Terms and Conditions of Term Deposit

General Definition

A term deposit account is a type of fixed-term investment avenue. Customers can use this account to deposit money into a financial institution, such as a bank, and earn interest on their deposits. This type of investment typically comes with a fixed maturity date, ranging from seven days to 10 years, and the interest rate earned depends on the chosen investment term or tenure. Depending on the type of term deposit, customers may choose to receive the interest payments periodically or at the end of the investment term.

Insurance Cover for Deposits

All bank deposits are covered under the insurance scheme offered by the Deposit Insurance and Credit Guarantee Corporation of India (DICGC), subject to certain limits and conditions. The details of the insurance cover in force will be made available to the depositor.

The DICGC insures all deposits such as savings, fixed, current, recurring, etc., except for the following types of deposits:

• • Deposits of foreign Governments
• • Deposits of Central/State Governments
• • Inter-bank deposits
• • Deposits of the State Land Development Banks with the State co-operative bank
• • Any amount due on account of and deposit received outside India
• • Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India

Each depositor in a bank is insured up to a maximum of Rs. 5,00,000 (Rupees Five Lakh) for both principal and interest amounts held by them in the same right and same capacity.

The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover, and a maximum amount up to Rupees Five Lakh is paid. For example, if an individual has an account with a principal amount of Rs. 4,95,000 plus accrued interest of Rs. 4,000, the total amount insured by the DICGC would be Rs. 4,99,000. However, if the principal amount in that account was Rs. 5,00,000, the accrued interest would not be insured, not because it was interest, but because it exceeded the insurance limit. In cases where a customer holds multiple accounts (CASA and TD) and the aggregate amount exceeds Rs. 5,00,000, the customer will still be eligible for the insurance limit.

TDS (Tax Deducted at Source)

Interest earned on Term Deposits is subject to TDS as per the prevailing income tax laws. The bank will deduct TDS at the applicable rates if the interest income exceeds the threshold limit specified by the Income Tax Department.

• • As per section 194A of the Income Tax Act, 1961, interest, other than interest on securities, shall be liable to tax deduction at source (‘TDS’) at the applicable rate if the projected interest exceeds the prescribed limit during the financial year (Please refer the section 194A of the Income Tax Act, 1961, for detailed provisions on tax deduction at source).
• • It shall be mandatory for deductees (customers) to furnish PAN details (of the first holder in case of joint holders) to deductor (Axis Bank Ltd.) failing which tax on interest on deposits held by residents shall be deducted at source at higher rate of 20% instead of normal 10%.
• • Where PAN provided to the deductor is invalid or does not belong to the customer, it will be ignored, and the higher rate of TDS (20%) shall be applicable.
• • Similarly, TDS will be deducted at higher rates for Inoperative PANs, i.e. PANs not linked to Aadhaar in terms of section 139AA of the Income Tax Act. The tax shall be deducted at higher of (a) the rate specified in the Income tax Act/ rate or rates in force (b) at the rate of 20%.
• • In order to avail proper credit for the TDS while filing your income tax returns, you are requested to contact your branch and provide your PAN details immediately.
• • Deposit amount exceeding INR 50,000 or aggregated value of all outstanding FDs/RDs booked in same customer id during the Financial Year exceeds INR 5 lakhs limit then PAN or Form 60 is mandatory.
• • If customer is non-ITR filer i.e specified person as per Income tax portal TDS will be deducted @ 20%.
• • As Per Section 139A(5A) of IT Act, every person receiving any sum of income or amount from which tax has been deducted under the provisions of IT Act shall provide his PAN to the person responsible for deducting such tax. In case PAN is not provided as required, the bank shall not be liable for non-availing of the credit of Tax deducted at Source and non-issuance of TDS certificate.
• • As per CBDT circular F.No.275/66/2007-IT (B) - CIRCULAR NO- 03/2010, tax shall be deducted at source on accrual of interest at the end of financial year or at periodic intervals as per practice of the bank or as per the depositors / payees requirement or on maturity or on encashment of time deposits; whichever event takes place earlier. Upto to the extent of shortfall of TDS deducted on accrued interest, a lien shall be placed on the said deposit. The lien amount shall be recovered in the subsequent interest payout cycle or part/pre closure of the deposit amount, whichever is earlier.

Form 15G/H

Customers who are eligible to submit Form 15G (for individuals below 60 years) or Form 15H (for senior citizens) can do so to avoid TDS on their interest income, provided their total income is below the taxable limit.

