Axis Bank Fixed deposit Interest Rates in India

by Narendra Pratap Job Seeker

Traditionally, saving money has been done with the banks for a long time now. If the sum kept in the bank is going to be out of use for a while, you can make a fixed deposit. It is simply keeping an amount of money as a deposit with the bank for a fixed time and in return earning interest on it. Axis bank FD rates are the best in class.

Axis bank offers fixed deposit schemes of varied duration as per the customer’s choice, making Axis bank FD a good option. Reinvestment FDs are also available with Axis Bank. These are opened with a minimum Rs 10,000. Additions to this can be made later in multiples of Re 1. The tenure for such an FD is a minimum of 6 months.

Steps for opening a fixed deposit:

* If you already have an account with AXIS bank, then simply use phone banking or net banking.

* If you don’t have an account, then visit the nearest branch with a valid ID, address proof, pan card, and a photocopy of all these documents along with the money.

Available AXIS bank fixed deposit Schemes

Reinvestment Deposits: The interest calculated on the deposit at the end of the quarter is invested along with the principal. The minimum tenure for this scheme is 6 months. The TDS (tax deducted at source) is calculated on the total interest after the rollover.
Automatic rollover:

1) After the tenure of the FD is completed, only the principal is rolled over while the interest is credited to your account or paid out, as directed by the customer.

2) After the tenure of FD is completed, the principal along with the interest is reinvested as a new FD with the AXIS bank FD rates as on the date of maturity for the same tenure.

Here are the changes allowed that make AXIS BANK fixed deposits flexible {on or before maturity}:

* The tenure can be altered.

* Maturity instructions

* Payment instructions

* Principal amount

AXIS bank FD Rates

The prevalent fixed deposit rates in Axis Bank are:

TENURE	Interest Rate (%)
7 Days to 29 Days	3.50
30 days to 45 days	6.00
46 days to 60 days	8.00
61 days < 6 months	8.25
6 months <11months	8.50
11 months < 2 years	8.75
2 years < 10 years	9.10

Senior citizens are given certain benefits.

The encashment of any type of AXIS bank fixed deposit can only be done at the branch were the FD was booked. AXIS bank fixed deposit rates are calculated every quarter. The interest earned in a quarter is added to the principal amount and then the next interest is calculated on the total sum for the next quarter. This process is continued till the tenure ends. For FDs with a tenure of less than 6 months, the interest is calculated daily through the simple interest method. The tenure for FD is always calculated on the number of days. Premature encashment is allowed at minimal charges. There is no penalty on premature encashment of NRE term deposits. TDS is calculated on the total interest projected for the financial year. Thus, if the projected interest is more than Rs 10,000, TDS is deducted in accordance with Section 194 A 3 (i) (a) of the Income Tax Act.