Axis Bank has launched a new fixed deposit scheme. In this, there will be an opportunity to invest from 7 days to 10 years. If you want to take advantage of this, you can apply for it through a mobile app.
Axis Bank has announced the launch of Digital US Dollar Fixed Deposit for Non-Resident Indians (NRIs) in GIFT City.
The bank said that it has become the first bank to offer a digital facility for Gift City deposits.
NRIs customers of Axis Bank can now open a US Dollar Fixed Deposit Account at GIFT City through the Bank’s mobile application ‘Open by Axis Bank’.
Under US dollar fixed deposit, customers will be given the option of an investment period ranging from seven days to 10 years. Customers can also request for partial or complete premature closure of the FD through the Axis Bank mobile application.
Vivek Gupta, President and Head of Wholesale Banking Products at Axis Bank, said that IBU’s Digital US Dollar FD will enable NRI customers to choose from a range of tenure and interest rates and assured them of high-quality services from IBU’s dedicated team. Has gone.
Axis Bank Fixed Deposits
Fixed Deposits offer one of the safest investment solutions on the market today, with attractive interest rates and tax breaks under Section 80C of the Income Tax Act.
Axis Bank offers competitive FD rates to both domestic and NRI customers, including tax-saver FDs with terms from 7 days to 10 years and digital Full KYC FD products offering competitive interest rates with no issuance charges.
Competitive Fixed Deposit (FD) Interest Rates
Axis Bank offers competitive fixed deposit (FD) interest rates, from 3.00% to 7.10% annually for general citizens and from 3.50% to 7.75% annually for senior citizens on deposits below Rs 2 crore that span seven days to 10 years in tenures of seven days to 10 years.
For Axis Bank to open a fixed deposit account with you, all that’s necessary to open one is having valid identification documents that verify both identity and address – PAN card, driver’s license, passport, utility bill, etc – along with enough funds in your savings account to open either regular or non-regular accounts depending on your investment goals and risk tolerance.
Once you’ve selected an FD scheme that meets your investment goals, using an online calculator can help determine your returns.
This tool enables you to determine your FD maturity amount and annual interest earned – information that allows for better financial decisions and savings goals. It even compares FD rates from various banks so you can decide where best to put your money.
Attractive Interest Rates On Domestic FD
Axis Bank offers attractive interest rates on domestic fixed deposits of up to 10 years’ duration, along with additional services like nomination and tax-free returns.
The Fixed Deposit Scheme of Axis Bank is open to individuals, HUFs, partnership firms, joint-stock companies, and trust accounts with an initial minimum deposit of Rs. 5,000 needed to open an account. Those looking to invest can do so either by visiting an Axis Bank branch or through their online banking portal.
To open a Fixed Deposit (FD) account with Axis Bank, the following documents will be needed to open one: proof of address, PAN card, and income tax returns filed for the last financial year as well as identification proof such as your Aadhaar number, driver’s license or voter ID card as identification documents.
In addition, Axis Bank requires your date of birth and photo for safety measures against mismatch in your FD account – so they may ask you for additional personal data like date and photo!
Depending on branch visits or online banking portal access details you can quickly check your FD balance through Axis Bank online banking portals while mobile applications allow accessing details regarding your FD balance at any time!
Impressive Range Of FD Products
Axis Bank offers an impressive range of FD products designed to meet all of your financial needs. Offering investment tenures from seven days up to an impressive ten years, these FD accounts offer one of the safest ways to put away money – both simple interest and compound interest options are available for these accounts.
The bank offers an FD rate of 7.20 percent on deposits under Rs 2 crore with terms between seventeen months and eighteen months, and 7.75 percent for senior citizens.
These FDs can be opened using either the mobile app or any Axis Bank branch and require certain documents such as PAN card, driving license, passport, utility bills, and address proof to open. You may link your FD with your savings account for automatic transfer, earning higher interest rates; premature closure without penalty is even allowed! Furthermore, Axis Bank’s tax-efficient fixed deposits allow up to Rs 1.5 lakh deduction under Section 80C of the Income Tax Act.
Medium And Long-term Deposits
Axis Bank offers attractive interest rates on medium and long-term deposits with maturity periods exceeding one year, as well as competitive long-term deposits that provide competitive interest rates.
Furthermore, Axis Bank provides senior citizens with special FD accounts offering higher rates.
