractive rates to senior citizens, providing them with an added advantage in growing their retirement corpus.

2. Guaranteed Returns: Investing in an Axis Bank Fixed Deposit provides individuals with the assurance of guaranteed returns. Unlike market-linked investments that are subject to market fluctuations, the fixed interest rate offered by Axis Bank ensures that investors receive the promised returns upon maturity. This predictability makes it an ideal investment choice for those seeking stability and security.

3. Flexible Tenure Options: Axis Bank Fixed Deposit allows investors to select the tenure of their deposits based on their preferences and requirements. Whether it is a short-term financial goal or a long-term savings plan, individuals can align their investments accordingly. With flexibility in choosing tenures ranging from 7 days to 10 years, investors can carefully plan and manage their finances while earning steady returns.

4. Loan Against Fixed Deposit: Axis Bank offers the unique benefit of availing loans against the deposited amount in a fixed deposit. This feature provides customers with the option to meet their immediate financial needs without having to break their deposit prematurely. By availing a loan against their Fixed Deposit, individuals can borrow up to a certain percentage of the deposited amount at competitive interest rates, making it a convenient and cost-effective solution during emergencies.

5. Tax Benefits: Another advantage of investing in Axis Bank Fixed Deposit is the tax benefits it offers. While the interest earned is taxable, investors have the option to avail tax benefits by investing in tax-saving fixed deposits. These fixed deposits have a lock-in period of five years and qualify for deductions under Section 80C of the Income Tax Act, 1961. This allows investors to both grow their savings and avail tax benefits simultaneously.

In conclusion, Axis Bank Fixed Deposit offers numerous benefits that make it an attractive investment option for individuals looking for stability, guaranteed returns, and flexibility. With higher interest rates, flexible tenure options, the option of availing loans against the deposit, and tax benefits, Axis Bank Fixed Deposit ensures that investors can secure their financial future while maximizing their savings potential.

Attractive Interest Rates

Axis Bank offers attractive interest rates on fixed deposits which vary depending on the investment amount and tenure. These interest rates are designed to provide customers with competitive returns on their investments.

For investments ranging from Rs. 10,000 to Rs. 2 crores, the interest rate for a tenure of 7 days to 29 days is 3.50% per annum. The interest rate increases to 7.50% per annum for a tenure of 30 days to 45 days. For a tenure of 46 days to less than 6 months, the interest rate is 7.75% per annum. The bank offers an interest rate of 8.00% per annum for a tenure of 6 months to less than 9 months. For a tenure of 9 months to less than 1 year, the interest rate is 8.25% per annum.

Axis Bank recently announced a hike in fixed deposit rates, effective from 1st October 2021. Senior citizens now receive an increased interest rate of 8.50% per annum for a tenure of 9 months to less than 1 year. For the general public, the interest rate has been increased to 8.30% per annum for the same tenure.

The bank has implemented interest rate hikes across various tenors. For example, the interest rate for a tenure of 1 year to less than 2 years has been increased to 8.35% per annum. Similarly, the interest rate for a tenure of 2 years to less than 3 years has been increased to 8.50% per annum. The highest interest rate hike has been implemented for a tenure of 3 years to less than 5 years, with an interest rate of 8.75% per annum.

Axis Bank's attractive interest rates on fixed deposits, combined with the recent rate hike, make it an appealing option for customers looking to earn significant returns on their investments over different tenures.

Flexible Tenure Options

Flexible tenure options are available for fixed deposits, providing customers with the ability to choose a suitable duration for their investment. The minimum and maximum tenure periods vary depending on the financial institution, giving investors the flexibility they need.

Some financial institutions offer a minimum tenure period of 6 months for fixed deposits. This short-term option allows investors to gain returns over a relatively brief period. On the other hand, for those looking for long-term investments, a maximum tenure of 5 years may be available. This gives investors the opportunity to earn higher interest rates over a longer period.

One of the key benefits of flexible tenure options is the ability to choose the duration according to one's financial goals and requirements. It allows individuals to align their investment with their financial needs, whether it is for short-term savings or long-term wealth accumulation.

Additionally, flexible tenure options often come with additional benefits. These may include the option to withdraw funds partially or prematurely, with minimal penalties. This feature can be especially useful in the event of emergencies or unforeseen expenses.

