Thinking what to do with the money currently not in transaction? Check out this easy and risk-free method that can fetch you great returns on the amount invested. Yes, you read that right, investment and that too risk-free. The idle money, when invested in Fixed Deposit schemes mount up over a certain period of time. This hike is the result of the interest paid by the bank on the deposited amount.
Axis Bank proffers several Fixed deposit schemes at competitive interest rates. The choice is yours, you want to invest in, which scheme and for how long. Here is a list of the schemes from which you can choose:
- Axis Bank Reinvestment Fixed Deposit
- Axis Bank Fixed Deposit Plus
- Axis Bank Tax Saver Fixed Deposit
How to Apply
File your application at the nearest Axis Bank branch or download the application form from bank's official website. In case, you want to avail this service online, you need to keep the following things in mind-
- You would need to have a savings account with the bank
- You would require an i-connect id and password (apply for i-connect id at branch office)
- Clear funds should be available in the account at the time of booking the fixed deposit
Axis Bank Fixed Deposit Schemes
1. Reinvestment Fixed Deposit Scheme
This scheme comes with the feature of automatic renewal. The applicant has the option, to renew only the principal amount or both principal and interest amount for the same tenure.
2. Fixed Deposit Plus
This scheme is drafted for the depositors who want to invest the lump sum amount of Rs.15,00,001. The benefit of investing in this scheme is that you are paid the higher interest as compared to a regular fixed deposit scheme.
3. Tax Saver Fixed Deposit
The rate of interest for Tax Saver Fixed Deposit scheme is different from the above mentioned scheme. Under this scheme, the regular depositor (Individual or HUF) and senior citizen can open the FD account for the maximum period of 5 years.
Eligibility Criteria
The following candidates are suitable to open an FD account:
- Residents
- Hindu undivided families
- Sole proprietorship firms
- Partnership firms
- Limited companies
- Trust accounts
Axis Bank Fixed Deposit Form
The bank provides a form for both existing and new customers online. The details to be filled are applicant/s details, account details of the applicant/s, type of fixed deposit, nomination details and the amount and tenure of the fixed deposit. The form is available at the nearest bank branch and online as well.
Documents Needed
The customer needs to present the documents as per his profile. The list of documents need to be submitted at the time of booking the deposit is provided below:
a) By Individuals, Hindu Undivided Families, and Sole Proprietorship Concerns
- 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
b) By Trust
- Copy of the Trust Deed
- Copy of the registration certificate
- Copy of the Resolution of Trustees authorising the members concerned to open and operate the account
- Photographs of the members operating the account
c) By Associations/Clubs
- Bye-laws of the Association
- Copy of the Resolution by the board authorising the members concerned to open and operate the account
- Photographs of the members operating the account
d) By Partnership Firms
- Partnership Deed
- Letter from partners approving the persons concerned to open and operate the account
- Photographs of the persons operating the account
Axis Bank Fixed Deposit Calculator
The Axis bank fixed deposit calculator is helpful in calculating the amount payable at the maturity of the fixed deposit. You can know the addition made to your deposited amount at the end of the period. The calculator helps in estimating the final value of the deposit. It is easy to use it. The user only needs to enter few details regarding the deposit amount, tenure, interest payout frequency and interest rate. The required result will be computed in the shortest time possible.
Features and Benefits-
- Various Interest payout options (simple or quarterly)
- Wide range of tenure ranging from 7 days to 10 years
- Online investment option
- Competitive interest rates
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