Investor Education
Axis FD Interest Rates 2024 - Latest Axis Bank Fixed Deposit Rates
Axis Bank Fixed Deposits are one of the good options to park your savings for a specified tenure as per requirements. It is a popular investment option for individuals seeking stable and secure returns on their savings. It also developed disciplined saving habits that offer the advantage of earning interest on your deposit amount which will be paid on regular intervals or at the time of maturity of fixed deposits.
Introduction to Fixed Deposits
A fixed deposit is a type of investment in which an individual deposits a lump sum amount with a financial institution for a fixed tenure, at a fixed rate of interest. The rate of interest is determined by the financial institution, and it remains the same throughout the tenure of the fixed deposit. At the end of the tenure, the depositor receives the principal amount along with the interest earned on the investment. There are numerous types of fixed deposit accounts that one can choose from, including tax saver, etc. You can check the latest HDFC, ICICI, and Axis Bank fixed deposit rates online.
Fixed deposits offer several benefits, including guaranteed returns, low risk, and a stable source of income. They are an attractive option for individuals who are risk-averse or want to diversify their investment portfolio. Additionally, many financial institutions offer special rates for senior citizens schemes, allowing them to earn higher returns on their investments. Overall, fixed deposits provide a simple and hassle-free investment option for individuals looking to earn stable returns on their savings.
About Axis Bank
Axis Bank is one of the leading private banks in India offering a variety of fixed deposit facilities to meet the varied needs of individuals. Axis Bank FD Interest Rates is simple and a good way to grow your savings. Axis bank offers attractive and competitive interest rates in the industry depending upon the tenure of the FD. It also provides additional interest rate benefits to senior citizens. The tenure varies from 7 days to 10 years and the interest rate varies from 2.50% to 6.50%.
Key Features of Axis Bank Fixed Deposits
Axis Bank Fixed Deposits (FDs) offer more than just a safe place to park your money, they help optimize your financial planning.
- Higher Interest Rates: Axis Bank FDs provide better interest rates compared to regular savings accounts. It also ensures safe and secure returns for investors.
- Interest Rates Vary: Interest Rates vary based on the deposit amount and tenure. It also depends on which fixed deposit scheme you are opting for, if you are a senior citizen rate of interest may vary from regular FDs.
- Flexible Tenure: You can choose a deposit period ranging from 7 days to 10 years.
- Minimum Deposit: The minimum deposit amount of axis bank fixed deposits is usually around ₹5,000.
- Interest Payout Options: Axis Bank Fixed Deposits provide you facility to choose whether you want to receive interest payouts monthly, quarterly, or at maturity.
- Tax Benefits: Some fixed deposits of axis banks qualify for tax benefits under Section 80C of the Income Tax Act.
- Premature Withdrawal: Premature withdrawal is allowed with a penalty, and also the interest rate may be reduced.
- Loan Facility: You can also take a loan against your FDs, as it offers liquidity without having to break the deposit.
- Eligibility: Open to all Indian residents, including minors and Hindu Undivided Families (HUFs), making it accessible to a wide range of investors.
- Nomination Facility: The FD has a feature for nomination, ensuring that your deposit can be easily claimed by the nominee in case of the account holder's death, but you have to provide valid death proof.
- Sweep-In Feature: You can link your savings account with your FD, enabling automatic transfers of excess funds into the FD to earn higher interest.
- Safety: Fixed deposits are considered a low-risk investment option.
- Predictability: Fixed returns provide a stable income to investors.
These features make Axis Bank FDs an attractive option for both saving and growing your wealth securely.
