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Investment
oi-Vipul Das
Axis Bank offers a secure investment program called Fixed Deposit (FD) for its clients where they can make a fixed deposit amount starting at Rs 5,000 through online banking or mobile banking and Rs 10,000 through a branch banking only for a flexible maturity period ranging from 7 days to 10 years. On their deposits, clients will get a fixed and competitive rate of return with a plethora of benefits such as ease of automatic deployment, seamless fund transfer, ease of hassle-free account opening and management, ease early withdrawal, a reinvestment option and an option to choose the interest rate payment option, i.e. quarterly compounding / reinvestment of interest or quarterly payment of interest or monthly payment. In addition to these benefits, Axis Bank recently revised the interest rates on its term deposits which investors should consider before making a personal financial decision.
Eligibility required to open a term deposit account with Axis Bank
The natural and legal persons listed below are eligible to open a regular fixed deposit account with Axis Bank.
- Residents
- Hindu undivided families
- Sole Proprietorship
- Partnership companies
- Limited companies
- Trust accounts
Documents required to open a fixed account with Axis Bank
When opening a regular fixed deposit account, here are the documents to keep handy according to Axis Bank’s official website:
For individuals, Hindu undivided families and sole proprietorships
- A valid passport or valid driver’s license
- An introduction by any other bank or an introduction by a Holder of an Axis Bank Savings Account within the last six months
- A photographer
For trusts
- Copy of the trust deed
- Copy of registration certificate
- Copy of the resolution of the trustees authorizing the members concerned to open and manage the account
- Photographs of the members managing the account
For Associations / Clubs
- Statutes of the Association
- Copy of the resolution of the board of directors authorizing the members concerned to open and manage the account
- Photographs of the members managing the account
For partner companies
- Partnership act
- Letter from the partners approving the persons concerned for the opening and operation of the account
- Photographs of the people operating the account
How to open a term deposit account with Axis Bank?
Customers can follow the 2 methods below to open a fixed deposit account online:
internet banking
- Visit https://retail.axisbank.co.in/ and login to your bank account using the required credentials such as login ID, debit card number or mPIN.
- Now click on the option “Create a fixed deposit” and enter the required details.
- The specified amount will be deducted from your savings account upon confirmation and your fixed deposit will be opened instantly.
- Upon successful opening of your fixed deposit account, you will instantly receive an online receipt.
Mobile banking
- Log into your mobile banking account using the required credentials.
- Now select the deposit option and select “Open FD”.
- Now enter the required details and upon submission the specified amount will be deducted from your savings account and your fixed deposit will be opened instantly.
- If you have signed up for e-statement, the web receipt for your fixed deposit account will be mailed to your registered email address once established.
- You can easily manage your fixed deposit account through mobile banking after one working day of deposit reservation.
Axis Bank fixed deposit interest rate
For a deposit amount less than Rs 2 Cr, here are the most recent interest rates on Axis Bank term deposits which are in effect from 23.09.2021.
Period | Regular interest rates (in% pa) | Senior interest rates (in% pa) |
---|---|---|
7 days to 14 days | 2.5 | 2.5 |
15 days to 29 days | 2.5 | 2.5 |
30 days to 45 days | 3 | 3 |
46 days to 60 days | 3 | 3 |
61 days | 3 | 3 |
3 months | 3.5 | 3.5 |
4 months | 3.5 | 3.5 |
5 months | 3.5 | 3.5 |
6 months | 4.4 | 4.65 |
7 months | 4.4 | 4.65 |
8 months | 4.4 | 4.65 |
9 months | 4.4 | 4.65 |
10 months | 4.4 | 4.65 |
11 months | 4.4 | 4.65 |
11 months 25 days | 4.4 | 4.65 |
1 year | 5.1 | 5.75 |
1 year 5 days | 5.15 | 5.8 |
1 year 11 days | 5.1 | 5.75 |
1 year 25 days | 5.1 | 5.75 |
13 months | 5.1 | 5.75 |
14 months | 5.1 | 5.75 |
15 months | 5.1 | 5.75 |
16 months | 5.1 | 5.75 |
17 months | 5.1 | 5.75 |
18 months | 5.25 | 5.9 |
2 years | 5.4 | 6.05 |
30 months | 5.4 | 6.05 |
3 years | 5.4 | 6.05 |
5 years to 10 years | 5.75 | 6.5 |
Source: Bank website, WEF 09/23/2021 |
Article first published: Tuesday September 28th, 2021, 12:21 PM [IST]
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