Axis Fixed Deposit Rate

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Axis bank Fixed Deposit Rate

Axis Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) is one of the most popular financial instruments among the general population in India as it is a safe and reliable investment which provides a higher rate of interest than a regular savings account. It is considered to be a low-risk form of saving. The rewards are proportionately low as well when compared to investing in the stock market, for example, but is free from volatility and fluctuation.

Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8% depending on the tenure and amount among other factors. If you have some extra money that you wish to invest, opening an FD is a simple and safe option, with minimal documentation required.

Apart from banks, NBFCs and corporates too offer fixed deposits.

Axis Bank deposit rates

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Axis Bank Interest Rates typically ranges from 4%-9% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened. The money deposited earns the same fixed rate of interest throughout the entire FD period (except for certain kinds of floating rate deposits).

Axis Bank FD rates

Following is an overview of Axis Bank Term Deposit Rates and Axis Bank Short-Term Fixed Deposit Interest Rates.

Axis Bank Interest Rates on Fixed Deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Axis Bank directly.)

For deposits less than Rs. 5 Crores

Maturity Period Interest Rate On Deposits Below Rs. 1 Crore Interest Rate On Deposits of Rs. 1 Crore < RS.5 Crore
7 days to 14 days 3.5 5.5
15 days to 29 days 3.5 5.5
30 days to 45 days 5.5 5.5
46 days to 60 days 6 6
61 days < 3 months 6.25 6.25
3 months < 4 months 6.25 6.25
4 months < 5 months 6.75 6.75
5 months < 6 months 6.75 6.75
6 months < 7 months 6.75 6.75
7 months < 8 months 6.75 6.75
8 months < 9 months 6.75 6.75
9 months < 10 months 7 7
10 months < 11 months 7 7
11 months < 1 year 7 7
1 year < 13 months 7.25 7.25
13 months < 14 months 7.25 7.25
14 months < 15 months 7.25 7.25
15 months < 16 months 7.25 7.25
16 months < 17 months 7.25 7.25
17 months < 18 months 7.25 7.25
18 Months < 2 years 7.25 7.25
2 years < 30 months 7.25 7.25
30 months < 3 years 7.25 7.25
3 years < 5 years 7.25 7.25
5 years to 10 years 7.25 7.25

Axis Bank Interest Rates On Fixed Deposits 2015 – 2016: For deposits more than Rs. 5 Crores

Maturity Period Rs. 5 Crores < Rs.10 Crores Rs. 10 Crores < Rs.25 Crores Rs. 25 Crores < Rs.50 Crores Rs. 50 Crores < Rs.100 Crores Rs. 100 Crores and Above
7 days to 14 days 5.5 5.5 5.5 5.5 5.5
15 days to 29 days 5.5 5.5 5.5 5.5 5.5
30 days to 45 days 6 6 6 6 6
46 days to 60 days 6 6 6 6 6
61 days < 3 months 6.25 6.25 6.25 6.25 6.25
3 months < 4 months 6.25 6.25 6.25 6.25 6.25
4 months < 5 months 6.5 6.5 6.5 6.5 6.5
5 months < 6 months 6.5 6.5 6.5 6.5 6.5
6 months < 7 months 6.75 6.75 6.75 6.75 6.75
7 months < 8 months 6.75 6.75 6.75 6.75 6.75
8 months < 9 months 6.75 6.75 6.75 6.75 6.75
9 months < 10 months 7 7 7 7 7
10 months < 11 months 7 7 7 7 7
11 months < 1 year 7 7 7 7 7
1 year < 13 months 7.25 7.25 7.25 7.25 7.25
13 months < 14 months 7.25 7.25 7.25 7.25 7.25
14 months < 15 months 7.25 7.25 7.25 7.25 7.25
15 months < 16 months 7.25 7.25 7.25 7.25 7.25
16 months < 17 months 7.25 7.25 7.25 7.25 7.25
17 months < 18 months 7.25 7.25 7.25 7.25 7.25
18 Months < 2 years 7.25 7.25 7.25 7.25 7.25
2 years < 30 months 7.25 7.25 7.25 7.25 7.25
30 months < 3 years 7.25 7.25 7.25 7.25 7.25
3 years < 5 years 7.25 7.25 7.25 7.25 7.25
5 years to 10 years 7.25 7.25 7.25 7.25 7.25

Axis Bank FD Interest Rates for Senior Citizens

Axis Bank offers special Senior Citizen FD Rates which is generally an additional percentage over the rates as applicable for normal citizens.

Axis Bank Senior Citizen FD Rates:

Maturity Peirod Below Rs. 1 Crore – Interest rate per annum Rs. 1 crore < Rs. 5 Crores – Interest rate per annum
7 days to 14 days 3.5 5.5
15 days to 29 days 3.5 5.5
30 days to 45 days 5.5 5.5
46 days to 60 days 6 6
61 days < 3 months 6.25 6.25
3 months < 4 months 6.25 6.25
4 months < 5 months 6.75 6.75
5 months < 6 months 6.75 6.75
6 months < 7 months 7 7
7 months < 8 months 7 7
8 months < 9 months 7 7
9 months < 10 months 7.25 7.25
10 months < 11 months 7.25 7.25
11 months < 1 year 7.25 7.25
1 year < 13 months 7.75 7.75
13 months < 14 months 7.75 7.75
14 months < 15 months 7.75 7.75
15 months < 16 months 7.75 7.75
16 months < 17 months 7.75 7.75
17 months < 18 months 7.75 7.75
18 Months < 2 years 7.75 7.75
2 years < 30 months 7.75 7.75
30 months < 3 years 7.75 7.75
3 years < 5 years 7.75 7.75
5 years to 10 years 7.75 7.75

How to Calculate Axis Bank Fixed Deposit Interest

You can use online resources to calculate the interest accrued on your Axis Bank FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest – the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount.

You can enter as many combinations as you want, and the calculator will give you instant and accurate results.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

The following is the formula to calculate the interest earned in a Fixed Deposit account:

Calculate Axis FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

Method of Calculation of Interest Rates On Axis Bank Fixed Deposits

For Fixed Deposits with tenure of 6 months and above, the interest is calculated on a quarterly basis. For those fixed deposits schemes which have a tenure below 6 months, the interest is calculated at Simple Interest.

Axis Bank FD Premature Withdrawal Penalty

Breaking a fixed deposit before the maturity date is possible and might come in handy if you are in an urgent need for funds – for example, in case of a medical emergency.

In such cases the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. This is subject to the terms agreed upon at the time of placing the deposit. For such premature withdrawals, the bank typically charges a small penalty which is communicated to you at the time of application of FD Deposit.

Axis Bank FD – FAQS

What is the eligibility for opening an FD account with Axis Bank?

Individuals: All resident individuals including minors and Hindu undivided families are eligible to open an FD account. In addition, Sole proprietorship firms, Partnership firms and Limited companies are eligible to open an FD with Axis Bank.

What is the documentation required for individuals to open an FD account in Axis?

In addition to the usual Identity proof, Address proof, Signature proof and Age proof (for senior citizens), you would require an introduction by an Axis Bank Savings Account holder (who has held an account for the last six months).

For how long can I keep my deposit?

A fixed deposit is for a fixed term as the name suggests. You can open a fixed deposit account for any period ranging from 7 days to as long as 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.

Can I deposit additional amount in my FD account?

No. It is possible to deposit the amount only once- at the time of opening the account. If you want to invest any additional amounts, then you will need a new FD account.

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