Axis Bank Fixed Deposits are accessible to both residents of India as well as non-resident Indians, with individuals (including minors ) and HUFs eligible to open one. Furthermore, NRIs may open NRE and RFC Term Deposits which can be repatriated after maturity.
As soon as a bank FD matures, investors have the option to auto-roll over or reinvest the proceeds automatically.
The bank reinvests both principal and interest at its current FD rate in another FD for the same duration and rate – an easy and risk-free way of reaping an attractive return without hassles! However, please be mindful that any interest earned through bank FDs is taxable under the Income Tax Act 1961.
Safest Ways To Generate Reliable Returns
Fixed deposits offer one of the safest ways to generate reliable returns. They offer an assured rate of interest over a specified timeframe and are suitable for every budget.
Axis Bank offers an array of fixed deposit accounts (FDs) to meet the needs of various investors. Their interest rates for fixed deposits differ according to term, deposit amount, and customer type – you can easily view their rates online and compare them against your financial goals for making an informed decision.
Axis Bank Fixed Deposits offer attractive interest rates and can be opened by anyone with a valid PAN card.
In addition, you can borrow against your FDs to meet immediate cash needs through their loan scheme of up to 85% loan percentage of principal investment; senior citizens can claim tax benefits on this income using Form 15G/H for tax deduction purposes.
Lastly, Axis Bank also permits premature withdrawals from accounts if urgent cash requirements arise.
Fixed Deposit Double Scheme in India
Many investors desire the possibility of growing their wealth with minimal risk. Unfortunately, this goal can often be unattainable through existing investment options. Fortunately, some banks in India offer a special fixed deposit double scheme that promises to double your investments over a given period.
These schemes boast attractive interest rates and can be easily opened. Plus, many banks will accept deposits ranging from several thousand rupees up to lakhs of rupees!
Easy to open
Money Double Schemes are special savings plans offered by banks to assist investors in growing their wealth. Offering guaranteed returns with compound interest to double the investment over time. Available for both single and joint accounts alike with minimum investments typically falling in the thousands of rupees and early withdrawals usually not permitted.
Money Double Schemes offer an ideal alternative to market-linked FDs by offering fixed interest rates with minimal risks – an attractive proposition for those who seek capital protection while minimizing risks.
These deposit schemes are simple to open in a bank or post office. It will provide attractive interest rates that could double your investment over time.
They allow small deposits that make them accessible even for those with limited financial resources. Furthermore, many banks provide nomination facilities so you can nominate beneficiaries in case of emergencies.
Attractive interest rates
A Fixed-Deposit Scheme is an attractive low-risk investment option with attractive interest rates, guaranteeing returns. It makes an ideal long-term solution and helps investors realize their financial goals more quickly.
Investors can select an investment tenure for FD schemes ranging between five and ten years, keeping the deposit amount the same throughout.
At the end of their term, investors will receive two times their original investment amount with tax benefits under Section 80C.
This form of FD is available to individuals, joint accounts, and partnerships – with minors eligible to open double-scheme accounts as well.
However, banks deduct 10% tax from interest earned on these types of deposits and don’t allow withdrawal prior to maturity.
Flexibility
FD schemes provide attractive interest rates and help individuals to diversify their investments over a specified time.
Deposit amounts can vary, with banks accepting deposits ranging from a few thousand rupees up to lakhs.
In addition, banks often provide loans against their FD investments allowing financial flexibility should an emergency arise without needing to break up an investment contract.
If we compare with general FDs, which allow investors to select their tenure, FD double schemes feature fixed tenures that cannot be changed.
Investors may also add nominees in the case of sudden death, which can provide access to funds quickly.
Finally, the FD double scheme offers tax efficiency for senior citizens as it exempts capital gains tax, unlike other investments.
Safety
Fixed deposit double schemes provide investors with an option that allows their money to be invested for long periods, and then doubled upon reaching maturity.
Similar to regular FDs, but with different terms and conditions. Banks set an initial tenure and interest rate which do not change throughout the scheme. Additionally, compound interest payments occur quarterly to further boost yield from this investment option.
Individuals can open an FD double scheme easily by visiting any bank or through an online portal.
You can enjoy attractive interest rates that are suitable for single and joint accounts.
Furthermore, this low-risk investment provides opportunities to take advantage of compounding for faster wealth accumulation.