Unlocking Stability: Navigating Axis Bank’s FD Interest Rates 2024
For people in search of a safe and stable return yielding investment scheme in India, FDs have always been the go-to option. In this article we will discuss the interest rates, types and schemes that one can explore when opening a fixed deposit account in Axis Bank.
Axis Bank
Established in 1993, Axis Bank Limited has grown to become one of the most renowned banks in India and is regarded as the 3rd largest third-largest private sector bank in the country. Axis Bank provides multiple fixed schemes helping customers secure their savings with ease.
Axis Bank provides fixed deposit interest rates starting from 3.00% to 7.20% per annum and from 3.50% to 7.85% per annum for senior citizens. These rates are applicable for deposit periods spanning from 7 days to 10 years. Additionally, Axis Bank offers Tax Saving FD options with interest rates of 7.00% per annum for the general public and 7.75% per annum for senior citizens. These rates are available for a tenure of 5 years.
Axis Bank FD Interest rates in 2024
- Axis Bank FD Rates for domestic deposits <Rs 2 crore with effect from 4 April 2024
| Tenure | Regular FD Rates (% p.a.) | Senior Citizen FD Rates (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to less than 3 months | 4.50% | 5.00% |
| 3 months – 3 months 24 days | 4.75% | 5.25% |
| 3 months to less than 4 months | 4.75% | 5.25% |
| 4 months to less than 5 months | 4.75% | 5.25% |
| 5 months to less than 6 months | 4.75% | 5.25% |
| 6 months to less than 7 months | 5.75% | 6.25% |
| 7 months to less than 8 months | 5.75% | 6.25% |
| 8 months to less than 9 months | 5.75% | 6.25% |
| 9 months to less than 10 months | 6.00% | 6.50% |
| 10 months to less than 11 months | 6.00% | 6.50% |
| 11 months to 11 months 24 days | 6.00% | 6.50% |
| 11 months 25 days to less than 1 year | 6.00% | 6.50% |
| 1 year to 1 year 4 days | 6.70% | 7.20% |
| 1 year 5 days to 1 year 10 days | 6.70% | 7.20% |
| 1 year 11 days to 1 year 24 days | 6.70% | 7.20% |
| 1 year 25 days to less than 13 months | 6.70% | 7.20% |
| 13 months to less than 14 months | 6.70% | 7.20% |
| 14 months to less than 15 months | 6.70% | 7.20% |
| 15 months to less than 16 months | 7.10% | 7.60% |
| 16 months to less than 17 months | 7.10% | 7.60% |
| 17 months to less than 18 months | 7.20% | 7.85% |
| 18 months to less than 2 years | 7.10% | 7.60% |
| 2 years to less than 30 months | 7.10% | 7.60% |
| 30 months to less than 3 years | 7.10% | 7.60% |
| 3 years to less than 5 years | 7.10% | 7.60% |
| 5 years to 10 years | 7.00% | 7.75% |
- Axis Bank FD Plus rates on domestic deposits of Rs 2 crore to < Rs 5 crore w.e.f. 10 April 2024
| Tenure | Interest Rates (p.a.) |
|---|---|
| 30 days to 45 days | 5.50% |
| 46 days to 60 days | 5.75% |
| 61 days to less than 3 months | 6.00% |
| 3 months to 3 months 24 days | 6.75% |
| 3 months 25 days to less than 4 months | 6.75% |
| 4 months to less than 5 months | 6.75% |
| 5 months to less than 6 months | 6.75% |
| 6 months to less than 7 months | 7.00% |
| 7 months to less than 8 months | 7.00% |
| 8 months to less than 9 months | 7.00% |
| 9 months to less than 10 months | 7.25% |
| 10 months to less than 11 months | 7.25% |
| 11 months to 11 months 24 days | 7.25% |
| 11 months 25 days to less than 1 year | 7.25% |
| 1 year to 1 year 4 days | 7.55% |
| 1 year 5 days to 1 year 10 days | 7.55% |
| 1 year 11 days to 1 year 24 days | 7.55% |
| 1 year 25 days to less than 13 months | 7.55% |
| 13 months to less than 14 months | 7.55% |
