How to find the best rates for Axis Bank Fixed Deposit
Axis bank is a private bank and the third largest in that sector. The bank commenced its operations in the year 1994. Axis bank was jointly promoted by Specified Undertaking of Unit Trust of India, Life Insurance Corporation of India, General Insurance Corporation of India, National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. It offers higher rate of return on fixed deposit. The bank has overseas international offices and branches at Singapore, Hong Kong, Dubai International Financial Centre, Colombo and Shanghai and it is also the first Indian Bank to have set up its branch in China.
Axis Bank Short-term Fixed Deposit Rates
Axis Bank allows you to take a fixed deposit for a short period of 7 days to 29 days at an interest rate of 3.50% per annum. Interest rate for 30 days is 5.50% per annum and for 4 months to less than 6 months the interest is 7.75% per annum and the interest rate for less than a year but above 6 months is 8% per annum for Indian citizens for deposits below Rs.1 crore.
Axis Bank Medium and Long-term Fixed Deposit Rates
Axis Bank offers medium and long term fixed deposits to the indian citizens, senior citizens, NRE and NROs. The Indian citizens are offered 8.30% per annum interest rate for deposits of less than Rs.1 crore made for 1 year to less than 2 years. The interest rate offered for 2 years to less than 5 years is 8.15% per annum for the Indian citizen. For deposits above 5 years to 10 years, the interest offered to Indian citizen is 8% per annum.
Senior Citizens rates
Senior citizens get a higher interest rate than those of Indian citizens and NRE and NRO. They get an interest of 3.50% per annum for deposits of below Rs.1 crore kept for a period of 7 days to 29 days. The deposits kept from 6 months to less than a year attracts an interest of 8.25% for deposit of less Rs.1 crore. For deposits above 1 year till less than 2 years attracts the highest interest at 8.80% per annum. Deposits from 2 years to less than 5 years attracts interest of 8.65% per annum. Deposits above 5 years and less than 10 years get interest at 8.50% per annum.
Axis Bank Fixed Deposit plus rates
The Axis Bank Fixed Deposit Plus account is a newly-launched differential interest rates scheme. Axis Bank offers higher rate of return on fixed deposit plus as compared to regular fixed deposit rates. The fixed deposit plus is available to retail and corporate customers who wish to invest more than Rs.15 lakhs at one time. The Fixed Deposit Plus scheme is applicable for tenures including and above 1 year and less than 2 years.
Premature withdrawal is not available under normal circumstances for this account. Customers can apply for preclosure of account only in the case of bankruptcy, winding up, deceased or directions from regulator/court/liquidator/receiver. In such cases, a premature withdrawal penalty will be applicable and the rate of interest will be as per the latest rates from the bank instead of the quoted rate at the time of account inception. Auto-renewalcannot be opted for this particular scheme.
For the fixed deposits of 6 months and above, the interest is calculated on a quarterly basis. For the deposits below 6 months, interest is calculated at simple interest. There are different deposit types within this scheme including Short Term Deposits, Reinvestment Deposits, Quarterly and Monthly Payout Deposits.
The following is the interest rate offered under Axis Bank Fixed Deposit plus for deposits up to Rs.1 crore:
| Term | Domestic (in %) | NRE/NRO (in %) | Domestic Senior Citizen(in %) |
| 30 days | 3.50 | 3.50 | 3.50 |
| 60 days | 7.00 | 7.00 | 7.00 |
| 90 days | 7.50 | 7.50 | 7.50 |
| 120 days | 7.75 | 7.75 | 7.75 |
| 6 months | 8.00 | 8.00 | 8.25 |
| 9 months | 8.00 | 8.00 | 8.25 |
| 1 year | 8.30 | 8.30 | 8.80 |
| 2 year | 8.15 | 8.15 | 8.65 |
| 3 year | 8.15 | 8.15 | 8.65 |
| 4 year | 8.15 | 8.15 | 8.65 |
| 5 year | 8.00 | 8.00 | 8.50 |
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