4 MinsSeptember 16, 2019
Ria has just received her first half-yearly incentive at work and wants to invest. Family members and senior friends have advised her to start saving as soon as she starts earning as it will help build financial discipline. She decides to browse the
internet to check interest rates offered by banks on Fixed Deposits. She notices a bank offering a higher rate than the one where she has her salary account. However, she would also like to avoid going through the paperwork of opening a new savings
bank account in the other bank.
Ranjit is planning to buy a music system a few months later as a gift for his parents’ wedding anniversary. He has some savings but is worried that he may end up spending it before the occasion. So he decides to invest it in an FD. But can he
get a higher return than that offered by his bank without too much of an effort?
Ria and Ranjit can enjoy higher rates without first opening a new savings bank account with Axis Bank’s Express FD. It offers competitive interest rates on FDs and can be opened
entirely online with no documentation. Let us see how.
Benefits of Express FDs
Express FD is an industry-first digital Fixed Deposit that can be booked entirely online in three minutes flat. You can fund the Express FD with your savings account from any bank in India and enjoy the competitive rates of interest offered by Axis
Bank. Ease and convenience of operation are, therefore, the biggest advantages of EXPRESS FD. Besides, there are no issuance fees on opening the FD.
To open an Express FD you must have a valid PAN and Aadhaar number. Also, ensure that your Aadhaar number is linked to your mobile number. This is essential because Express FD is opened using an Aadhaar-based OTP.
You can invest a minimum of Rs 5,000 and a maximum of Rs 90,000 in an EXPRESS FD. The minimum tenure is 6 months and the maximum tenure is 12 months.
Pre-mature withdrawal benefits
You can withdraw up to 25% of your FD amount without any penalty charges.
On Maturity, The Entire Amount, Which Is The Initial Investment Plus Interest, Will Be Credited To Your Chosen Account Within Three Days From The Date Of Maturity.
Full KYC benefits
Before maturity, you also have the option of completing full KYC and availing the option of auto renewal of the Express FD. This can be done at the nearest Axis Bank branch. This will allow you to enjoy
additional benefits like:
- Opening an Axis Bank Savings Account of your choice and an array of investment solutions
- Personal Loans, Credit Card and Forex card offerings
- Lifestyle benefits such as Dining Delights and additional offers across Debit and Credit cards
For further details on how to open EXPRESS FD click here.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.