Axis Bank FD Rates 2018
Interest Rates for Domestic Deposits less than Rs 5 Crores (in %)
|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||5.50||5.50|
|46 days to 60 days||6.00||6.00|
|61 days < 3 months||6.00||6.00|
|3 months < 4 months||6.20||6.20|
|4 months < 5 months||6.25||6.25|
|5 months < 6 months||6.25||6.25|
|6 months < 7 months||6.25||6.50|
|7 months < 8 months||6.25||6.50|
|8 months < 9 months||6.25||6.50|
|9 months < 10 months||6.50||6.75|
|10 months < 11 months||6.50||6.75|
|11 months < 1 year||6.50||6.75|
|1 year < 13 months||6.75||7.25|
|13 months < 14 months||6.75||7.25|
|14 months < 15 months||6.75||7.25|
|15 months < 16 months||6.75||7.25|
|16 months < 17 months||6.75||7.25|
|17 months < 18 months||6.85||7.35|
|18 months < 2 years||6.25||6.75|
|2 years < 30 months||6.25||6.75|
|30 months < 3 years||6.25||6.75|
|3 years < 5 years||6.25||6.75|
|5 years to 10 years||6.25||6.75|
Note: the above rates are applicable with effect from 10th Oct 2017 and are subject to change without any prior notice.
Types of Fixed Deposit
The Axis Bank offers various fixed deposit schemes like a regular fixed deposit or a tax saving fixed deposit, recurring deposit or a fixed deposit account for those looking to invest higher amounts thereby earning higher interest rates.
Axis Bank Fixed Deposit
It is simple deposit scheme which can be opened with a minimum investment of Rs.10, 000. The various features are:
- Under the reinvestment deposits, the interest is accrued quarterly on the principal. The minimum deposit term is 6 months.
The facility of Automatic Rollover can also be selected by the customer on the Account Opening Form (AOD) where there are 2 options of:
- the principal amount is reinvested and the accrued interest is paid into the accountholder’s account
the interest and the principal are reinvested on maturity for the tenure and interest same as on the date of opening
- The customer may choose to receive the interest as when they accrue instead of reinvesting the same for the next quarter
- On pre-mature withdrawals, the applicable interest rate is 1%
Axis Bank Tax Saver Fixed Deposit
A 5 year fixed deposit scheme designed to save tax under Section 80C of the Income Tax Act. The features of the scheme are as follows:
- The deposit is for a fixed term of 5 years and cannot be prematurely withdrawn or pledged against a loan
- The amount of investment ranges from Rs.100 to a maximum of Rs.1.5 lakhs
- The bank will issue a fixed deposit receipt on which tax exemption can be claimed
- There are 2 types of scheme – TDGRI (Reinvestment scheme) and TDGQI (Quarterly interest scheme)
- There are 2 types of deposits – one provides compounding of interest and the other one provides payout of the interest accrued
- The fixed deposits held with the bank will be subject to TDS which is calculated as per a pre-defined method
- In case of opening the deposit with a Joint holder, a declaration signed by all the holders is required to be submitted in case of unfortunate death of one of the holders in which case the bank would pay the maturity proceeds prematurely to the survivor.
- Axis Bank FD rates are offered with special concessions to senior citizens and existing staff members of the bank.
Axis Bank High Value Fixed Deposit
A fixed deposit account yielding higher interest rates than a normal deposit account. The following are its features and benefits:
- The scheme is available to retail and corporate customers who can invest a minimum amount of Rs.15 lakhs to earn a higher interest rate
- Flexible deposit term ranging between 1 year to 2 years
- Options between Simple Interest or Compound Interest for the purpose of interest calculation
- The types of deposits under the scheme are short term deposit, reinvestment deposit, monthly and quarterly payout deposit
- In case of unfortunate death of one of the accountholders of the joint account, the bank would pay the maturity proceeds prematurely to the survivor
Axis Bank Recurring Deposit
An account to facilitate regular savings where a small amount can be invested every month for a pre-determined term. The features and benefits are:
- The minimum amount of monthly deposit is Rs.1000 and thereafter in multiples of Rs.500
- The minimum term of deposit is for 12 months and thereafter in up to 10 years
- The amount of installment once fixed does not change
- In case of premature encashment, the applicable interest rate will be 1% less than the prevailing Axis Bank RD interest rate or contracted rate, whichever is lower.
- In case of unfortunate death of any one of the account holders of the joint account, the bank would pay the maturity proceeds prematurely to the survivor
Axis Bank Encash 24 Flexi Deposit
It is a dual benefit scheme which provides liquidity and earns high interest on the Fixed Deposit account. Below are the detailed features of the product:
- The Encash 24 Flexi Deposit is a dual benefit scheme which provides liquidity and earns interest at a rate higher than the prevailing Axis Bank FD Rates.
- The tenure of the fixed deposit account can be chosen for a minimum of 6 months to a maximum of 5 years.
- The money in the Fixed Deposit account is easily accessible and can be withdrawn by issuing a cheque or through ATMs.
- The money which is reverse swept earns the Fixed Deposit interest rate for the term till it was held in the deposit account and the remaining amount earns the contracted interest rate.
- In case of premature encashment, the applicable interest rate is 1% less than the prevailing card rate or contracted rate whichever is lower for a period for which the deposit was made with the bank.
Tax Deductions under the Re-investment Scheme
If the interest payable per year exceeds Rs.10, 000, TDS will be deducted and the relevant TDS Certificate will be sent to the customer showing the details of the Tax deducted.
Documents Required for Axis Bank Fixed Deposit
The following Documents are required for opening a Fixed Deposit Account
An individual, HUF, Sole Proprietorship concern
Associations / Clubs
Fixed Deposit Maturity Amount Calculation
It is always advisable to find out the fixed deposit maturity amount using the FD calculator before investing in any scheme. You can calculate it easily by entering the amount you wish to invest and the tenure, the prevailing Axis Bank FD Rate will be prefilled. As most of the Axis bank FD schemes provide the option of choosing between simple interest and compound interest for the depositor, people should calculate the maturity amount using the compound interest calculator and compare the benefits that they can get from a particular scheme.