Axis Bank Alters Its Fixed Deposit Interest Rates: What’s New Now?

Axis Bank offers a secure investment scheme dubbed as fixed deposit (FD) for its customers where they can make a fixed amount of deposit starting from Rs 5000 through internet banking or mobile banking and Rs 10,000 through bank branch only for a flexible maturity tenure spanning from 7 days to 10 years. On their deposits, customers will get a competitive and fixed rate of return with a plethora of benefits such as automatic roll-out facility, seamless transfer of funds, hassle-free account opening and managing facility, premature withdrawal facility, reinvestment option, and an option to choose interest rate payout option i.e. quarterly compounding / reinvestment of interest or a quarterly payout of interest or a monthly payout. Besides the said benefits, Axis Bank has recently revised interest rates on its fixed deposits which investors must need to look at before making a personal finance decision.

Eligibility required to open a fixed deposit account at Axis Bank

Individuals and entities listed below are eligible to open a regular fixed deposit account with Axis Bank.

• Residents
• Hindu Undivided Families
• Sole Proprietorship Firms
• Partnership Firms
• Limited Companies
• Trust Accounts

Documents required to open a fixed account at Axis Bank

While opening a regular fixed deposit account, here are the documents that are required to keep handy according to the official website of Axis Bank:

For individuals, Hindu Undivided Families, and sole proprietorship firms

• A valid Passport or a valid Driving License
• An introduction by any other bank or an introduction by an Axis Bank Savings Account holder for the last six months
• A photograph

For Trusts

• Copy of the Trust Deed
• Copy of the Registration Certificate
• Copy of the Resolution of Trustees authorising the members concerned to open and operate the account
• Photographs of the members operating the account

For Associations / Clubs

• Bye-laws of the Association
• Copy of the Resolution by the board authorising the members concerned to open and operate the account
• Photographs of the members operating the account

For partnership firms

• Partnership Deed
• Letter from partners approving the persons concerned to open and operate the account
• Photographs of the persons operating the account

How to open a fixed deposit account at Axis Bank?

Customers can go through the below 2 ways to open a fixed deposit account online:

Internet banking

• Visit https://retail.axisbank.co.in/ and sign in to your net banking account using the required credentials such as Login ID, Debit card number or mPIN.
• Now click on the "Create Fixed Deposit" option 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 get an online receipt instantly.

Mobile banking

• Log in to 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 registered for e-statement, the web receipt of your fixed deposit account will be mailed to your registered e-mail id once it has been established.
• You can easily manage your fixed deposit account through mobile banking post one working day of deposit booking.

Axis Bank Fixed Deposit Interest Rates

For a deposit amount of less than Rs 2 Cr, here are the most recent interest rates on fixed deposits of Axis Bank which are in force from 23.09.2021.

Period	Regular Interest Rates (in % p.a.)	Senior citizens interest rates ( in % p.a.)
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 months	3	3
3 months < 4 months	3.5	3.5
4 months < 5 months	3.5	3.5
5 months < 6 months	3.5	3.5
6 months < 7 months	4.4	4.65
7 months < 8 months	4.4	4.65
8 months < 9 months	4.4	4.65
9 months < 10 months	4.4	4.65
10 months < 11 months	4.4	4.65
11 months < 11 months 25 days	4.4	4.65
11 months 25 days < 1 year	4.4	4.65
1 year < 1 year 5 days	5.1	5.75
1 year 5 days < 1 year 11days	5.15	5.8
1 year 11days < 1 year 25days	5.1	5.75
1 year 25 days < 13 months	5.1	5.75
13 months < 14 months	5.1	5.75
14 months < 15 months	5.1	5.75
15 months < 16 months	5.1	5.75
16 months < 17 months	5.1	5.75
17 months < 18 months	5.1	5.75
18 months < 2 years	5.25	5.9
2 years < 30 months	5.4	6.05
30 months < 3 years	5.4	6.05
3 years < 5 years	5.4	6.05
5 years to 10 years	5.75	6.5
Source: Bank Website, W.E.F. 23/09/2021