• • If you are tax resident in India and eligible for TDS exemption (not being a company or firm) from interest on fixed deposits under section 197A (1A) of the income tax Act, you can visit your branch and submit declaration in Form 15G/H duly signed in duplicate.
• • Customer can also submit their Form 15 G/H through digital modes like IB or MB
• • There is no requirement to file separate Form 15 G/H for each FD/RD onboarding. Only 1 form 15 G/H is acceptable against one CIF id during a financial year.
• • Form 15 G/H would become effective from the date of its submission. Any TDS deducted prior to the form submission date or in case already remitted to Govt. treasury, as the case may be; would not be eligible for refund.
• • Senior Citizen customers, 60 years and above can submit declaration on Form 15H duly signed in duplicate, subject to eligibility under section 197A(1C) of the Income Tax Act, for non- deduction of TDS from interest on term deposits (Senior Citizen rates are not applicable for NRI Customers).
• • If your interest income (paid or credited) on fixed deposits by all branches of the bank exceeds the maximum amount which is not chargeable to income-tax as provided u/s 197A(1B), TDS will be deducted even if you have submitted Form 15G / 15H.
• • A fresh declaration in Form 15G/15H, both for non-cumulative and cumulative fixed deposits, is required to be submitted at the start of each financial year. (Not applicable for NRI Customers).
• • Declaration in Form 15G/H shall be invalid unless correct PAN (of the first holder in case of joint holders) is furnished in the declaration.

Interest Payment

Interest on Term Deposits is paid at the agreed rate and frequency. The interest payment options include:

• • Monthly Payout
• • Quarterly Payout
• • Cumulative (interest is compounded and paid at maturity)

Type of Term Deposit

1. Fixed Deposit

• • Short Term: Deposits with a tenure ranging from 7 days to less than 6 months. The interest is calculated on Simple Interest basis on calendar quarter and TDS will get deducted on maturity.


• • Monthly Payout: Interest is paid on the monthly anniversary. The payout of interest for the Monthly Interest scheme is applied on a simple interest basis. TDS will be calculated on the date of payment on the anniversary month, at the end of Financial Year on accrued interest, and at maturity.
  
  For monthly interest scheme codes, interest calculation is done at a discounted rate. Interest is calculated from the start date of the FD to the next month's anniversary date using the formula: (Principal * ROI%) / 12
  
  For FDs with a monthly interest payout option, the interest is paid to the customer at monthly intervals prior to the maturity of the deposit. As the interest is disbursed in advance and is not subject to compounding, a discounted interest rate is applied on the contracted annual rate to reflect the time value of money.
  
  The discounted rate is computed using the formula:
  
  Reduction factor = ((1+ROI/12)^0)+((1+ROI/12)^1)+((1+ROI/12)^2)
  
  Disc period (number of months in quarter for compounding) = 3
  
  Discounted monthly applicable ROI = ROI* Disc period/Reduction factor
  
  For example, if the ROI for a cumulative FD is 7.20%, the applicable monthly payout rate would be calculated as below.
  
  Reduction factor = ((1+7.20%/12)^0)+((1+7.20%/12)^1)+((1+7.20%/12)^2) = 3.018036
  
  Disc period (number of months in quarter for compounding) = 3
  
  Discounted monthly applicable ROI = 7.20%* 3/3.018036
  
  Accordingly, the monthly payout interest will be at a rate of 7.156% instead of 7.20%, accounting for the advance disbursal and absence of compounding.
  
  By selecting the monthly interest payout facility, the customer agrees to the application of this discounted rate. The example provided is for illustrative purposes only, and actual applicable rates may vary based on tenure, prevailing interest rates, and other terms of the deposit.


• • Quarterly Payout: Interest is paid quarterly on calendar quarters. The payout of interest for the Quarterly Interest scheme is applied on a simple interest basis. TDS will be calculated on the date of interest payment on the calendar quarter, and at maturity.
  
  For quarterly interest payout scheme codes, interest calculation is done as follows:
  
  First Broken Period: Interest is calculated using the formula: (Principal * ROI% / 12)* (number of days/month base {30/31}).
  
  Completed Calendar Quarter: Interest is calculated using the formula: (Principal * No of months of calendar quarter i.e. 3 * ROI%) / 12.
  
  Remaining Broken Periods at Maturity: Interest is calculated using the formula: (Principal * number of days * ROI%) / 365.