In conclusion, flexible tenure options for fixed deposits offer a range of durations, from as short as 6 months up to 5 years. These options provide investors with the flexibility to choose a tenure that aligns with their financial goals. The additional benefits, such as partial or premature withdrawal options, add further convenience and security to the investment.

Tax Deductions

When it comes to tax deductions, fixed deposits offer some attractive options for individuals looking to save on their tax liabilities. Two specific tax deductions available on fixed deposits are the tax-saving fixed deposit under section 80C and the tax deduction for senior citizens under section 80TTB.

Under section 80C of the Income Tax Act, individuals can claim a tax deduction of up to Rs. 1.5 lakh on their taxable income by investing in tax-saving fixed deposits. This deduction can be claimed by individuals and HUFs (Hindu Undivided Families).

Section 80TTB provides a tax deduction for senior citizens on interest income from fixed deposits. Senior citizens can claim a deduction of up to Rs. 50,000 on the interest earned from fixed deposits.

To be eligible for the tax deduction on fixed deposit interest income, individuals need to meet certain criteria. The interest earned should be reported as income in the individual's tax return. Additionally, TDS (Tax Deducted at Source) is calculated and deducted on fixed deposit interest income if it exceeds Rs. 40,000 in a financial year.

Axis Tax Saver Fixed Deposits offer specific tax-saving benefits. The tax deduction is limited to the principal amount invested under section 80C. Additionally, senior citizens can avail an additional deduction under section 80TTB for interest income up to Rs. 50,000.

In conclusion, fixed deposits provide individuals with attractive tax deduction options under section 80C and section 80TTB. Axis Tax Saver Fixed Deposits offer specific benefits for tax savings, such as limiting the deduction to the principal amount and an additional deduction for senior citizens.

Features of Axis Bank Fixed Deposit

Axis Bank offers a range of financial products and services to meet the diverse needs of its customers. One such offering is the Axis Bank Fixed Deposit, a popular investment option that provides a secure and lucrative avenue to grow your savings. With attractive interest rates and flexible tenure options, Axis Bank Fixed Deposits offer numerous features that make them an excellent choice for individuals looking to earn steady returns on their investments. In this article, we will explore some of the key features of Axis Bank Fixed Deposits, including their competitive interest rates, flexible tenure options, easy online application process, and additional benefits such as the option to take a loan against your fixed deposit. Whether you are a conservative investor seeking stability or someone looking to maximize their returns, Axis Bank Fixed Deposits provide a reliable and convenient solution to help you achieve your financial goals.

Minimum Investment Amount

The minimum investment amount for fixed deposits (FDs) varies depending on the method of booking. If you choose to book your FD through internet banking or the mobile app, the minimum investment amount is ₹5,000. On the other hand, if you decide to book your FD through a branch, the minimum investment amount is ₹10,000.

Regardless of the method of booking, it is important to note that the minimum investment period for an FD is 7 days. This means that you must keep your deposit locked in for at least 7 days before you can withdraw it without incurring any penalties.

By offering a low minimum investment amount of ₹5,000 for online booking, the banks aim to make FDs accessible to a wider range of customers. This convenience allows individuals to easily invest their surplus funds without physically visiting a branch. However, for those who prefer the traditional method of booking through a branch, the minimum investment amount is ₹10,000.

In conclusion, the minimum investment amount for fixed deposits is ₹5,000 for online booking and ₹10,000 for branch booking. The minimum investment period for FDs is 7 days. Whether you choose to book your FD through internet banking, the mobile app, or a branch, it is important to consider these minimum amounts and the associated investment period.

Premature Withdrawal Facility

Premature withdrawal facility refers to the option provided by banks to withdraw fixed deposits (FDs) before their maturity date. However, this convenience often comes with certain charges and penalties that need to be considered. In the case of traditional FDs, a penalty is charged when premature withdrawal occurs. The penalty amount is typically a percentage of the interest accrued but not earned, which can reduce the overall return on investment.

Digital FDs, on the other hand, may have varying charges and penalties depending on the terms and conditions set by the bank. These charges can differ from one institution to another.

To avail the premature withdrawal facility, certain conditions must be met such as maintaining a minimum duration of investment, providing appropriate notice period, and fulfilling any other specific requirements mandated by the bank. It is essential for depositors to thoroughly understand these conditions to avoid any surprises or implications while withdrawing their funds prematurely.