| 14 months to less than 15 months | 7.50% |
| 15 months to less than 16 months | 7.45% |
| 16 months to less than 17 months | 7.45% |
| 17 months to less than 18 months | 7.45% |
| 18 months to less than 2 years | 7.45% |
| 2 years to less than 30 months | 7.20% |
| 30 months to less than 3 years | 7.20% |
| 3 years to less than 5 years | 7.20% |
| 5 years to 10 years | 7.20% |
Axis Bank NRE/NRO FD Rates:
- Axis Bank NRE fixed deposit rates for < Rs 2 crore with effect from 4th April 2024:
| Tenure | Interest Rates (p.a.) |
|---|---|
| 1 year to 1 year 4 days | 6.70% |
| 1 year 5 days to 1 year 10 days | 6.70% |
| 1 year 11 days to 1 year 24 days | 6.70% |
| 1 year 25 days to less than 13 months | 6.70% |
| 13 months to less than 14 months | 6.70% |
| 14 months to less than 15 months | 6.70% |
| 15 months to less than 16 months | 7.10% |
| 16 months to less than 17 months | 7.10% |
| 17 months to less than 18 months | 7.20% |
| 18 months to less than 2 years | 7.10% |
| 2 years to less than 30 months | 7.10% |
| 30 months to less than 3 years | 7.10% |
| 3 years to less than 5 years | 7.10% |
| 5 years to 10 years | 7.00% |
- Axis Bank NRO FD interest rates for < 2 crore with effect from 10th April 2024
| Tenure | Interest Rates (p.a.) |
|---|---|
| 7 days to 14 days | 3.00% |
| 15 days to 29 days | 3.00% |
| 30 days to 45 days | 3.50% |
| 46 days to 60 days | 4.25% |
| 61 days to less than 3 months | 4.50% |
| 3 months to 3 months 24 days | 4.75% |
| 3 months to less than 4 months | 4.75% |
| 4 months to less than 5 months | 4.75% |
| 5 months to less than 6 months | 4.75% |
| 6 months to less than 7 months | 5.75% |
| 7 months to less than 8 months | 5.75% |
| 8 months to less than 9 months | 5.75% |
| 9 months to less than 10 months | 6.00% |
| 10 months to less than 11 months | 6.00% |
| 11 months to 11 months 24 days | 6.00% |
| 11 months 25 days to less than 1 year | 6.00% |
| 1 year to 1 year 4 days | 6.70% |
| 1 year 5 days to 1 year 10 days | 6.70% |
| 1 year 11 days to 1 year 24 days | 6.70% |
| 1 year 25 days to less than 13 months | 6.70% |
| 13 months to less than 14 months | 6.70% |
| 14 months to less than 15 months | 6.70% |
| 15 months to less than 16 months | 7.10% |
| 16 months to less than 17 months | 7.10% |
| 17 months to less than 18 months | 7.20% |
| 18 months to less than 2 years | 7.10% |
| 2 years to less than 30 months | 7.10% |
| 30 months to less than 3 years | 7.10% |
| 3 years to less than 5 years | 7.10% |
| 5 years to 10 years | 7.00% |
- FD Plus rates on NRE for Rs 2 crore and <Rs 5 crore with effect from 10 April 2024:
| Tenure | Interest Rates (p.a.) |
|---|---|
| 1 year to 1 year 4 days | 7.55% |
| 1 year 5 days to 1 year 10 days | 7.55% |
| 1 year 11 days to 1 year 24 days | 7.55% |
| 1 year 25 days to less than 13 months | 7.55% |
| 13 months to less than 14 months | 7.55% |
| 14 months to less than 15 months | 7.50% |
| 15 months to less than 16 months | 7.45% |
| 16 months to less than 17 months | 7.45% |
| 17 months to less than 18 months | 7.45% |
| 18 months to less than 2 years | 7.45% |
| 2 years to less than 30 months | 7.20% |
| 30 months to less than 3 years | 7.20% |
| 3 years to less than 5 years | 7.20% |
| 5 years to 10 years | 7.20% |
- Axis Bank Tax Saver Deposit :
| Tenure | Interest Rates (p.a.) – Regular | Interest Rates (p.a.) – Senior Citizens |
|---|---|---|
| 5 years | 7.00% | 7.75% |
Types of FDs in Axis Bank:
Axis Bank Regular Fixed Deposit:
- This fixed deposit scheme offers higher rates of return compared to regular FDs.
