Invest in Axis Bank Fixed Deposit to Increase Your Savings

Axis bank is one of the trusted private banks in India. The bank offers a wide range of products and services that help the people at the time of financial requirements. Axis bank fixed deposit is one such product that is used by the people to keep their savings for a fixed tenure and in return, they get the interest rate on the amount fixed. The fixed deposit is beneficial in many ways especially if you have savings then instead of keeping the money in the saving account and earning a meagre interest rate you can fix the amount and get twice the amount of interest rate applicable in the savings account. The minimum amount that the depositor can deposit is ₹10,000 and there is no maximum limit for the fixed deposit.

Fixed deposit is a type of investment where you earn the interest rate amount over the amount deposited for a particular period of time. The fixed deposit can be short term deposit, mid term or long term deposit. The tenure of the fixed deposit is can vary from 7 days to 10 years. The depositor can choose to invest in any term and gain the benefits. It also helps in the tax deduction if the amount fixed is less than ₹1.5 lakh for 5 years. You have the option to reinvest the amount and earn interest over it to get the double benefit.

Eligibility Criteria Required-

To have a fixed deposit account you need to fulfill certain criteria and then you will be eligible to deposit the amount in the bank to earn the good rate of interest from them. Below mentioned individual or group are eligible for a fixed deposit:

• The applicant should be the Resident of India.
• Hindu undivided families
• Sole proprietorship firms
• Partnership firm
• Private limited companies
• Trust accounts

Documents required-

The documents required by the individual, Hindu undivided family, and sole proprietorship while applying for the fixed deposit are:

• A coloured photograph
• Passport/ Driving License
• Last six months bank account details

Documents required from the trusts for a fixed deposit are as follow:

• Photographs of the member operating the account.
• Copy of the Trust Deed.
• Copy of Registration Certificate.
• Copy of the resolution of trustee authorizing the member to operate and open the accounts.

Documents required from the  association/ clubs for the fixed deposit are as follow:

• Photographs of the member operating the account.
• Copy of the Bye- laws of the association.
• Copy of the resolution of trustee authorizing the member to operate and open the accounts.

Documents required from the partnership firm for the fixed deposit are as follow:

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

Fixed deposit Interest rate in Axis bank-

• 7 days to 45 days the rate of interest is 3.50%
• 30 days to 45 days the rate of interest is 5.50%
• 46 days to 3 months the rate of interest is 6.00%
• 3 months to less than 6 months the rate of interest is 6.25%
• 6 months to less than 9 months the rate of interest is 6.50%
• more than 9 months to less than 1 year the rate interest is 6.75%
• 1 year to less than 2 years the rate of interest is 7.00%
• 2 years to 10 years the rate of interest is 6.75%

The fixed deposit interest rate in Axis Bank for Senior Citizens-

• 7 days to 45 days the rate of interest is 5.50%
• 46 days to 3 months the rate of interest is 5.75%
• 3 months to less than 6 months the rate of interest is 6.00%
• 6 months to less than 9 months the rate of interest is 6.25%
• more than 9 months to less than 1 year the rate interest is 6.25%
• 1 year to less than 2 years the rate of interest is 6.25%
• 2 years to 10 years the rate of interest is 6.25%

Axis Bank Fixed Deposit Plus-

It is the one of the Axis Bank fixed deposit scheme started by the bank for the retail and corporate customer who wish to deposit the principal amount not less than 15 lakh at one time. This scheme is applicable if the amount is deposited for more than 1 year and less than 2 years. Pre-mature withdrawal under normal circumstances is not allowed while in the case of the bankruptcy, loss, or deceased or direction from regulator/ court/ receiver, you can choose to apply for pre-closure. The penalty charges are applicable in such case. Auto renewal option is available under this scheme.

Axis bank has always given the option to its customer for all types of financial solution. The investment in the fixed deposit is one of the best ways to invest as it is risk- free. It is the best possible way to get good interest over the money without worrying about the safety of your wealth. The guaranteed return is assured and you have the option to fix it further.