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Digital Fixed Deposit
Digital Fixed Deposit is a pioneering digital product that offers full KYC Fixed Deposit facilities. This innovative service allows you to start a Digital Fixed Deposit without needing an existing Axis Bank Savings Account, requiring only your essential details. It boasts several appealing features, such as competitive FD interest rates and the flexibility of premature withdrawal without any penalties for up to 25% of the deposited amount. This represents a swift and efficient method for saving funds.
Features & Benefits
No Savings Account Required
You don’t need Axis Bank’s Savings Account to open Digital Fixed Deposit. Fund your FD with savings account of any bank in India.
Attractive Interest Rates
You can get the best interest rates offered in Axis Bank based on your tenure.
Low minimum investment
You can start with an investment amount as low as ₹5,000 and can enjoy a tenure as high as 10 years.
Premature withdrawal benefits
No penalty for premature withdrawal up to 25% of the deposit amount.
Quick & Convenient Opening
Digital fixed deposit is quick and easy to open, saving time and efforts.
Guaranteed Returns and Minimal Risk
Secure and predictable investment options with guaranteed returns
Eligibility for Digital Fixed Deposit
To open a Digital Fixed Deposit, you need to meet the following conditions:
Digital Fixed Deposit Interest Rates
The Digital Fixed Deposit interest rates do not vary from the standard fixed deposit interest rates. Axis Bank offers competitive interest rates, depending on the tenure, deposit amount and customer category. The tenure for our Fixed Deposits ranges from 7 days to 10 years. You can use our fixed deposit calculator to calculate the rate payable.
Key Points for Digital Fixed Deposit
- You must have basic documents like your Aadhaar and PAN card in place. Moreover, your mobile number must be linked to your Aadhaar.
- The tenure of your Fixed Deposit is a crucial factor that affects Digital Fixed Deposit rates. The standard rule is that the longer the tenure, the higher interest you accumulate.
- The amount you invest in the Digital FD will also affect the interest rate payable. Again, the standard rule here is that the higher the amount invested, the better returns you can accrue.
- Your age will also influence the Digital Fixed Deposit rates. For example, senior citizens (usually above 60 years) always get a higher interest rate than non-seniors.
Taxation of interest on a Digital Fixed Deposit
Tax Deducted at Source (TDS) on interest earned from fixed deposits is governed by the prevailing Income Tax regulations. TDS is deducted based on the total projected interest on all fixed deposits held by a customer in a financial year. If the projected interest exceeds the specified threshold limit, TDS is deducted proportionately from the fixed deposits at the time the interest is credited. This is in accordance with Section 194A of the Income Tax Act.
How to apply for a Digital Fixed Deposit?
Here are a few simple, easy steps to open and track your Digital Fixed Deposit.
How to open a Digital Fixed Deposit?
It is easy to open Digital Fixed Deposits with us at Axis Bank. All you have to do is:
- 01
Visit the Axis bank website and choose the Digital Fixed Deposit option.
- 02
Then, verify your identity with your Aadhaar and PAN card number.
- 03
Next, enter the requested personal information like your name, address, email-id, etc.
- 04
Choose the Digital FD fund amount and the tenure basis your requirement.
- 05
Complete the process with a brief Know Your Customer (KYC) call with our authorised agent.
How to track a Digital Fixed Deposit?
Here are a few simple, easy steps to open and track your Digital Fixed Deposit.
- 01
Log in with your customer ID
- 02
Accept Payee Initiated Mandates
- 03
Verify your mobile number
- 04
Create an mPIN that will work for future logins
- 05
Enter the OTP we send on your mobile number
- 06
Track your Digital FD
Recurring Deposits
Tax Saver Fixed Deposits
Auto Fixed Deposits
Advantages of Digital Fixed Deposit
The Digital Fixed Deposit offers the same interest rates as a regular FD, but it scores over the regular FD in terms of convenience and ease of operation. Here are some benefits of Digital Fixed Deposits:
- You can open a Digital Fixed Deposit with Axis Bank in less than 7 minutes. (That is lesser time than it takes to get food delivered to your house!).