Axis Bank FD Rates 2024
| Tenure | Interest Rate |
| 17 months to less than 18 months | 7.20% p.a. |
| 1 year | 6.70% p.a. |
| 2 years | 7.10% p.a. |
| 3 years | 7.10% p.a. |
| 4 years | 7.10% p.a. |
| 5 years | 7.00% p.a. |
| Tax-Saving FD | 7.00% p.a. |
Axis Bank FD Interest Rates on Domestic Deposits of less than Rs 3 Crore
| Tenure | Regular Citizens Interest Rates (p.a.) | Senior Citizens Interest Rates (p.a.) |
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to less than 3 months | 4.50% | 5.00% |
| 3 months to less than 6 months | 4.75% | 5.25% |
| 6 months to less than 9 months | 5.75% | 6.25% |
| 9 months to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 1 year 29 days | 6.70% | 7.20% |
| 13 months to less than 15 months | 6.70% | 7.20% |
| 15 months to less than 2 year | 7.10% | 7.60% |
| 2 years to less than 5 years | 7.10% | 7.60% |
| 5 years to 10 years | 7.00% | 7.75% |
Axis Bank FD Plus Rates on Domestic Deposits of Rs 3 Crore and less than Rs 5 Crore
| Tenure | Interest Rates (p.a.) |
| 30 days to 45 days | 5.50% |
| 46 days to 60 days | 5.75% |
| 61 days to less than 3 months | 6.00% |
| 3 months to less than 4 months | 6.75% |
| 4 months to less than 6 months | 7.00% |
| 6 months to less than 9 months | 7.00% |
| 9 months to less than 1 year | 7.25% |
| 1 year to less than 15 months | 7.55% |
| 15 months to less than 18 months | 7.45% |
| 18 months to less than 2 years | 7.45% |
| 2 years to less than 5 years | 7.20% |
| 5 years to 10 years | 7.20% |
Axis Bank NRE Fixed Deposit Interest Rates on Deposits less than Rs 3 Crore
| Tenure | Interest Rates (p.a.) |
| 1 year to 1 year 29 days | 6.70% |
| 13 months to less than 15 months | 6.70% |
| 15 months to less than 17 months | 7.10% |
| 17 months to less than 18 months | 7.20% |
| 18 months to less than 3 years | 7.10% |
| 3 years to less than 5 years | 7.10% |
| 5 years to 10 years | 7.00% |
Axis Bank NRO FD Rates on Deposits less than Rs 3 Crore
| Tenure | Interest Rates (p.a.) |
| 7 days to 29 days | 3.00% |
| 30 days to 45 days | 3.50% |
| 46 days to 60 days | 4.25% |
| 61 days to less than 3 months | 4.50% |
| 3 months to less than 6 months | 4.75% |
| 6 months to less than 9 months | 5.75% |
| 9 months to less than 1 year | 6.00% |
| 1 year to less than 15 months | 6.70% |
| 15 months to less than 17 months | 7.10% |
| 18 months to less than 3 years | 7.10% |
| 17 months to less than 18 months | 7.20% |
| 3 years to less than 5 years | 7.10% |
| 5 years to 10 years | 7.00% |
Axis Bank FD Plus Rates on NRE Deposits of Rs 3 Crore and less than Rs 5 Crore
| Tenure | Interest Rates (p.a.) |
| 1 year to less than 14 months | 7.55% |
| 14 months to less than 15 months | 7.50% |
| 15 months to less than 18 months | 7.45% |
| 18 months to less than 30 months | 7.45% |
| 2 years to less than 5 years | 7.20% |
| 5 years to 10 years | 7.20% |
Axis Bank FCNR (B) Fixed Deposit Interest Rates
| Tenure | USD | GBP | EURO | AUD | CAD | JPY |
| 1 year to less than 2 years | 5.35% | 5.00% | 3.35% | 4.40% | 4.65% | 0.01% |
| 2 years to less than 3 years | 4.50% | 4.00% | 0.01% | 3.75% | 3.30% | 0.01% |
| 3 years to less than 5 years | 4.30% | 0.01% | 0.01% | 3.60% | 2.90% | 0.01% |
| For 5 years only | 4.30% | 0.01% | 0.01% | 3.55% | 2.70% | 0.01% |
Axis Bank RFC Fixed Deposit Interest Rates
| Tenure | USD (Below 1 Million & Above) | GBP | EURO | AUD | CAD |
| 30 days to less than 6 months | 0.15% - 0.25% | 0.15% | 0.01% | 0.30% | 0.35% |
| 6 months to less than 12 months | 0.30% | 0.15% | 0.01% | 0.30% | 0.35% |
| 12 months to less than 2 years | 5.35% | 5.00% | 3.35% | 4.40% | 4.65% |
| 2 years to less than 3 years | 4.50% | 4.00% | 0.01% | 3.75% | 3.30% |
| 3 years to less than 5 years | 3.30% - 4.30% | 0.01% | 0.01% | 3.55% - 3.60% | 2.70% - 2.90% |
| For 5 years only | 3.30% - 4.30% | 0.01% | 0.01% | 3.55% | 2.70% |
Watch this Video to Get Latest FD Interest Rates of Axis Bank :
Also Read : HDFC Bank FD Interest Rates
Types of Axis Bank FD Schemes:
1. Senior Citizen Fixed Deposits:
- Senior citizens enjoy higher interest rates compared to regular customers.
- Nomination facility is available for easy fund transfer in case of the depositor's demise.
2. Regular Fixed Deposits:
- Minimum Deposit: Start with as low as ₹5,000.
- Interest Rates: Competitive rates on short-term deposits.
- Loan Facility: Avail loans up to 90% of the FD value.
- Flexible Options: Single or joint holder type deposits are available.