- It requires a minimum Deposit Amount of Rs 5,000 if booked via mobile app or Rs 10,000 if booked via branch visit.
- Tenor span between 7 days to 10 years
- It also comes with an automatic rollover facility.
Axis Bank Tax Saver Fixed Deposit:
- This fixed deposit scheme holds several tax benefits under Sec. 80C of Income Tax Act.
- It demands deposit amounts starting from Rs 100 to Rs 1.5 lakh.
- It comes with a lock-in period of up to 5 years.
- The scheme allows the withdrawal of 25% of your FD amount without any penalty.
- This scheme is available only for single account holders.
Axis Bank Fixed Deposit Plus:
- This scheme demands a minimum deposit amount Rs 5 Crore and has no upper limit.
- Tenor varies from 7 days to 10 years.
- Options for simple interest and compound Interest are offered with Short-term Deposit, Reinvestment Deposit, Monthly Interest Payout or Quarterly Interest Payout.
- It is available for both NRI and NRO.
Axis Bank Auto Fixed Deposit:
- In this plan, your Fixed Deposit (FD) account is connected to your regular savings account. When the balance in your savings account goes over Rs 25,000, it automatically moves all excess amounts in multiples of Rs 5,000 into your FD account.
- It has a tenor of 6 months to 5 years and the money can be withdrawn anytime.
- The remaining of the deposit will earn the pre-determined rate of interest after the withdrawal.
Axis bank Digital Fixed Deposit:
- The full KYC fixed deposit product can be funded from any savings bank account.
- Deposits can be made from as low as Rs. 5000 to Rs. 2 lakh
- Tenures range from 6 months to 10 years
- It comes with zero issuance fees and zero penalty for premature withdrawal
Axis Bank Express Fixed Deposit:
- This is a digital fixed deposit scheme that can be funded from a savings account.
- It has a minimum deposit Amount of Rs 5,000 and a maximum of Rs 90,000.
- Tenor span from 6 months to 12 months.
- It has zero issuance fees and enables you to withdraw up to 25% of your FD amount with zero penalty.
- However, it is available only for single account holders.
Convenience of Online FD Opening with Axis Bank:
Opening an FD online with Axis Bank offers unmatched convenience and ease, allowing customers to secure their investments without the need to visit a physical branch. The entire process can be completed through Axis Bank’s internet banking or mobile app, where users can select their preferred tenure, interest payout option, and deposit amount. The platform provides real-time updates, instant booking confirmations, and the flexibility to manage your FD from anywhere, at any time. Additionally, the online process is quick, secure, and designed to cater to both new and existing customers, making it an ideal choice for hassle-free investment management.
Conclusion:
FDs are a safe and stable return yielding investment instrument. However, with complexities such as inflation and TDS, are FDs still as effective as they used to be?
If you are looking for stable fixed income investments that offer better returns than FDs within shorter tenures, TapInvest is here to help. With schemes that offer up to 15% returns in less than 50 days, this might just be the perfect alternative to your regular FDs.
FAQs On Axis Bank FD Interest Rate 2024:
1. Is there a penalty for partial withdrawal from Axis Bank FD?
Yes, you can make early withdrawal from Axis Bank FDs except from the Tax Saving FD and Fixed Deposit Plus FD schemes.
2. What is the tenure of the Axis Bank fixed deposit account?
The tenure of Axis Bank’s fixed deposit account ranges from 7 days to 10 years.
3. What is the highest interest provided for Axis bank FDs?
7.20% is the highest Axis Bank FD interest rate for the general public for the tenure of 15 months to less than 5 years. 7.85% is the maximum interest rate for senior citizens for the tenure of 17 months to less than 18 months.
4. Do Axis Bank FDs have an auto-renewal facility?
An FD is automatically renewed for the same time period and interest according to the customer’s preferences.
5. How do I open an FD account?
You can open an FD account online through Axis Bank’s net banking or mobile app, or by visiting a branch in person.
6. What are the minimum and maximum deposit amounts?
The minimum deposit amount is usually ₹5,000. The maximum limit varies but can go up to several crores depending on the scheme.
7. How can I withdraw my FD prematurely?
You can withdraw your FD prematurely through Axis Bank’s net banking, mobile app, or by visiting a branch, but a penalty may apply.
8. What are the tax implications of FD interest income?
Interest earned on FDs is taxable, and TDS is deducted if the interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
