How does Axis Bank offer Benefits on the FD Rate to Senior Citizens?



How does Axis Bank offer Benefits on the FD Rate to Senior Citizens?

Axis Bank offers attractive fixed deposit rates to senior citizens in a highly secure environment and a lucrative interest rate on various fixed deposits to ordinary denizens.
Axis Bank, originally known as UTI Bank (1993–2007), is an Indian bank based in Mumbai. The Axis Bank network spans across the country. Axis Bank offers its services to a customer base of more than 9 million individuals.

It sells financial services to big and mid-sized corporations, SME organizations, and retail firms. Axis Bank is India's third-largest private-sector bank in terms of assets.

What does the fixed deposit rate in banks mean?

A fixed deposit, often known as an FD, is a bank account offered by banks and non-banking financial companies (NBFCs). An FD account lets you deposit a sizable quantity of money for a specific period at a set interest rate. A Fixed Deposit (FD) is one of the most popular financial tools among the general public in India since it is a safe and dependable investment that pays a greater rate of interest than a standard savings account. You can deposit your money in an FD account for a period of seven days to up to ten years. In India, FD interest rates can range from 3.5 percent to 8%, depending on the duration and amount, among other factors. A fixed deposit's distinguishing feature is that you cannot withdraw your money before maturity unless on payment of a penalty.

What is the Axis Bank senior citizen FD rates?

As of March 17, 2022, Axis Bank senior citizen FD rates include an interest rate of 2.5 % to 6.50 percent on FD deposits maturing in 7 days to 10 years for less than 2 crores. On a one-year Axis Bank FD with a deposit of less than 2 crores, a senior citizen can earn 5.75 percent per year. Seniors will receive a maximum interest rate of 6.50 percent on term deposits maturing 5 to 10 years. Seniors will continue to receive a 0.50 percent bonus on deposits maturing in 6 to 10 years. Indian citizens' Axis Bank FD rates vary from 2.5 percent to 5.75 percent, while senior citizens' rates range from 2.5 percent to 6.5 percent.

What distinguishes Axis Bank Fixed Deposits from other banks?

  • FDs are available at enticing interest rates.
  • The initial deposit must be 5,000 if you open the FD using the mobile app or internet banking.
  •  If you open the FD at a bank, the initial deposit must be 10,000.
  •  One can open an FD account quickly and entirely online.
  • The FD's term might last anywhere from seven days to ten years.

What are the benefits of opening FDs with Axis Bank for senior citizens?

A person who has reached the age of 60 or more may open a Senior Citizens’ Savings Scheme (SCSS) account. People above 55 but under 60 who have retired on superannuation are eligible to create a Senior Citizens' Savings Scheme account. If you wish to open a senior citizen fixed deposit, you must be a resident of India. Senior citizens can also open these FDs using their NRE or NRO accounts. On fixed and recurring deposits, a 0.75 percent preferential rate is available. Senior Privilege account holders over 60 years old are eligible for higher FD/RD rates.

What are the document requirements for opening a senior citizen FD account?

Senior citizens can open a fixed deposit account with Axis Bank, and the Axis Bank authorities will check for the following documents:

  •  Photo identification is required (passport, voter ID card)
  • Residence proof (Aadhaar Card, passport, most recent electricity/water bill)
  • Age proof documents like passports or PAN cards)
  • PAN Card (Personal Identification Number) or Form 60 if a PAN card is not available
  • 15H Form

What is the procedure to open an FD with Axis Bank?

Applying for a senior citizen fixed deposit with Axis Bank online is simple. You can register at work or at home. Open the web portal of Axis Bank and log in.

  • Stage One:
    Login to Internet Banking on the web page of Axis Bank and select the deposit option.
  • Stage Two
    Click on "Create Fixed Deposit"
  • Stage Three
    Fill in the required account and nominee details.
  • Stage Four
    Your log-on activities will deduct the amount from your savings account upon confirmation, and then the bank will create a fixed deposit immediately. As soon as you make the Tax Saver Fixed Deposit, you will receive a receipt via mail with all the details.
  • Stage Five
    Post creation, the Tax Saver Fixed Deposit Advice will be mailed to your registered mail ID if you signed up for an e-statement. Axis Bank may advise you to receive communication to your address.