Ruchi SrivastavaFixed deposits are known for being a safe and reliable investment, offering steady returns and capital protection. In light of changing interest rates, Axis Bank now provides customers the opportunity to earn up to 7.75% on specific tenures. Axis Bank has increased its fixed deposit (FD) interest rates for select tenures, with the revised rates effective from September 10, 2024. These changes apply to deposits up to Rs 3 crore, as per the bank’s website. Let’s explore the new rates and how they can enhance your financial planning.
Axis Bank History
- 1994: Launched its first branch in Ahmedabad.
- 2001: Rolled out Internet banking services.
- 2003: Became the first Indian bank to launch travel currency cards.
- 2007: Rebranded from UTI Bank to Axis Bank.
- 2014: Achieved the milestone of 2,000 branches.
- 2021: Ranked as the third-largest private sector bank in India.
Latest Axis Bank FD Interest Rates
Axis Bank provides FD interest rates ranging from 3% to 7.25% for general citizens on tenures spanning 7 days to 10 years. For senior citizens, Axis Bank offers interest rates between 3.5% and 7.75%.
DEPOSITS – LESS THAN ₹ 5 CRORES*w.e.f. 10thSeptember 2024
| DEPOSITS – LESS THAN ₹ 5 CRORES* w.e.f. 10th September 2024** | ||||
| Maturity Period | Interest Rates (per cent per annum) | |||
| General | Senior Citizens | |||
| Less than ₹ 3 Cr | ₹ 3 Cr to Less than ₹ 5 Cr | Less than ₹ 3 Cr | ₹ 3 Cr to Less than ₹ 5 Cr | |
| 7 – 14 days | 3.00 | 4.75 | 3.50 | 5.25 |
| 15 – 29 days | 3.00 | 4.75 | 3.50 | 5.25 |
| 30 – 45 days | 3.50 | 5.50 | 4.00 | 6.00 |
| 46 – 60 days | 4.25 | 5.75 | 4.75 | 6.25 |
| 61 days < 3 months | 4.50 | 6.00 | 5.00 | 6.50 |
| 3 months – 3 months 24 days | 4.75 | 6.50 | 5.25 | 7.00 |
| 3 months 25 days < 4 months | 4.75 | 5.15 | 5.25 | 5.65 |
| 4 months < 5 months | 4.75 | 6.50 | 5.25 | 7.00 |
| 5 months < 6 months | 4.75 | 6.50 | 5.25 | 7.00 |
| 6 months < 7 months | 5.75 | 6.75 | 6.25 | 7.25 |
| 7 months < 8 months | 5.75 | 6.75 | 6.25 | 7.25 |
| 8 months < 9 months | 5.75 | 6.75 | 6.25 | 7.25 |
| 9 months < 10 months | 6.00 | 6.85 | 6.50 | 7.35 |
| 10 months < 11 months | 6.00 | 6.85 | 6.50 | 7.35 |
| 11 months – 11 months 24 days | 6.00 | 6.85 | 6.50 | 7.35 |
| 11 months 25 days < 1 year | 6.00 | 6.85 | 6.50 | 7.35 |
| 1 year – 1 year 4 days | 6.70 | 7.40 | 7.20 | 7.90 |
| 1 year 5 days – 1 year 10 days | 6.70 | 7.40 | 7.20 | 7.90 |
| 1 year 11 days – 1 year 24 days | 6.70 | 7.40 | 7.20 | 7.90 |
| 1 year 25 days < 13 months | 6.70 | 7.40 | 7.20 | 7.90 |
| 13 months < 14 months | 6.70 | 7.40 | 7.20 | 7.90 |
| 14 months < 15 months | 6.70 | 7.40 | 7.20 | 7.90 |
| 15 months < 16 months | 7.25 | 7.05 | 7.75 | 7.55 |
| 16 months < 17 months | 7.25 | 7.05 | 7.75 | 7.55 |
| 17 months < 18 months | 7.25 | 7.05 | 7.75 | 7.55 |
| 18 Months < 2 years | 7.25 | 7.05 | 7.75 | 7.55 |
| 2 years < 30 months | 7.10 | 7.00 | 7.60 | 7.50 |
| 30 months < 3 years | 7.10 | 7.00 | 7.60 | 7.50 |
| 3 years < 5 years | 7.10 | 7.00 | 7.60 | 7.50 |
| 5 years to 10 years | 7.00 | 7.00 | 7.75 | 7.75 |
DEPOSITS – LESS THAN ₹ 5 CRORES*w.e.f. 10thSeptember 2024
| DEPOSITS GENERAL – ABOVE ₹ 5 CRORES* w.e.f. 10th September 2024** | |||||||
| Maturity Period | Interest Rates (per cent per annum) | ||||||
| ₹ 5 Cr < ₹ 10 Cr | ₹ 10 Cr < ₹ 25 Cr | ₹ 25 Cr < ₹ 50 Cr | ₹ 50 Cr < ₹ 100 Cr | ₹ 100 Cr < ₹ 250 Cr | ₹ 250 Cr < ₹ 500 Cr | ₹ 500 Cr & Above | |
| 7 – 14 days | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 |
| 15 – 29 days | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 |
| 30 – 45 days | 5.50 | 5.50 | 5.75 | 5.75 | 5.75 | 5.75 | 6.30 |
| 46 – 60 days | 5.75 | 5.75 | 5.75 | 5.75 | 5.75 | 5.75 | 6.30 |
| 61 days < 3 months | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
| 3 months – 3 months 24 days | 6.50 | 6.50 | 6.95 | 6.95 | 6.95 | 6.95 | 6.95 |
| 3 months 25 days < 4 months | 5.15 | 5.15 | 5.15 | 5.15 | 5.15 | 5.15 | 5.15 |
| 4 months < 5 months | 6.50 | 6.50 | 6.95 | 6.95 | 6.95 | 6.95 | 6.95 |
| 5 months < 6 months | 6.50 | 6.50 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 6 months < 7 months | 6.75 | 6.75 | 7.35 | 7.25 | 7.25 | 7.25 | 7.25 |
