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Axis Bank Launches Digital Fixed Deposit With No Penalty On Premature Withdrawal
Axis Bank, India's third-largest private sector bank, has introduced the "Digital Fixed Deposit," an industry-first digital full KYC fixed deposit product. The main advantages of this product are that fixed deposit investors can establish a Digital Fixed Deposit without an Axis Bank Savings Account by submitting personal details, and the account can be opened via the video KYC (VKYC) technique from the comfort of their own home. Axis Bank Digital Fixed Deposit provides customers a slew of benefits, including excellent interest rates, no issuance charges, and no penalty on premature withdrawals up to 25% of the amount.
Key benefits of Axis Bank Digital Fixed Deposit
- You do not need to have or open an Axis Bank savings account to open an Axis Bank Digital Fixed Deposit. Deposits from any savings account can be made online.
- The applicable interest rates are the same as those given by Axis Bank on domestic deposits.
- You can make an initial deposit of Rs 5000 and choose a tenure of up to 10 years.
- The maximum deposit amount is capped at Rs 2 lacs.
- Digital Fixed Deposits can be registered for as little as 6 months and as much as 120 months. The applicable interest rates are similar to the regular interest rates offered by the bank.
- You can open a full KYC fixed deposit in minutes thanks to the video KYC procedure, which is convenient, quick, hassle-free, and secure because you do not need to physically submit your documents by visiting the bank branch.
- The bank does not levy a penalty on premature withdrawals of up to 25% of the amount on Digital Fixed Deposit.
- The amount including the deposit and interest of the Digital Fixed Deposit will be credited to your specified savings account within 3 working days of maturity.
Eligibility required
- The customer must be an Indian resident above the age of 18.
- While opening the account, he or she should be in India.
- The customer must have valid Pan and Aadhar details.
- The customer's mobile number should be linked to his or her Aadhaar card.
- The customer should not be an existing Axis Bank customer.
- By logging in and submitting his/her credentials, the customer should agree with the bank's terms and conditions.
Axis Fixed Deposit Interest Rates
The interest rates applicable on Digital Fixed Deposits are the same as applicable on regular deposits by the bank. Axis Bank is providing the following interest rates on domestic term deposits of less than Rs 2 Cr as of January 26th, 2022. Note deposits maturing in 6 months to 120 months are Digital Fixed Deposits.
| PERIOD | REGULAR INTEREST RATES (% P.A.) | SENIOR CITIZENS INTEREST RATES (% 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 | 5.25 | 5.9 |
| 1 year 25 days < 13 months | 5.15 | 5.8 |
| 13 months < 14 months | 5.15 | 5.8 |
| 14 months < 15 months | 5.15 | 5.8 |
| 15 months < 16 months | 5.2 | 5.85 |
| 16 months < 17 months | 5.2 | 5.85 |
| 17 months < 18 months | 5.2 | 5.85 |
| 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. 26.01.2022 |
