Being a private sector Bank, the Axis Bank is currently ranking as the top 5 private sectors bank in India. Since being established in 1994, the bank has developed and gathered support from numerous financial institutions and insurance providers all over the country. It is one of the leading banks in India that offers a high profit rate for fixed deposits. The bank has overseas branches in countries like; Singapore, Colombo, Hong Kong, Shanghai, and Dubai.
Axis Bank Fixed Deposit
As said above, being the leading private sector Bank, the IDBI is providing fast online and offline banking services and also allow to open fixed deposit account from your home using online banking. If you have a saving or current account in Axis Bank then you can easily open a FD at one click. They have wide range of FD schemes that is offering attracitve interest rates on FD.
A certified Indian resident, NRI holders and senior nationals are permitted to open a fixed deposit account. Account must be active in order to open a FD account.
Types of FD in Axis Bank
- Short Term Fixed Deposit Rates
Axis permits every bank depositor to avail of a short term fixed deposit rate for a brief time of 7 days to 29 days. The annual interest rate imposed for the short term fixed deposit rate is set at 3.50%.The annual interest rates imposed for 30 days is 5.50%, while for 4 months to less than 6 months the imposed rate per year is 7.75%.Fixed deposit rates for accounts and Indian residents that are less than a year or above 6 months is 8% per year, same with deposits that contain an amount lower than Rs.1 crore.
- Long Term Fixed Deposit Rates
Axis permits every bank depositor to avail of a long term fixed deposit rates for qualified Indian residents, senior citizens, and NRE and NRO holders. For qualified Indian residents, accounts that are older than a year or two years, and to those whose accounts are lower than Rs.1 crore , the annual interest rates per year on long term fixed deposit is set at 8.30%. The interest rate per year for an Indian resident with an active account of 2 to 5 years is 8.15%.Indian residents who are able to maintain an account for more than five to ten years are given an interest rate of 8% per year.
- Senior Citizen Fixed Deposit Rates
Senior nationals get a higher financing cost than those of Indian residents and holders of NRE and NRO. Bank depositors who are 60 years old and above are eligible for annual interest rates of 3.50%. Savings deposits from 6 months to not exactly a year draws in an interest rate of 8.25% for accounts that contain less than Rs.1 crore. The annual interest rates for accounts that are above 1 year till less than 2 years draws in at 8.80%. Bank deposits from 2 years to under 5 years pulls in an annual interest rate of 8.65%, while bank deposits that are above 5 years and under 10 years gain an interest rate of 8.5%.
Premature Withdrawal Rules And Charges
Premature withdrawal is not accessible under typical circumstances for a fixed deposit account. In case bankruptcy, death, court liquidations are inevitable, clients can apply for pre-closure. A premature withdrawal penalty can be imposed by the bank and the rate of premium will be according to the most recent rates from the bank rather than the cited rate at the start of application.
Axis Bank Fixed Deposit Rates
With regards to interest rates per account or deposits, the bank has recently implemented a differential loan fees plan. It is accessible for clients who maintain retail and corporate accounts and wish to make a one-time deposit of Rs.15 lakhs. This feature can be availed by Indian residents with accounts that have one year and less than 2 years maintaining balance.
You can use this online fd calculator to find out Axis Bank exact returns on to the investment. Here is rest interest rates details offered by the Axis Bank for Indian resident.
Axis Bank FD Interest Rate
|For General||For Senior Citizen|
|31 Days to 45 Days||5.50||5.50|
|46 Days to 90 Days||6.00||5.75|
|91 Days to 180 Days||6.00||5.75|
|181 Days to 270 Days||6.50||6.00|
|271 Days to 1 Years||6.75||6.25|
|1 Years to 2 Years||7.00||6.25|
|3 Years to 5 Years||6.75||6.25|
|5 Years to 10 Years||6.75||6.25|
Updated in Dec 2016