Invest in Mutual Funds &
Get More Returns than Bank Deposit
|Investment period||FD rates for regular deposit||FD rates for Senior Citizens|
|7 days to 29 days||3.50%||3.50%|
|30 days to 45 days||5.50%||5.50%|
|46 days to 89 days||6.00%||6.00%|
|90 days to 119 days||6.20%||6.20%|
|4 months to 179 days||6.25%||6.25%|
|6 months to 8 months 29 days||6.25%||6.50%|
|9 months to 364 days||6.50%||6.75%|
|1 year to 1 year 4 months 29 days||6.75%||7.25%|
|1 year 5 months to 1 year 5 months 29 days||6.85%||7.35%|
|1 year 6 months to 10 years||6.25%||6.75%|
* The above rates are applicable for deposits of below Rs. 1 crore.
** Figures mentioned in the above table are subject to change without prior information.
Axis Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Axis Bank have a higher interest rate compared to their saving deposits. Benefits of opening an FD account in Axis Bank are:
Premature closure of Term Deposit with Axis Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on Axis Bank FD are subject to change from time to time and may also vary with deposit schemes.
Axis Bank offers the loan up to 90% against its own deposit. Note that Axis Bank will not give you the loan against FD of any other bank. Axis Bank offers Loan against FD at the rate of 4.5% to 7.85%
Maximum loan tenure is restricted up to the maximum tenure of the FD.
Illustration – Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in Axis Bank. The borrower later decided to take the loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws Rs. 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.
|Similar Banks Offering FD|
|Indian Bank||HSBC Bank||HDFC||Andhra Bank|
|Central Bank of India||IDBI Bank||Allahabad Bank|
|Bank of India||Bank of Baroda||ICICI||SBI|
|Union Bank of India||Kotak Mahindra Bank||IDFC Bank|