However, some banks may offer advantages as exceptions to customers. For instance, they may waive or reduce the penalty amount if the withdrawal is being made due to unforeseen circumstances, emergencies, or financial hardships. This allows depositors to access their funds without incurring heavy penalties.

In conclusion, premature withdrawal facilities come with charges and penalties that impact the overall returns of fixed deposits. Banks have set conditions that need to be met to avail this facility, with some institutions offering advantages in exceptional cases. It is crucial for depositors to be aware of these factors to make informed decisions regarding their fixed deposit investments.

Auto-Renewal Option

To enable or disable the auto-renewal option for subscriptions in your account settings, follow these step-by-step instructions:

1. Open your account settings: Log in to your account on the platform or website where your subscriptions are managed. Look for an icon or link that represents your account or profile settings. Click on it to access your account settings.

2. Navigate to subscription settings: Once you're in your account settings, search for a section or tab specifically related to your subscriptions. It might be named "Subscription Settings," "Billing," or "Manage Subscriptions." Click on it to proceed.

3. Locate the auto-renewal option: Within the subscription settings page, search for an option related to auto-renewal. It could be labeled as "Auto-Renewal," "Renew Automatically," or something similar. This feature allows you to enable or disable the automatic renewal of your subscriptions.

4. Enable or disable auto-renewal: To enable auto-renewal, check the corresponding box, toggle switch, or select the "Enable" option. This ensures that your subscriptions continue without interruption. Similarly, to disable auto-renewal, uncheck the box, toggle the switch off, or select the "Disable" option. This will prevent your subscriptions from renewing automatically.

5. Save your changes: After selecting your desired auto-renewal option, look for a "Save" or "Update" button within the account settings page. Click on it to confirm and save your changes.

By following these steps, you can easily locate the auto-renewal settings in your account and enable or disable the auto-renewal option for your subscriptions as needed.

How to Open an Axis Bank Fixed Deposit Account

Opening a fixed deposit account with Axis Bank is a simple and hassle-free process that offers attractive interest rates and ensures the safety of your funds. With a range of tenures and flexible investment options, Axis Bank provides individuals with a secure and reliable platform to grow their savings. To open an Axis Bank fixed deposit account, follow the step-by-step instructions below.

Online through Internet Banking

To access the Fixed Deposits option through Internet Banking on your Axis Bank account, follow these simple steps:

1. Log in to your Axis Bank account using your Internet Banking credentials. If you are not registered for Internet Banking, you can easily do so by visiting the Axis Bank website and following the registration process.

2. After logging in, navigate to the "Deposit" or "Investment" section. This may vary depending on the layout of the Internet Banking interface.

3. Look for the option labeled "Fixed Deposits" and click on it. This will take you to a new page specifically for managing your Fixed Deposits.

4. On the Fixed Deposits page, you will have the option to choose from various types of Fixed Deposits offered by Axis Bank. Select the one that suits your investment goals.

5. Next, you will be prompted to enter the necessary details to open your FD. This may include your desired investment amount, tenure, interest payment frequency, and maturity instructions. Follow the prompts and provide the required information accurately.

Now, for those who have Aadhaar, opening an FD online through Internet Banking is even more convenient. With just 3 clicks, you can open an FD without needing an Axis Savings Account and with a minimum investment of Rs. 5,000.

1. Log in to your Axis Bank account through Internet Banking using your credentials.

2. Look for the option that says "Open FD using Aadhaar" or something similar. Click on it.

3. Enter your Aadhaar number and proceed. The system will fetch your details automatically, eliminating the need for manual form filling.

Follow the prompts that appear on the screen, confirm the investment amount, tenure, and other required details, and complete the process. Within minutes, your Fixed Deposit will be opened successfully.

Axis Bank's Internet Banking platform provides a seamless, user-friendly experience, enabling you to open Fixed Deposits effortlessly. With the added convenience of using your Aadhaar, investing in an FD has never been easier. Remember, the minimum investment amount for opening an FD is Rs. 5,000, allowing individuals with varying budgets to benefit from this investment option. So, take advantage of Axis Bank's Internet Banking service and open your FD today.

Through the Mobile App

To access the deposit option through the Mobile Banking app, follow these simple steps:

1. Start by opening the Mobile Banking app on your smartphone or tablet. Ensure that you have previously downloaded and installed the app from the app store.