- Eligibility: Open to Resident Indians and Hindu Undivided Families (HUFs).
3. Tax Saver Fixed Deposits:
- Tax Benefits: Save taxes under Section 80C of the Income Tax Act, 1961.
- Tenure: Minimum tenure of 5 years.
- Nomination Facility: Available for all account holders.
- Eligibility: Resident Indians and HUFs.
4. High Value Fixed Deposits:
- Minimum Deposit: Starts at ₹5,00,00,000.
- Interest Options: Choose between simple and compound interest.
- TDS Applicability: Interest earned is subject to Tax Deducted at Source (TDS).
- Eligibility: Open to individuals, HUFs, sole proprietorships, firms, companies, and trusts.
5. FD Plus Account:
- Dual Benefits: Offers the liquidity of a savings account combined with the high returns of an FD.
- Auto-Renewal: Option available for automatic renewal of the FD.
- Maximum Tenure: 5 years, with a minimum of 6 months.
- Eligibility: Available for savings account holders with valid PAN cards.
Each scheme caters to different financial needs, providing flexibility, tax benefits, and competitive returns for both short and long-term investments.
Factors that Affect Axis Bank FD Interest Rates
There are three critical factors that affect Axis Bank fixed deposit interest rates. There are explained in detail below:
- Age of the depositor: As you may already know, senior citizens earn additional interest rates on their fixed deposits. Therefore, if you are 60 years of age or above, you can earn up to 0.75 percent extra Axis Bank FD interest rates.
- Tenure of the Deposit: FD interest rates rise with the duration of the tenure. However, you must keep your future liquidity needs in mind before opting for FDs for long durations.
- Deposit Amount: Deposits of higher amounts tend to earn higher interest rates for depositors.
Steps to Open an Axis Bank Fixed Deposit
1. Through Internet Banking:- Login: Access your Axis Bank internet banking account.
- Navigate: Go to the "Deposits" section and select "Open Fixed Deposit."
- Fill in Details: Enter the required details such as deposit amount, tenure, and interest payout preference.
- Confirm: Review the details and confirm the FD opening.
- Receive Confirmation: A confirmation message will be sent upon successful FD booking.
- Login: Open the Axis Bank mobile app and log in.
- Select Fixed Deposit: Navigate to the "Fixed Deposits" option in the menu.
- Enter Details: Provide the deposit amount, tenure, and interest payout choice.
- Submit: Confirm the details and submit the request.
- Confirmation: You will receive a confirmation message after successful booking.
- Visit a Branch: Go to your nearest Axis Bank branch.
- Fill Out the Application: Request the fixed deposit form, fill it out with the necessary details, and submit valid ID and address proof.
- Submit Deposit Amount: Hand over the deposit amount via cheque or transfer.
- Receive Receipt: You will be provided with a fixed deposit receipt as proof of your investment.
- Visit Axis Bank's Website: Head to the official Axis Bank website.
- Select Fixed Deposit: Choose "Open Fixed Deposit" under the "Deposits" tab.
- Provide Details: Enter personal details, PAN card information, and choose the deposit amount and tenure.
- Make Payment: Transfer funds online through net banking or other payment methods.
- Confirmation: Receive an acknowledgment email with details of your fixed deposit.
These options make opening an Axis Bank Fixed Deposit quick and hassle-free.
Eligibility Criteria to Open an Axis Bank Fixed Deposit (FD) Account:
- Resident Indians: Any Indian citizen who holds valid identity proof can open a fixed deposit account with Axis Bank.
- Hindu Undivided Families (HUFs): HUFs are eligible to open FDs under the name of the Karta.
- Minors: A guardian or parent can open an FD account on behalf of a minor. The account is typically transferred to the minor upon reaching adulthood.
- Non-Resident Indians (NRIs): NRIs can open FD accounts under specific schemes like NRO (Non-Resident Ordinary) and NRE (Non-Resident External) deposits.
- Firms and Companies: Sole proprietorship firms, partnership firms, and limited companies can open fixed deposits.
- Trusts and Societies: Registered trusts, societies, and other institutions can also apply for fixed deposit accounts.
This wide eligibility ensures that various individuals and entities can invest in Axis Bank FDs, catering to a diverse range of financial needs.
Documents Required to Open an Axis Bank Fixed Deposit (FD) Account:
For Individual Account Holders:- Identity Proof:
- Aadhaar Card
- Passport
- Voter ID
- Driving License
- Address Proof:
- Utility Bill (Electricity, Water, etc.)
- Passport
- Rental Agreement
- Bank Statement with the current address
- Photograph: Recent passport-sized photograph.
- PAN Card: For tax purposes, especially if the deposit amount exceeds the threshold limit.
