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7.70%* Interest rate on Fixed Deposits for
Senior Citizens

7.20%* Interest rate on Fixed Deposits for all others

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Fixed Deposits (FD)

Fixed Deposits are a prudent investment for nurturing your savings. Opt for an FD and enjoy the security of a fixed growth rate, with the flexibility to start with as little as ₹5,000. Axis Bank's Fixed Deposit interest rates are designed to maximise returns on both short-term and long-term investments. The convenience of Axis Bank's digital services allows for effortless management of FDs remotely. Furthermore, customers benefit from an automatic roll-out facility on their FD, ensuring continuous interest accrual with the choice of reinvestment or transfer to another account. With tenures ranging from 7 days to 10 years, Axis Bank FDs adapt to your financial goals, ensuring a dependable and efficient way to increase your savings.

 

 

Types of Fixed Deposits

Axis Bank offers a variety of Fixed Deposit in India tailored to meet the financial aspirations of our clientele.

Regular Fixed Deposit:
  • Secure your funds with Axis Bank Fixed Deposit and benefit from a stable return rate.
  • Tenure options are flexible, spanning from 7 days to 10 years.
  • Receive assured yields and create a financial reserve to fulfil your needs.
Digital Fixed Deposit
  • Initiate an online Fixed Deposit with Axis Bank using complete KYC, without any paperwork.
  • Experience a swift, fully digital process for account opening in just 7 minutes through video KYC.
  • Utilise your existing Savings Account from any bank to open a Digital FD
Tax-Saver Fixed Deposit
  • Allocate funds towards a Fixed Deposit scheme that also provides tax-saving advantages.
  • Gain tax deductions on investments up to ₹1.5 lakh under section 80C of the Income Tax Act.
  • Commit to a 5-year lock-in period to secure your principal investment.
Fixed Deposit Plus
  • Achieve a higher interest rate with Fixed Deposit Plus compared to conventional Fixed Deposits.
  • Begin with a minimum investment of ₹2 crore.
  • Opt for either monthly, quarterly or reinvestment interest payout to suit your financial strategy.
Auto Fixed Deposit
  • Link your Savings Account to an Auto Fixed Deposit for the dual benefits of liquidity and higher interest rates.
  • Funds surpassing a certain threshold in your Savings Account are automatically directed to your FD.
  • Access funds in your Auto Fixed Deposit through an ATM or cheque, ensuring ready availability.

How to Choose the Right Fixed Deposit

When selecting which FD to invest in, keep the following factors in mind:

  • Check the interest rates offered by the bank and if possible lock into the highest FD interest rate
  • Try to match the tenure of the FD with your financial goal to ensure availability of funds as and when you need it
  • Check the conditions for premature withdrawal i.e., penalty if any or time period before withdrawal is permitted
  • Check if it is possible to open the FD online as it will save you time
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Advantages of Fixed Deposit

  • Offers a safe and secure investment option for risk averse investors
  • Fixed interest rates that remain unchanged during the tenure of the FD, thereby offering a security net against market volatility
  • Flexible tenures- Select the FD tenure so that it matches the time frame required for your various needs
  • Knowing the exact maturity amount of your FD can help plan for your future requirements
  • Easy to redeem or withdraw in case of any emergency
  • Invest in lump sum amount or monthly installments, depending on your cash flow
  • Senior citizens looking for regular income can select option of monthly interest payment
  • Avail a loan against your FD without withdrawing it, at a lower interest rate than an unsecured loan
  • Take overdraft against your FD and pay interest only the amount you utilize, while rest of the FD amount continues to earn interest
  • Get tax exemption up to Rs 1.5 lakh by investing in a tax-saver FD

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Factors that affect FD interest rates

  • Tenure: FDs of lower tenure offer lower rates while FDs of higher tenure offer higher rates. If you are looking to earn higher returns and do not foresee any immediate need for funds, lock into the highest possible tenure
  • Depositor’s age: Senior citizens i.e. those above 60 years of age usually get a higher interest rate than regular depositors
  • Deposit Amount: Some FDs offer higher interest for higher amounts, such as Fixed Deposit Plus, thereby ensuring secured and higher returns

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Tax impact on Fixed Deposit

  • Investment up to Rs 1.5 lakh in a Tax Saver FD is exempt from income tax under Section 80C
  • Interest earned on FDs of all kinds is added to your income tax and taxed as per your income tax slab
  • TDS of 10% is applicable if PAN is provided to the bank. If PAN is not provided, TDS is at 20%
  • If the interest income from all your FDs is less than Rs 40,000 there is no TDS. For senior citizens the amount is Rs 50,000
  • If your total annual income is less than Rs 2.5 lakh, i.e. if you are below the taxable limit, you can avoid TDS by submitting Form 15G to the bank
  • Similarly, senior citizens who are below the taxable limit can avoid TDS by submitting Form 15H to the bank
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Fixed Deposit – Frequently Asked Questions

What is an FD?

A Fixed Deposit is a secure investment method where you deposit money for a fixed period to earn interest at fixed rates throughout the term.

The minimum deposit for an FD via internet banking or mobile app is ₹5,000, and ₹10,000 when opened through a bank branch.

Tax-Saver FDs offer tax exemptions up to ₹1.5 lakh under Section 80C. The tenure is fixed at five years, and only the first holder gets the tax benefit.

Partial withdrawals from FDs are possible with certain conditions and may incur a lower interest rate or penalties, except for "Fixed Deposit Plus."

FDs are easy to invest in, providing guaranteed returns, with various interest payout options, like monthly or quarterly, tailored to your funding needs.

The minimum investment period for an FD is as short as 7 days.

Yes, FDs can be opened jointly in the name of a minor and an adult, often by parents or guardians with minors.

You can obtain an overdraft against your FD up to 85% of the deposit at Axis Bank, with a minimum of ₹25,000, charged interest only on the used amount.

Apply for a Fixed Deposit online

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Renew FD Online

*For Resident Indians, HUF, sole proprietors

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