Axis Bank Fixed Deposit Schemes July 2014

About The Bank:

Constantly Elevating itself to one of the , largest and the best banking financial intermediaries of the country, it is one of the first few new generation   private sector banks in India, to  have settled it’s footprints , as back as in 1994. Its is the third largets private sector bank in India, offering an entire  spectrum of financial services to its customers, entrusting upon its vision to be the most preffered financial solution provider, excelling in customer delivery through insight , empowered employees, plied up with smart use of technology.

Axis banks , multitude of fixed deposit schemes , for  varied spans ,offers  simple reinvestment schemes , (at very competitive interest rates), catering service to every bujet, demand and segment of customers.

Scheme Name: Reinvestment Fixed Deposit Scheme.

Key Features:

  • The Scheme can be availed with a minimum investment of INR. 10,000.
  • The tenure of your deposit must be a minimum of 6 months.
  • The interest accrued on your deposit at the end of each quarter is reinvested back along with the principal.
  • The added Benefit of Automatic Rollover:

As a Fixed Deposit holder, you can avail of the facility for automatic rollovers on maturity (for both the principal and interest). You can select this option in the Account Opening Document (AOD). The options available are:

  • Rollover only Principal:
    Only the principal amount of your fixed deposit will be rolled over. The interest will be either credited to your designated account or paid out.
  • Rollover Principal and Interest accrued in Reinvestment Deposit scheme:
    This will rollover both the deposit and the interest accrued for the same tenure at the Interest Rates applicable on the maturity date.

Eligibility and Documentation Required:

The following documents are required when applying for a Fixed Deposit:

  • An Individual, Hindu Undivided Family, Sole Proprietorship Concern
    • A valid passport or a valid driving license
    • An introduction by any other bank or an introduction by an Axis Bank Savings Account holder for the last six months
    • A photograph.

Maturity Period and Interest Rates on Axis Bank Fixed Deposit Schemes:

Duration

Rate

Deposit Amount Rules

Additional Interest for Seniors

7 days-14 days 3.50% Must be between Rs. 15 lakhs – Rs. 1 crore -
15 days-29 days 3.50% Must be atmost Rs. 1 crore -
30 days-45 days 6.00% Must be atmost Rs. 1 crore -
46 days-60 days 8.00% Must be atmost Rs. 1 crore -
61 days-89 days 8.25% Must be atmost Rs. 1 crore -
90 days-119 days 8.25% Must be atmost Rs. 1 crore -
120 days-179 days 8.25% Must be atmost Rs. 1 crore -
180 days-269 days 8.50% Must be atmost Rs. 1 crore 0.75%
270 days-329 days 8.50% Must be atmost Rs. 1 crore 0.75%
330 days-1 year 8.50% Must be atmost Rs. 1 crore 0.75%
1 year-419 days 9.00% Must be atmost Rs. 1 crore 0.75%
420 days-450 days 8.75% Must be atmost Rs. 1 crore 0.75%
450 days-539 days 8.75% Must be atmost Rs. 1 crore 0.75%
540 days-2 years 8.75% Must be atmost Rs. 1 crore 0.75%
2 years-900 days 9.10% Must be atmost Rs. 1 crore 0.75%
900 days-3 years 9.10% Must be atmost Rs. 1 crore 0.75%
3 years-2818 days 8.75% Must be atmost Rs. 1 crore 0.75%
2819 days-2848 days 9.10% Must be atmost Rs. 1 crore 0.75%
2849 days-10 years 8.75% Must be atmost Rs. 1 crore 0.75%

Scheme Name:  Tax saver Fixed Deposit

As announced by the financial bill 2006, the government had announced Tax benefits to Bank Term Deposits which are of over 5 year tenure u/s 80C of IT Act.

Key Features:

  • Fixed tenure without premature withdrawal.
  • Year is defined as a financial year.
  • Amount limited to Rs. 100 minimum and Rs. 100,000 maximum.
  • Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit.
  • Term deposit under this scheme cannot be pledged to secure a loan.

Eligibility and Documentation Required:

All individual depositors and H.U.F. who have a PAN number are eligible to open a fixed deposit account. Any individual who is a Resident Indian and has attained 18 years of age can open a Fixed Deposit account,

  • In his or her individual capacity, or
  • On individual capacity on joint basis.

Maturity Period and Interest Rates:

Interest Rates on Axis Bank Tax Saver Deposits
5 years only (Amount Capped at Rs. 1 lac per customer per Financial Year) INTEREST RATES(%) (p.a.)
  • Regular Depositor (Individual & HUF)
  • Senior Citizen (Individual)
  • 8.75%
  • 9.50%

Scheme Name: Recurring Deposits

Axis Bank’s Recurring Deposit scheme allows you with an opportunity to build up your savings through regular monthly deposits of fixed sum over a fixed period of time.

Key Features:

  • Recurring deposits are accepted in equal monthly installments of minimum Rs 1,000 and above in multiples of Rs 500 thereafter.
  • Recurring Deposit accounts can be opened for a minimum period of 12 months and in multiples of 12 months thereafter, upto a maximum of 120 months.
  • The amount of installment once fixed, cannot be changed.
  • In case of delay in payment of installment, one can regularise the account by paying the defaulted installment together with a penalty (at present it is @ PLR plus 4 % for the period of delay).

Eligibility and Documentation Required:

The Following entities are eligible to openup a reccuring account with Axis Bank:

  • Resident individuals
  • Hindu Undivided Families
  • Private & Public Limited Companies
  • Trust & Societies

Maturity Period and Interest Rates:

Interest Rates on Axis Bank Reccuring Deposits
Contracted Amount(Rs) INTEREST RATES(%) (p.a.)
  • For Rupee Term Deposits of a contracted amount less than Rs 5 Crores. Opened/renewed on or after May 1, 2014.
  • For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above.
  • 1.00% below the card rate, prevailing as on the date of deposit.
  • 1% below the card rate prevailing as on the date of deposit.

 

Scheme Name: Encash 24

With the Encash 24 (Flexi Deposit), you will get the liquidity of a Savings Account coupled with high earnings of a Fixed Deposit. This is achieved by creating a Fixed Deposit linked to your Savings Account providing you the following unique facilities:

Key Features:

  • As soon as the balance in your Savings Account crosses over Rs 25,000, the excess, in multiples of Rs 5,000 will be transferred automatically to a higher interest earning Fixed Deposit Account.
  • The maturity of fixed or term deposits thus formed, as a result of transfer of money from the Savings Bank account will be for a minimum period 6 months upto a maximum of 5 years.
  • TDS is deducted on the basis of the total interest projected on the aggregate of fixed deposits of the customer, for the financial year.

Eligibility and Documentation Required:

All you have to do is open a Savings Account and sign up an Encash 24 declaration form. The eligibility criteria’s for opening up a saving account with Axis Bank are:

  • All Individuals residing in India and Hindu Undivided Families (HUF) can open an Easy Access Savings Account.

To open an Easy Access Savings Account, applicants must provide the following:

  • Two latest passport size photographs
  • Address Proof
  • ID Proof.

Maturity Period and Interest Rates:

Interest Rates on Axis Bank Encash Deposits
Contracted Amount(Rs) INTEREST RATES (%) (p.a.)
  • For Rupee Term Deposits of a contracted amount less than Rs 5 Crores. Opened/renewed on or after May 1, 2014.
  • For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above.
  • 1.00% below the card rate, prevailing as on the date of deposit.
  • 1% below the card rate prevailing as on the date of deposit.

 Source: Axis Bank Official Website