- Proof of Income: (if required, for large deposits)
- Salary Slip
- Income Tax Return (ITR)
- All documents mentioned for individual account holders must be provided by each account holder.
- Identity and Address Proof: For the minor, generally, the same documents as above.
- Guardian’s Documents: Identity proof and address proof of the guardian/parent.
- Birth Certificate: To verify the minor’s age.
- Passport and Visa: Proof of overseas residency.
- Overseas Address Proof: Utility bill or bank statement from abroad.
- PAN Card: Mandatory for tax purposes.
- Proof of Registration: Certificate of incorporation or registration.
- PAN Card: For the firm or company.
- Board Resolution: Authorizing the person to open and operate the FD account.
- Identity Proof: For the person operating the account.
Ensure all documents are current and valid to avoid delays in the account opening process.
Axis Bank Fixed Deposit Premature Withdrawal
Axis Bank allows premature withdrawal of fixed deposits subject to certain conditions. Customers can withdraw their fixed deposit prematurely after completing the minimum lock-in period of the deposit. The bank may charge a penalty fee for premature withdrawal of FDs, which can vary depending on the deposit amount and tenure. The penalty fee is usually a percentage of the interest rate applicable for the tenure of the deposit. Customers should carefully evaluate the penalty fee and consider the impact on their returns before opting for premature withdrawal of the deposit.
Other services of Axis Bank:
FAQs about Axis Bank Fixed Deposits Rates 2024
Q. What is the New FD Rates of Interest of Axis Bank Senior Citizens ?
A. Currently Axis Bank offers 8.01%* Interest rate on Fixed Deposits for Senior Citizens.
Q. What are the Advantages of investing in an FD scheme ?
A. Fixed Deposit is easy to invest, Axis Bank offers secure and guaranteed return to your investment.
Q. Where can I check returns from fixed deposits ?
A. Calculating returns from fixed deposits can be a challenging task, especially when you are considering depositing funds for several years. One easy solution to this problem is the Axis Bank FD interest calculator. This online tool can help you determine your returns from Axis Bank term deposits for different durations and different rates of interest.
Q. Is the premature withdrawal facility available with Axis Bank fixed deposits ?
A. Premature withdrawal facility depends on the type of fixed deposit you open. Therefore, it is advisable to check for partial or full withdrawal options of Axis Bank fixed deposits before opening an account.
Q. How often do Axis Bank fixed deposit interest rates change ?
Axis Bank reserves the right to change its FD interest rates without any prior notice. However, any change in rates is only applicable when starting a new fixed deposit or renewing an old one.
Q. Do Axis Bank FD interest rates offer the benefit of compounding ?
A. Yes, with Axis Bank fixed deposits, your money compounds every quarter. Thus, the annual returns you get are higher than the annual Axis Bank FD interest rate applicable on your deposit.
Q. Can I take a loan against my Axis Bank fixed deposit ?
A. Yes, you can take a loan for up to 90 percent of the total deposit amount.
Q. How is an Axis Bank tax-saver fixed deposit different from a regular fixed deposit ?
A tax-saver FD allows the depositor to enjoy a deduction of INR 1,50,000 under Section 80C of the Indian Income Tax Act. However, it is important to note that tax-saver deposits have a lock-in period of five years. Thus, you should only open a tax-saver FD when you are sure that you will not require the funds in the next five years.
it. However, you can start a new Shriram Transport Finance fixed deposit. Please note that you will earn the prevailing interest rate on your new FD.
Q. What is the minimum duration for an Axis Bank fixed deposit ?
A. The minimum duration for an Axis Bank fixed deposit is seven days. The currently applicable interest rate on an FD of up to INR two crores for a duration of seven to 14 days is 3.5 percent. This Axis Bank FD interest rate is the same for regular and senior citizens.
Q. What is the maximum duration for an Axis Bank fixed deposit ?
A. The maximum duration for an Axis Bank FD is 10 years. You can earn an Axis Bank FD interest rate of up to 6.50 percent on a 10-year Axis Bank fixed deposit. In addition to that, senior citizens enjoy an extra 0.75 interest rate on fixed deposits of five to 10-year durations.
Q. How much interest rate is Axis Bank offering on fixed deposits ?
A. The applicable interest rate varies with the amount and duration of the deposit. For a term deposit of less than Rs. two crores, you can earn anywhere from 3.5 percent to 6.50 percent. Axis Bank FD rates for senior citizens are as high as 7.25 percent per annum.
Q. Is it safe to have a fixed deposit with Axis Bank ?
A. Axis Bank is one of the biggest private sector banks in India, and many consider it to be more reliable than most other banking institutions.