• • Re-investment (Cumulative): Interest is compounded anniversary quarter and paid at maturity. TDS will be calculated on the calendar quarter, and at maturity.
  
  For reinvestment scheme codes, interest calculation is done as follows:
  
  Broken Period Calculation: Interest is first calculated for the broken period up to the nearest calendar quarter using the formula: (Principal * ROI% / 12)*(number of days/month base {30/31}) and (Principal * No of months* ROI%) / 12. TDS calculation is done on applied interest on calendar quarter and on maturity,
  
  On Anniversary Quarter: Interest is then calculated until the anniversary quarter day using the same formula: (Principal * ROI% / 12)*(no of days/month base{30/31})+(Principal * No of months * ROI%/12).
  
  Ongoing Calculation: This method is followed until maturity, ensuring consistency in interest calculation.
  
  Final Broken Period: For the broken periods in the final flow, interest is calculated based on the number of broken days using the formula: (Principal * number of days * ROI%) / 365.
  
  For all new Reinvestment Term Deposits to be opened on and after 1st August, 2013 and all Reinvestment Term Deposits that may be renewed on and after 1st August 2013, interest reinvested would be net of TDS and hence the maturity amount for reinvestment deposits would vary to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.
  
  Fixed Deposits which are booked/renewed on or after 18th Aug 25, revised interest calculation method shall be applicable, For more details, please visit - https://axisbank.com/ChangeInt

Interest Calculation for FCNR & RFC Deposits

2. Recurring Deposit

• • Customers can make regular monthly deposits for a fixed tenure and earn interest.
• • Interest on Recurring Deposit applied on a quarterly compounding basis.
• • In case of Joint Recurring Deposits with a survivorship clause, the Bank shall be discharged by paying the Term Deposit proceeds prematurely to survivors, on request, in the event of death of one or more Joint depositors.
• • The installment for any calendar month is to be paid on or before the last working day of that month. In case of delay, interest will accrue from the date the installment is credited.
• • For Recurring Deposits opened on or after 9th August 2016, in case of delay in payment of any instalment/s beyond the calendar month, the depositor /s shall be liable to pay a penalty at INR 10 per INR 1000 per month for the period of delay.
• • Fraction of a month will be treated as full month for the purpose of calculating such penalty i.e. if the instalment due on 31.05.2011, is paid on 02.06.2011 the delay shall be treated as one month.
• • Please note that standing instructions for Instalment dates 28th/29th/30th/31st will not be available at the time of Recurring Deposit Account opening. The penalty so leviable shall be deducted from the total payment payable at the maturity.
• • The total amount repayable to a depositor, inclusive of interest, depends on the amount of monthly installments and the period of deposit.
• • No interest payable on premature withdrawal within 1 year for NRE Recurring Deposits.
• • For NRE Deposits of a contracted amount is less than INR 5 Crores, interest rate shall be rate applicable for the period the deposit has remained with the Bank.
• • When all the stipulated installments are paid by the depositor, the accumulated amount is repayable together with accrued interest on the date of maturity. However, where the last installment is received by the bank after the due date, the accumulated amount together with interest will become repayable one month after the date of receipt of such last installment irrespective of the maturity date of the deposit.
• • If the due date for the Recurring Deposit monthly installment falls on a public holiday, the installment will be debited on the next working day.
• • Recurring Deposit Interest Calculation Formula: (Principal * number of days * ROI%) / 365.

3. Tax Saver

Deposits with a lock-in period of 5 years, eligible for tax benefits under Section 80C of the Income Tax Act.

• • Tax Saver Deposits cannot be closed prior to date of maturity. Premature withdrawal is not permissible under this scheme except for exception cases of deceased claim settlement of the deposit.
• • Tax-Saver Deposits cannot be pledged as security for any loan or obligation from AXIS Bank or any other bank, financial institution or individual nor can a lien be marked on this Fixed deposit in AXIS Bank.
• • Only Individuals & HUF can invest in Five Year Tax Saving FD. NRI’s can invest in NRO Tax saver deposits.
• • A minimum amount of INR 100 and in multiples of INR 100 thereafter & maximum of INR 1.5 lacs can be invested per customer in a FY in a Five Years Tax Saving FD.
• • The deposit will be booked with maturity instruction as ‘Do Not Renew’.
• • Nomination will not be allowed in a minor Tax saving FD
• • Customer can book Tax Saving FD  with monthly/quarterly interest payout option
• • In the case of joint Tax Saving Fixed deposits, the Tax benefit under 80 c will be available only to the first holder of the deposit

4. Auto Fixed Deposit (Flexi Fixed Deposit)

A combination of savings and current accounts (CASA), offering flexibility in withdrawals.