- The entire process of opening a Digital Fixed Deposit is seamless and hassle-free. All you need in terms of documentation are your Aadhaar card and PAN card.
- The best part of opening a Digital Fixed Deposit with Axis bank is that you do not need a Savings Account with us. You can have a Savings Account with any other bank and still open a Digital Fixed Deposit with us.
- Most banks levy a penalty charge for pre-withdrawal. But not us – we charge no penalty for first withdrawal up to 25% of your deposit amount.
- You can invest as low as ₹5,000 with our Digital Fixed Deposit.
Facility to encash Term Deposits prematurely
Avoid delayed payments
Terms & Conditions
By logging into and providing his/her details, customer agrees to the terms and conditions of Axis Bank.
Related Products
Frequently Asked Questions
The minimum and maximum amounts vary from bank to bank. For example, the minimum amount needed to open a digital fixed deposit with Axis Bank is ₹5,000. The maximum amount is ₹1.99Crs. The Digital Fixed Deposit interest rate will depend on this amount.
Those who want a safe and secure avenue of investment from the comfort of their home should invest in Digital Fixed Deposits. Digital FDs give a guaranteed rate of return and have pre-fixed Digital FD interest rates. They are non-market-linked instruments and are ideal for risk-averse investors who want to build a corpus for their future, beat inflation, and keep their money safe from market fluctuations.
No, there are no risks in Digital FDs. Digital FDs are non-market-linked instruments, which means the returns they provide do not depend on any capital market involvement. Since the interest rates on Digital FD is pre-fixed, there is no element of surprise or risk. What you see is what you get with Digital FDs.
The maturity range for Digital Fixed Deposits is very flexible. Investors can choose from maturity periods as less as 7 days and as high as 10 years. You can use a digital FD calculator to calculate the interest rate payable for different maturity ranges.
Yes, premature withdrawal is allowed in Digital FDs, but not without a penalty charge. This charge varies from bank to bank. However, we at Axis Bank do not levy any penalty charges for premature withdrawals up to 25% of the deposit amount in Digital FDs.
The workings of a Digital FD are simple. When Digital FD matures, the principal deposit amount and the interest accumulated get credited to your chosen savings account.
You can make a Digital Fixed Deposit very easily with us. Follow the steps below:
- Visit the Axis bank website portal and choose the Digital FD option.
- Verify your identity with your Aadhaar and PAN card number
- Enter the requested personal information like your name, address, email-id, and others prompted on the screen.
- Choose the digital FD fund amount you would like to deposit and the tenure of your fixed deposit.
- Complete the process with a brief Know Your Customer (KYC) call/video call with our authorised agent.
You can make payment through Net Banking, UPI and Debit Card.
There are no charges levied on opening a Fixed Deposit Account
Axis Bank offers a competitive rate of interest to its customers, especially senior citizens. Senior citizens get higher interest rates up to 0.75% more than general customers. The interest rates depend on the tenure of the Fixed Deposit and the type .The tenure for our fixed deposits ranges from 7 days to 10 years.
No, since you have booked an FD at a specific rate, you will continue to receive interest as per that rate until maturity.
- The ASAP Digital Fixed Deposit offers the same interest rates as a regular FD, but it scores over the regular FD in terms of convenience and ease of operation. Here are a few benefits
- Existing Axis Bank customers can open an FD in under two minutes while new customers can do so in less than 7 minutes, quicker than getting food delivered to your doorstep
- The entire process of opening an ASAP Digital Fixed Deposit is seamless and hassle-free. All you need is your Aadhaar and PAN card
- You do not need a Savings Account with Axis Bank to book an ASAP Digital FD. You can fund the FD through any savings account from any other bank
- Most banks levy a penalty charge for pre-withdrawal, but not us. We charge no penalty for first withdrawal up to 25% of your deposit amount
- You can invest as low as Rs. 5,000
- You can also avail a CREDIT LINE ON UPI against FD to manage your finances.
We promise the best in class services. Some of the key benefits are as follows:
- A readily available Fixed Deposit online calculator, which will help you, plan your needs
- Detailed SMS and email communication to customers while booking a Fixed Deposit, from request to maturity
- Higher interest rates for senior citizens
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