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Axis Bank Alters Its Fixed Deposit Interest Rates: What’s New Now?
Axis Bank offers a secure investment scheme dubbed as fixed deposit (FD) for its customers where they can make a fixed amount of deposit starting from Rs 5000 through internet banking or mobile banking and Rs 10,000 through bank branch only for a flexible maturity tenure spanning from 7 days to 10 years. On their deposits, customers will get a competitive and fixed rate of return with a plethora of benefits such as automatic roll-out facility, seamless transfer of funds, hassle-free account opening and managing facility, premature withdrawal facility, reinvestment option, and an option to choose interest rate payout option i.e. quarterly compounding / reinvestment of interest or a quarterly payout of interest or a monthly payout. Besides the said benefits, Axis Bank has recently revised interest rates on its fixed deposits which investors must need to look at before making a personal finance decision.
Eligibility required to open a fixed deposit account at Axis Bank
Individuals and entities listed below are eligible to open a regular fixed deposit account with Axis Bank.
- Residents
- Hindu Undivided Families
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
Documents required to open a fixed account at Axis Bank
While opening a regular fixed deposit account, here are the documents that are required to keep handy according to the official website of Axis Bank:
For individuals, Hindu Undivided Families, and sole proprietorship firms
- A valid Passport or a valid Driving License
- An introduction by any other bank or an introduction by an Axis Bank Savings Account holder for the last six months
- A photograph
For Trusts
- Copy of the Trust Deed
- Copy of the Registration Certificate
- Copy of the Resolution of Trustees authorising the members concerned to open and operate the account
- Photographs of the members operating the account
For Associations / Clubs
- Bye-laws of the Association
- Copy of the Resolution by the board authorising the members concerned to open and operate the account
- Photographs of the members operating the account
For partnership firms
- Partnership Deed
- Letter from partners approving the persons concerned to open and operate the account
- Photographs of the persons operating the account
How to open a fixed deposit account at Axis Bank?
Customers can go through the below 2 ways to open a fixed deposit account online:
Internet banking
- Visit https://retail.axisbank.co.in/ and sign in to your net banking account using the required credentials such as Login ID, Debit card number or mPIN.
- Now click on the "Create Fixed Deposit" option and enter the required details.
- The specified amount will be deducted from your savings account upon confirmation, and your fixed deposit will be opened instantly.
- Upon successful opening of your fixed deposit account, you will get an online receipt instantly.
Mobile banking
- Log in to your mobile banking account using the required credentials.
- Now select the deposit option and select "Open FD".
- Now enter the required details and upon submission, the specified amount will be deducted from your savings account, and your fixed deposit will be opened instantly.
- If you have registered for e-statement, the web receipt of your fixed deposit account will be mailed to your registered e-mail id once it has been established.
- You can easily manage your fixed deposit account through mobile banking post one working day of deposit booking.
Axis Bank Fixed Deposit Interest Rates
For a deposit amount of less than Rs 2 Cr, here are the most recent interest rates on fixed deposits of Axis Bank which are in force from 23.09.2021.
| Period | Regular Interest Rates (in % p.a.) | Senior citizens interest rates ( in % p.a.) |
|---|---|---|
| 7 days to 14 days | 2.5 | 2.5 |
| 15 days to 29 days | 2.5 | 2.5 |
| 30 days to 45 days | 3 | 3 |
| 46 days to 60 days | 3 | 3 |
| 61 days < 3 months | 3 | 3 |
| 3 months < 4 months | 3.5 | 3.5 |
| 4 months < 5 months | 3.5 | 3.5 |
| 5 months < 6 months | 3.5 | 3.5 |
| 6 months < 7 months | 4.4 | 4.65 |
| 7 months < 8 months | 4.4 | 4.65 |
| 8 months < 9 months | 4.4 | 4.65 |
| 9 months < 10 months | 4.4 | 4.65 |
| 10 months < 11 months | 4.4 | 4.65 |
| 11 months < 11 months 25 days | 4.4 | 4.65 |
| 11 months 25 days < 1 year | 4.4 | 4.65 |
| 1 year < 1 year 5 days | 5.1 | 5.75 |
| 1 year 5 days < 1 year 11days | 5.15 | 5.8 |
| 1 year 11days < 1 year 25days | 5.1 | 5.75 |
| 1 year 25 days < 13 months | 5.1 | 5.75 |
| 13 months < 14 months | 5.1 | 5.75 |
| 14 months < 15 months | 5.1 | 5.75 |
| 15 months < 16 months | 5.1 | 5.75 |
| 16 months < 17 months | 5.1 | 5.75 |
| 17 months < 18 months | 5.1 | 5.75 |
| 18 months < 2 years | 5.25 | 5.9 |
| 2 years < 30 months | 5.4 | 6.05 |
| 30 months < 3 years | 5.4 | 6.05 |
| 3 years < 5 years | 5.4 | 6.05 |
| 5 years to 10 years | 5.75 | 6.5 |
| Source: Bank Website, W.E.F. 23/09/2021 |
