Features

• Can be opened entirely online with no documentation.
• Does not need a savings bank account with Axis Bank. The applicant can use his/her savings bank account at any bank in India.
• Zero issuance fees on opening the FD.
• No penalty on premature withdrawal of up to 25 percent of the amount.
• Requires Aadhaar and PAN details to open the FD.
• Minimum amount: Rs 5,000
• Maximum amount: Rs 90,000
• Minimum tenure: 6 months
• Maximum tenure: 12 months (364 days)
• Interest to be earned on the FD is as per the Axis bank's existing rates and varies according to tenure.
• On maturity, the principal amount with interest will be credited to the customer's choice of bank account within three days.
• Interested customers can also opt for auto-renewal of the FD before maturity by completing full KYC (Know Your Customer) formalities at the nearest Axis Bank branch. This will also require the customer to open a savings account with the bank.

Eligibility

Only Indian residents over 18 years of age who are not existing Axis Bank customers can opt for it. You are also required to have a valid PAN and Aadhaar number with your mobile number linked to Aadhaar.

Should you apply?

The product seems to have been introduced by the private retail bank as a means to expand its customer base. The process of applying for the FD has been simplified and made faster but it isn't a unique investment product.

When it comes to earning interest on the deposit, one of the primary factors of starting one, the Express FD does not give more than what it does to its existing FD customers.

You can compare the rates with another bank to see which ones' a better deal for you.

Axis Bank recently revised its fixed deposit rates recently. A 6-month deposit with the bank currently fetches 6.25 percent while a 12-month deposit will gain 6.70 percent interest.

Check the most recent revision on the bank's website before you apply for the fixed deposit.

The FD product also focuses on short term and small savings. It could be ideal to invest your Diwali bonus for a future expense but wouldn't be a smart vehicle for a senior citizen looking to park his/her lifetime earnings to make interest income.

As for safety, Axis Bank is among the leading private commercial banks in India and should not a cause of worry of the investor.

Additionally, since the maximum limit on the deposit is Rs 90,000, it falls within DICGC's deposit insurance bracket of Rs 1 lakh.

The choice of whether or not one should opt for the Express FD solely rests on the depositor. If the bank that you already hold an account with provides a better interest-earning option, you could go for it as it is unlikely that it comes with such tenure/amount restrictions.

How to apply?

If you wish to apply for Axis Bank's Express Fixed Deposit, simply visit axisbank.com, and click on the "Apply Now" option on the main page. Choose "Express FD" from the drop down options that appear and fill your details as instructed.