Axis bank is the third largest private bank in the country. It also offers a wide range of financial services like credit cards, loans, insurance, and investments. These facilities can be availed by both Indian and NRI clients. With 2,402 branches and the largest ATM network in India, it is best when we consider the services. The bank has 12,922 ATMs spread across the country. Not only in the country but has Axis bank also had a global presence. It is located in seven international locations including Singapore, Hong Kong, and Dubai.
Fixed Deposits Axis Bank:
For a minimum period of six months, the bank offers simple Reinvestment Fixed Deposits. With the end of every quarter, the interest is added to your deposits. It is further rolled over and capitalized with the principal amount. The bank calculates the interest on your total amount after tax deduction. With varied tenures and interest rates, the bank offers fixed deposit schemes.
Axis Bank Fixed Deposit Benefits and Features:
- You can avail the facility of an automatic rollover on maturity with fixed deposit. It is applicable to the principal amount and interest as well.
• The minimum investment time is for six months.
• The minimum amount to be invested is Rupees 10 thousand.
• You can enjoy most competitive interest rates on your deposits.
- For NRI’s bank offers NRE and NRO Fixed Deposits. The interest rates for this scheme id 8.9 percent. Similarly, the interest rate applies to the NRO deposit accounts.
• In the comfort of your home, you can open an FD account. This makes the process hassle-free.
• You can also transfer the funds easily from your saving account. This will ensure a higher interest rate.
• The bank offers flexibility in selecting your branch and also tenure and maturity date of the fixed deposit. Also at any of the branches, you can easily open an FD account.
Fixed Deposit Plus from Axis Bank:
This is a newly launched differential interest rate scheme. The Axis Bank Fixed Deposit Plus account allows the clients to receive an additional 0.10% interest rate on the fixed deposit. Within the schemes, there are also various kinds of schemes that include Short Term Deposits, Reinvestment Deposits, Quarterly, and Monthly Payout Deposits. These schemes can only be availed at a deposit of more than 15 lakhs. Tenure of these fixed deposits ranges between onto two years.
For the deposits that are below six months, the interest is calculated accordingly. Based on the simple interest and compound interest calculations the deposits over 6 months is quarterly compounded.
How to Apply for Fixed Deposit in Axis Bank
Here are simple steps to open an FD account:
- Provide your username and password in the axis bank website.
• Select the option of deposit and also click on create fixed deposit option.
• Choose a nominee after that and fill in the required details.
• After verification click on confirm. The bank will debit the fixed deposit amount from the saving account of the client.
• A receipt will be generated.