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You are settled abroad and would like to invest your savings, NRI Fixed Deposit Plus is a good option for you if you have the estimate of the time by when you might need the amount invested as you'll not be able to withdraw before maturity. You can plan and secure the future of your family and loved ones with Axis Bank NRI FD Plus.
Cover arranged by Axis Bank for its customers under Digit Illness Group Insurance Policy (UIN GODHLGP20142V011920). Participation to group insurance is voluntary.
© Provided by News18 No Penalty on Premature Withdrawal of Fixed Deposits with Axis Bank- Tax Saver Fixed Deposit Get attractive interest rates on your lump sum investment as well as the benefit of tax saving with Axis Bank's Tax Saver Fixed Deposit. Invest from a minimum amount of Rs. 100 to a maximum of Rs. The Tax Saving Fixed Deposit comes with 3 options.
- Axis Bank medium-term FD schemes. Range of maturities available: 1 year to 5 years; Highest Axis Bank FD rate: 7.65% p.a. Rates available: 7.30% p.a. Axis Bank long-term Term Deposits. Period of deposit: Above 5 years to 10 years; Rate of interest: 7.25% p.a. Axis Bank Fixed Deposit rates for Senior Citizens.
Fixed deposits are considered the first step towards building a corpus where the hard-earned money is safely locked-in for a certain period and comes with reasonable returns. But, falling interest rates and penalty for premature withdrawal was a concern for many.
Axis Bank account holders have some good news to cheer for. The lender announced waiver of penalty levied on premature redemption of fixed deposits that were booked or renewed on or after December 15 last year. This is valid for fixed deposits with tenure of two or more years.
Now, customers will be able to withdraw their fixed deposits after 15 months without having to pay any penalty. Axis Bank is the first leading private bank to introduce such a rule for its retail customers, non-senior and senior citizens holding FDs with the bank.
Fixed deposits allow you to access your money at any time but only after paying a penalty.
Other banks that levy charges on early withdrawals are the State Bank of India, ICICI Bank, HDFC Bank and Kotak Mahindra bank. They charge a penalty of 0.5-1 percent for early closure of fixed deposits. SBI charges 0.50 percent penalty across all tenures of investments of up to Rs 5 lakh. If a FD is withdrawn within seven days, then the bank does not pay any interest.
Axis Bank Fixed Deposit Interest Rate
For instance, you hold a Rs 4 lakh FD with SBI then the bank will charge Rs 2000 as penalty from your deposit amount for early withdrawal. If the FD amount is Rs 20 lakh, then the bank will deduct Rs 20,000 as penalty.
Axis Bank Fixed Deposit Calculator
One can avail the premature withdrawal facility offline as well as online. For offline, one can visit the bank branch with FD receipt, premature withdrawal form and other documents. Alternatively, one avail internet banking or mobile banking facility to withdraw the FD.