2. Next, on the app's home screen, you will be prompted to enter your login credentials. Enter your username and password accurately. If it’s your first time logging in, you may be required to complete a registration process.

3. Once you have successfully logged in, you will be directed to the app's main dashboard or home page. This page typically displays an overview of your accounts and transactions.

4. Look for the navigation menu or toolbar icon, usually located at the bottom or top of the screen. It will generally appear as three horizontal lines or dots. Tap on this icon to access the app's main menu.

5. Within the main menu, search for the option named "Deposits" or "Deposit." The wording may slightly vary depending on the bank or financial institution's app design.

6. Tap on the "Deposit" option, and you will be taken to the deposit page or screen.

7. On the deposit screen, you will likely find step-by-step instructions on how to complete the deposit process. This may include selecting the account to deposit into, taking a photo of the front and back of the check, and entering the check amount.

8. Follow the instructions on the deposit screen and complete the necessary information accurately. Once finished, tap on the "Submit" or "Done" button to initiate the deposit.

By following these steps, you can easily navigate the Mobile Banking app to access the deposit option and conveniently deposit funds using your mobile device.

Visiting a Bank Branch

To open a Fixed Deposit with Axis Bank, follow these steps:

1. Gather the necessary documents: Before visiting the branch, ensure that you have your valid identification documents such as your PAN card, Aadhaar card, passport or driver's license. These documents will be required during the account opening process.

2. Arrange necessary funds: Decide the amount you want to deposit into the Fixed Deposit account and ensure you have the required funds available. Axis Bank usually sets a minimum deposit amount for Fixed Deposits.

3. Locate the nearest branch: Visit the official Axis Bank website and look for the branch locator option. Enter your city or pin code to find the nearest branches. You can also call Axis Bank's customer service helpline for assistance in finding the closest branch.

4. Visit the branch: Once you have identified the nearest branch, visit it during the working hours. Upon arrival, approach the customer service desk or inquire about opening a Fixed Deposit. They will guide you through the process and provide you the necessary forms to fill.

5. Fill the application form: Fill out the Fixed Deposit application form with all the required details, such as your personal information, deposit amount, tenure, etc. Make sure the information provided is accurate and complete.

6. Submit the required documents: Along with the application form, submit your identification documents as mentioned earlier. The bank officials may also request additional documents for verification purposes.

7. Make the deposit: Hand over the required funds to the bank officials. You can make the deposit in cash, via cheque, or through other available payment methods accepted by Axis Bank.

8. Collect the acknowledgement receipt: After completing the necessary formalities, the bank will issue an acknowledgement receipt, which will mention the details of your Fixed Deposit account, including the deposit amount, tenure, interest rate, and maturity date.

Visiting an Axis Bank branch to open a Fixed Deposit is a simple and straightforward process. Just make sure to bring valid identification and have the necessary funds readily available.

Calculating Returns on Axis Bank Fixed Deposits

Axis Bank is one of the leading financial institutions in India that offers a wide range of banking services, including fixed deposits. Fixed deposits are a popular investment option for individuals looking for a secure and low-risk investment avenue. The returns on Axis Bank fixed deposits are calculated based on various factors and can be determined using a simple formula. This article provides a step-by-step guide on how to calculate the returns on Axis Bank fixed deposits, helping individuals make informed investment decisions and maximize their earnings.

Using the Axis Bank FD Calculator

To avail the benefits of a fixed deposit (FD) and make informed investment decisions, it is crucial to have a clear understanding of the maturity value and interest income. Axis Bank provides a convenient tool known as the Axis Bank FD Calculator, which enables individuals to accurately calculate these values.

Accessing the official Axis Bank website is the first step. Once on the website, users need to locate the FD Calculator tool. It can usually be found under the "Personal Banking" section or by using the website's search function.

To use the Axis Bank FD Calculator, simply enter the principal amount, tenure, and applicable Axis Bank FD interest rate. These details can be easily obtained from the bank or can be found on the website itself. Once the required information is entered, the calculator will instantly display the maturity value and interest income.

One of the key advantages of the Axis Bank FD Calculator is the ability to compare different fixed deposit amounts and tenures. This facility allows users to experiment with various combinations and choose the one that best suits their financial goals and requirements.

In conclusion, the Axis Bank FD Calculator proves to be a valuable tool for investors. By accurately calculating the maturity value and interest income, individuals can make informed investment decisions and maximize their returns.

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