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Fixed Deposits (FD)
Axis Bank's Fixed Deposit (FD) is a safe and convenient way to see your savings grow. Open a Fixed Deposit online with Axis Bank and save a minimum of Rs. 5,000 for a flexible tenure starting from a minimum of 7 days to a maximum of 10 years. Axis Bank's digital services enable you to open a Fixed Deposit account remotely. This feature facilitates smooth transfers from your savings account into your Fixed Deposit. Get the most competitive Fixed Deposit interest rates for both long and short term investments. Axis Bank provides you automatic roll-out facility on your FD so that you can get your Fixed Deposit interest credited to a designated account or get it paid out to a different account.
Features and Benefits
Enjoy attractive FD interest rates
For details on interest rates for fixed deposits ranging from 7 days to 10 years, click here for Enjoy attractive interest rates
Start a fixed deposit with minimum investment
- Rs. 5,000 if booked via Internet Banking or Mobile App
Avoid premature encashment penalties
- 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 will 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. However, for Rupee Term Deposits closing within 7 days from the date of booking of the deposit, no interest will be applicable and for Rupee Term Deposits closing within 7-14 days from the date of booking of the deposit, the interest rate will be the rate applicable for the period the deposit has remained with the bank.
Open a fixed deposit with ease
Hassle-free opening of deposits from the comfort of your home / office
Earn more interest with a reinvestment deposit
Interest accrued on the deposit each quarter is invested along with the principal.
Interest is calculated on total sum; net of Tax Deducted at Source (TDS).
Transfer funds seamlessly between accounts
Move funds from a Savings Account to a Fixed Deposit to earn higher interest
Avail automatic rollover facility
- Only on principal: Only principal is rolled over and interest is credited to a designated account or paid out.
Method of calculation of interest rates on your Fixed Deposits
- For Fixed Deposits with tenure of 6 months and above, interest is calculated on a quarterly basis
Stay compliant with prevalent tax laws
- Tax at source is deducted as per the Income Tax regulations prevalent from time to time. TDS with respect to interest earned on Fixed Deposits is deducted on the basis of the total interest projected on the aggregate of Fixed Deposits of the customer, for the financial year Read More
Choose the scheme you want
Choose between either quarterly compounding / reinvestment of interest scheme or a quarterly payout of interest scheme or a monthly payout interest scheme to the designated account of the depositor.
Start a fixed deposit with minimum investment
Avoid premature encashment penalties
Avail automatic rollover facility
Method of calculation of interest rates on your Fixed Deposits
Stay compliant with prevalent tax laws
Withdraw from term deposits easily.
In case of joint Term Deposit, submit a declaration signed by all the holders. In the unfortunate event of the death of one of the holders, this will be required, to enable Axis Bank to pay the maturity proceeds prematurely to the survivor.
*For all new Reinvestment Term Deposits and all existing Reinvestment Term Deposits to be opened / renewed on and after 1st August 2013, interest reinvested would be net of TDS and hence the maturity value would vary to that extent.
Eligibility
Documents
For latest list of documentation as per the KYC requirements, please visit nearest Axis Bank Branch for more details.
How to Apply
Internet Banking
Customers can book Fixed Deposits through any of the channels listed below:
Step 1
Login to Internet Banking and select the deposit option. To login, click here to login Internet Banking
Step 2
Click on Create Fixed Deposit
Step 3
Fill in the required account and nominee details
Step 4
On confirmation, the selected amount will be debited from your Savings Account and your Fixed Deposit will be created instantly. You will get a web receipt of the Fixed Deposit booked instantly. The value for opening of the deposit and the rate applicable will be as per the date of request i.e. the day on which the Savings Account is debited.
Step 5
Post creation, the Fixed Deposit advice will be mailed to your registered e-mail id if you are registered for e-statement. In case you are not registered for e-statement, physical advice will be dispatched to your communication address. Also, you will be able to download the Fixed Deposit advice through Internet Banking after one working day of deposit booking.
Mobile Banking
Apply for a Recurring Deposit online through internet banking, mobile banking or by simply visiting your nearest Axis Bank branch where our representatives can guide you through the process. Here are the 5 simple steps through which you can apply for Axis Bank’s Recurring Deposit online through Axis Bank’s Internet or Mobile Banking services.
Step 1
Login to Mobile Banking and select the deposit option.
Step 2
Select the option>> Open FD
Step 3
Fill in the required account and nominee details
Step 4
On confirmation, the selected amount will be debited from your Savings Account and your Fixed Deposit will be created instantly. You will get a web receipt of the Fixed Deposit booked instantly. The value for opening of the deposit and the rate applicable will be as per the date of request i.e. the day on which the Savings Account is debited.<
Step 5
Please visit your nearest Axis Bank branch to open Fixed Deposit
Branch
Please visit your nearest Axis Bank branch to open Fixed Deposit
Axis Bank’s Recurring Deposit (RD) calculate
Fixed deposit calculator will help you calculate how much rate of interest you can earn by investing in a Fixed Deposit for a fixed tenure. Simply provide the following information, and you can easily calculate FD interests. Lorem, ipsum dolor sit amet consectetur adipisicing elit. Saepe, voluptatum?