| 7 months < 8 months | 6.75 | 6.75 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 8 months < 9 months | 6.75 | 6.75 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 9 months < 10 months | 6.85 | 6.85 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 10 months < 11 months | 6.85 | 6.85 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 11 months – 11 months 24 days | 6.85 | 6.85 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 11 months 25 days < 1 year | 6.85 | 6.85 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 1 year – 1 year 4 days | 7.40 | 7.40 | 7.45 | 7.45 | 7.45 | 7.45 | 7.45 |
| 1 year 5 days – 1 year 10 days | 7.40 | 7.40 | 7.45 | 7.45 | 7.45 | 7.45 | 7.45 |
| 1 year 11 days – 1 year 24 days | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 |
| 1 year 25 days < 13 months | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 |
| 13 months < 14 months | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 |
| 14 months < 15 months | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 | 7.40 |
| 15 months < 16 months | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 |
| 16 months < 17 months | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 |
| 17 months < 18 months | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 |
| 18 Months < 2 years | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 |
| 2 years < 30 months | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 30 months < 3 years | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 3 years < 5 years | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| 5 years to 10 years | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
Deposits – Above Rs. 5 Crores for Senior Citizens
| Maturity Period | Interest Rates (per cent per annum) | ||||||
| ₹ 5 Cr < ₹ 10 Cr | ₹ 10 Cr < ₹ 25 Cr | ₹ 25 Cr < ₹ 50 Cr | ₹ 50 Cr < ₹ 100 Cr | ₹ 100 Cr < ₹ 250 Cr | ₹ 250 Cr < ₹ 500 Cr | ₹ 500 Cr & Above | |
| 7 – 14 days | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 |
| 15 – 29 days | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 |
| 30 – 45 days | 6.00 | 6.00 | 6.25 | 6.25 | 6.25 | 6.25 | 6.80 |
| 46 – 60 days | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.80 |
| 61 days < 3 months | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 |
| 3 months – 3 months 24 days | 7.00 | 7.00 | 7.45 | 7.45 | 7.45 | 7.45 | 7.45 |
| 3 months 25 days < 4 months | 5.65 | 5.65 | 5.65 | 5.65 | 5.65 | 5.65 | 5.65 |
| 4 months < 5 months | 7.00 | 7.00 | 7.45 | 7.45 | 7.45 | 7.45 | 7.45 |
| 5 months < 6 months | 7.00 | 7.00 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 |
| 6 months < 7 months | 7.25 | 7.25 | 7.85 | 7.75 | 7.75 | 7.75 | 7.75 |
| 7 months < 8 months | 7.25 | 7.25 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
| 8 months < 9 months | 7.25 | 7.25 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
| 9 months < 10 months | 7.35 | 7.35 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
| 10 months < 11 months | 7.35 | 7.35 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
| 11 months – 11 months 24 days | 7.35 | 7.35 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
| 11 months 25 days < 1 year | 7.35 | 7.35 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
| 1 year – 1 year 4 days | 7.90 | 7.90 | 7.95 | 7.95 | 7.95 | 7.95 | 7.95 |
| 1 year 5 days – 1 year 10 days | 7.90 | 7.90 | 7.95 | 7.95 | 7.95 | 7.95 | 7.95 |
| 1 year 11 days – 1 year 24 days | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 |
| 1 year 25 days < 13 months | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 |
| 13 months < 14 months | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 |
| 14 months < 15 months | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 | 7.90 |
| 15 months < 16 months | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 |
| 16 months < 17 months | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 |
| 17 months < 18 months | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 | 7.70 |
| 18 Months < 2 years | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
| 2 years < 30 months | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 |
| 30 months < 3 years | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 |
| 3 years < 5 years | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 |
| 5 years to 10 years | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 |
Types of Axis Bank FD Schemes
1. Axis Bank Digital Fixed Deposit
A fully digital, KYC-compliant fixed deposit product that can be opened using any savings account.
