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Axis Bank Modifies Interest Rates On Non-Withdrawable Fixed Deposits
Axis Bank, one of the largest private-sector lenders, offers a unique scheme known as 'Fixed Deposit Plus' for fixed deposit investors who want to invest for the long term. This deposit is basically a non-withdrawable deposit, which implies that premature withdrawal is not authorised. Customers can earn more with higher rates of return on this scheme than they can with standard rates. This deposit scheme is available to all NRI and domestic customers and the interest rate is offered on a simple or compounding basis for a minimum amount of Rs. 2 Cr to 5 Cr. The bank recently amended the interest rates on 'Fixed Deposit Plus,' and the new rates are effective as of March 17, 2022.
Eligibility required for 'Fixed Deposit Plus' account
To open a Fixed Deposit Plus account with Axis Bank, one must meet the eligibility criteria indicated below, as stated on the bank's website.
- Residents
- Hindu Undivided Families
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trusts
Key takeaways of Axis Bank 'Fixed Deposit Plus'
- The minimum deposit amount is Rs 5 crore, with no limit on the maximum deposit amount for both retail and corporate customers.
- The Axis Bank Fixed Deposit Plus account has a flexible tenure ranging from 7 days to 10 years with no option for auto-renewal.
- Customers have the option of choosing between simple and compound interest.
- Individuals have the option of establishing a single or joint account.
- Individuals can choose between short-term deposits and reinvestment, as well as monthly and quarterly interest payments.
- TDS is deducted as per Income Tax regulations.
Axis Bank Interest Rates On 'Fixed Deposit Plus'
The following are the fixed deposit interest rates for domestic - Fixed Deposits Plus and NRI - Fixed Deposits Plus.
| Tenors | Rs 2 Cr to Rs 5 Cr | Rs 5 Cr to Rs 10 Cr | Rs 10 Cr to Rs 25 Cr | Rs 25 Cr to Rs 50 Cr | Rs 50 Cr to Rs 100 Cr | Rs 100 Cr & Above |
|---|---|---|---|---|---|---|
| 7 days to 14 days | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 |
| 15 days to 29 days | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 |
| 30 days to 45 days | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 |
| 46 days to 60 days | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 |
| 61 days less than 3 months | 3.35 | 3.35 | 3.35 | 3.35 | 3.35 | 3.35 |
| 3 months less than 4 months | 4 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 |
| 4 months less than 5 months | 4 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 |
| 5 months less than 6 months | 4 | 4.2 | 4.2 | 4.2 | 4.2 | 4.35 |
| 6 months less than 7 months | 4.25 | 4.45 | 4.45 | 4.45 | 4.45 | 4.45 |
| 7 months less than 8 months | 4.25 | 4.45 | 4.45 | 4.45 | 4.45 | 4.45 |
| 8 months less than 9 months | 4.25 | 4.45 | 4.45 | 4.45 | 4.45 | 4.45 |
| 9 months less than 10 months | 4.3 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| 10 months less than 11 months | 4.3 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| 11 months less than 11 months 25 days | 4.3 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| 11 months 25 days less than 1 year | 4.3 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| 1 year less than 1 year 5 days | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 1 year 5 days less than 1 year 11 days | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 1 year 11 days less than 1 year 25 days | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 1 year 25 days less than 13 months | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 13 months less than 14 months | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 14 months less than 15 months | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5.25 |
| 15 months less than 16 months | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 16 months less than 17 months | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 17 months less than 18 months | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 18 Months less than 2 years | 4.45 | 4.8 | 4.8 | 4.8 | 4.8 | 5 |
| 2 years less than 30 months | 4.55 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 |
| 30 months less than 3 years | 4.55 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 |
| 3 years less than 5 years | 4.65 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 |
| 5 years to 10 years | 4.65 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 |
| Source: Bank Website |
Note
On 17th March 2022, Axis Bank also made an interest rate revision on fixed deposits of less than Rs 2 Cr. In accordance with the revised, the bank now offers term deposits expiring in 7 days to 10 years at an interest rate of 2.50 percent to 5.75 percent for the general public and 2.50 percent to 6.50 percent for senior citizens. Please click here, for more details.