₹
5K
1.99Cr
- Days
Rate of Interest*7.10%
Date of Fixed Deposit31 Jan 2024
Maturity Date31 July 2025
Maturity Value
3050
Types of Fixed Deposits
How to Choose the Right Fixed Deposit
When selecting which FD to invest in, keep the following factors in mind:
- Check the interest rates offered by the bank and if possible lock into the highest FD interest rate
- Try to match the tenure of the FD with your financial goal to ensure availability of funds as and when you need it
- Check the conditions for premature withdrawal i.e., penalty if any or time period before withdrawal is permitted
- Check if it is possible to open the FD online as it will save you time
Advantages of Fixed Deposit
- Offers a safe and secure investment option for risk averse investors
- Fixed interest rates that remain unchanged during the tenure of the FD, thereby offering a security net against market volatility
- Flexible tenures- Select the FD tenure so that it matches the time frame required for your various needs
- Knowing the exact maturity amount of your FD can help plan for your future requirements
- Easy to redeem or withdraw in case of any emergency
- Invest in lump sum amount or monthly installments, depending on your cash flow
- Senior citizens looking for regular income can select option of monthly interest payment
- Avail a loan against your FD without withdrawing it, at a lower interest rate than an unsecured loan
- Take overdraft against your FD and pay interest only the amount you utilize, while rest of the FD amount continues to earn interest
- Get tax exemption up to Rs 1.5 lakh by investing in a tax-saver FD
Factors that affect FD interest rates
- Tenure: FDs of lower tenure offer lower rates while FDs of higher tenure offer higher rates. If you are looking to earn higher returns and do not foresee any immediate need for funds, lock into the highest possible tenure
- Depositor’s age: Senior citizens i.e. those above 60 years of age usually get a higher interest rate than regular depositors
- Deposit Amount: Some FDs offer higher interest for higher amounts, such as Fixed Deposit Plus, thereby ensuring secured and higher returns
Tax impact on Fixed Deposit
- Investment up to Rs 1.5 lakh in a Tax Saver FD is exempt from income tax under Section 80C
- Interest earned on FDs of all kinds is added to your income tax and taxed as per your income tax slab
- TDS of 10% is applicable if PAN is provided to the bank. If PAN is not provided, TDS is at 20%
- If the interest income from all your FDs is less than Rs 40,000 there is no TDS. For senior citizens the amount is Rs 50,000
- If your total annual income is less than Rs 2.5 lakh, i.e. if you are below the taxable limit, you can avoid TDS by submitting Form 15G to the bank
- Similarly, senior citizens who are below the taxable limit can avoid TDS by submitting Form 15H to the bank
Fixed Deposit – Frequently Asked Questions
A Fixed Deposit (FD) is an investment avenue that offers safe and secure returns in the form of interest. You invest a certain amount of money in an FD for a fixed period and earn interest either at regular intervals during that period or at maturity, i.e. at the end of the period. The FD interest rate is fixed and does not change during the term of the FD. FD is an investment that can be easily done jointly between spouses or between parent/guardian and child.
In the case of Axis Bank, the minimum amount required to open an FD account is Rs 5000 if done through internet banking or a mobile app and Rs 10,000 if done through a bank branch.
- You can earn tax exemption up to a maximum of Rs 1.5 lakh on the amount deposited in Tax-Saver FD under Section 80C
- Tax exemption is allowed only on the initial deposit amount and not every year on the same deposit. However, you can book a new Tax-saver FD every year for getting a tax exemption
- The tenure is of five years and it cannot be withdrawn before the end of five years
- Joint holding is permitted, but only the first holder will be allowed to claim tax exemption on the deposit amount
Yes. FDs can be prematurely withdrawn apart from "Fixed Deposit Plus". 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. For features on premature penalty, please refer the advantages section.
FD is easy to invest, offers secure and guaranteed return to your investment.
You can choose the options for FD interest pay-out such as monthly, quarterly or at maturity depending on your requirement for funds.
The minimum investment period for an FD is as low as 7 days.
Yes, FD can be made jointly in the name of a minor and an adult. FD for a minor is usually made between parents and children. Sometimes guardians, such as grandparents, also invest jointly with their minor grandchildren.
Yes, you can get an overdraft facility against your FD, which you can avail of without breaking the FD. The overdraft facility is available against FD for the residual or remaining tenure of the FD. You can withdraw funds using a chequebook or through the ATM. This feature can help you meet your need for funds, while you continue to earn interest on your FD. The overdraft amount is usually a fixed percentage of your FD amount. In the case of Axis Bank, it is 85% of the FD amount, with a minimum of Rs 25,000. Since it is a secured loan, the interest rates are competitive and the approval and sanction process is quick. The other advantage is that interest is charged only on the amount that is utilised and not on the entire loan amount.
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