- Deposit Range: ₹5,000 to ₹2 lakh
- Tenure: 6 months to 10 years
- No issuance fees
- No penalty for early withdrawal of up to 25% of the deposit amount
2. Axis Bank Express Fixed Deposit
A quick digital fixed deposit that can be opened in under 3 minutes using any savings account.
- Deposit Range: ₹5,000 to ₹90,000
- Tenure: 6 months to 12 months (364 days)
- No issuance fees
- Withdraw up to 25% of the deposit without penalty
- Exclusively for single account holders
3. Axis Bank Tax Saver Fixed Deposit
A fixed deposit scheme offering tax benefits under Section 80C of the Income Tax Act.
- Deposit Range: ₹100 to ₹1.5 lakh
- Lock-in Period: 5 years
- Deposit Options: Reinvestment, Quarterly Interest Payout, or Monthly Interest Payout
- No issuance fees
- Withdraw up to 25% of the deposit without penalties
- Available only for single account holders
4. Axis Bank Fixed Deposit Plus
- Minimum Deposit: ₹5 crore
- No Maximum Limit on deposit
- Tenure: 7 days to 10 years
- Interest Calculation Options: Simple or Compound Interest
- Deposit Types: Short-term, Reinvestment, Monthly, or Quarterly Interest Payout
- No auto-renewal option
- Available to both NRI and NRO customers
5. Axis Bank Regular Fixed Deposit
This fixed deposit offers higher returns compared to standard FDs.
- Minimum Deposit: ₹5,000 (for online or mobile app booking), ₹10,000 (for branch booking)
- Tenure: 7 days to 10 years
- Automatic rollover option available
- Deposit Options: Quarterly compounding/reinvestment, quarterly interest payout, or monthly interest payout
6. Axis Bank Auto Fixed Deposit
This scheme links your FD account to an existing savings account, enabling automatic transfers in multiples of ₹5,000 whenever the savings account balance exceeds ₹25,000.
- Tenure: 6 months to 5 years
- Withdraw funds anytime from the linked savings account via cheque or ATM
- If the savings account balance drops below ₹25,000, funds are reverse swept from the most recent FD (in multiples of ₹5,000)
- The withdrawn amount earns interest based on the period it was held in the FD
- The remaining FD amount continues to earn the contracted interest rate
Benefits of Axis Bank Fixed Deposit (FD)
- Guaranteed and Secure Returns: Fixed deposits (FDs) are among the safest investment choices, ideal for investors who prefer minimal risk.
- Convenient Management: Axis Bank provides the flexibility to open and manage FDs through both digital platforms and physical branches.
- Early Withdrawal Facility: If faced with financial needs, Axis Bank permits early withdrawal of FDs, though penalties may be applied depending on the deposit’s terms and duration.
Investors also have the option to receive interest payments monthly, quarterly, or annually, or they can reinvest the interest to take advantage of compounding benefits.
Conclusion
Axis Bank’s current fixed deposit interest rates, particularly the 7.75% for tenures of 2 to 3 years, offer an attractive option for investors seeking a secure and profitable investment. With various tenure options and competitive rates, investors can choose the FD that aligns with their financial objectives. If you’re looking for a low-risk investment with steady returns, Axis Bank’s FDs are a great option to consider.
Check SBI Investment Scheme here – https://insightfulpeek.com/sbi-annuity-deposit-scheme-2024-eligibility-features-interest-rates-and-benefits/
Other Investment Option –https://insightfulpeek.com/a-step-by-step-guide-to-invest-in-sip-for-beginners/
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