• • This facilitates automatic transfer of money in multiples of Rs. 5000 to a fixed deposit when balance crosses threshold limit set in customer’s CASA.
• • Minimum tenure permissible is 6 months and maximum is 5 years.
• • The amount is automatically reverse swept from the most recently formed Fixed deposit in units of Rs. 5000 to the CASA whenever the savings account balance falls below the threshold limit.
• • The amount broken from Flexi fixed deposit will earn interest rates at the applicable rate for the period that the deposit was held with the bank.
• • The remaining amount will continue to earn the contracted rate of interest.
• • In case of more than one deposit linked for Auto FD, the system will first Sweep-In funds from the last or recently opened deposit i.e. on LIFO(Last-In-First-Out) basis.

5. FD Plus

Non-Callable deposits cannot be closed by the depositor before expiry of the tenure.

• • Minimum Deposit for opening of Fixed Deposit Plus Account is INR 3 Crore. For NRE Fixed Deposit Plus, minimum amount is INR 3 Crore and for NRO Fixed Deposit Plus minimum amount is INR 3 Crore.
• • Fixed Deposit Plus Deposits (Retail & Corporate) cannot be closed prior to date of maturity. Premature withdrawal is not permissible under this scheme except for exception cases which include bankruptcy/ winding up/ directions by court/ regulators/ receiver/ liquidator/ deceased cases.
• • Premature Closure arising out of aforementioned scenarios in the above cases will result in the change of applicable interest rate from the Fixed Deposit Plus rate to that of Normal Fixed Deposit rate (as per the prevailing rate) and will include application of penalty.
• • Auto-renewal option is not available for Fixed Deposit Plus, Tax Saver and deposit booked for Other Legal Entities (Cooperative Societies, Partnership, Limited Liability Partner, Trust, Associations, Club, University, Financial Institution).
• • The Bank, at its sole discretion and subject to eligibility, may permit credit facilities such as Bank Guarantees, Cash Credit, Letters of Credit, against Non-Callable Deposits. However, availing of a Non-Callable Deposit does not guarantee approval of any such credit facility against the booked deposit. The Bank reserves the right to approve, modify, or reject such facilities based on its policies and regulatory requirements. Overdraft facility against Non-Callable deposit is not permitted.

Premature Encashment

Premature encashment of Term Deposits is allowed, subject to the bank's policy. A penalty may be applicable for premature withdrawals, and the interest rate may be adjusted accordingly.

• • For Rupee Term Deposits of a contracted amount less than INR 5 crores opened/renewed on or after May 1, 2014 (including Flexi Deposits), interest rate will be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank. However, for Rupee Term Deposits closing within 7 days from the date of booking of the deposit, no interest will be applicable and for Rupee Term Deposits closing within 7-14 days from the date of booking of the deposit, the interest rate will be the rate applicable for the period the deposit has remained with the bank.
• • For Rupee Term Deposits of a contracted amount less than INR 5 crores opened/renewed on or after December 15, 2017 (excluding Flexi Deposits), for the first partial withdrawal with value <= 25% of the Term Deposit’s original principal value, Premature Closure Penalty Rate will not be applicable. For subsequent partial withdrawals, Premature Closure Penalty Rate will be applicable on the entire withdrawal amount. For the partial withdrawal with value > 25% of Term Deposit original principal value, Premature Closure Penalty Rate will be applicable for the entire withdrawal amount. However, for Rupee Term Deposits closing within 14 days from the date of booking of the deposit, the interest rate shall be the rate applicable for the period the deposit has remained with the bank.
• • For Rupee Term Deposits of a contracted amount of INR 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
• • For Rupee Term Deposits opened/renewed on or after December 15, 2020 to November 09, 2023(excluding Flexi deposits) of contracted amount less than INR 5 crores and for a tenure >2 Years, premature penalty will not be applicable for TDs closed after 15 months of booking/renewal. Deposits eligible for the waiver will be TDs, TDs closed for the entire contracted amount and for Domestic & NRO deposits. For deposits opened/renewed on or after November 10, 2023, this feature is not applicable and premature penalty will be applicable as per mentioned terms.
• • No penalty for individual NRE Deposits below INR 5 crores. Penalties on respective FCNR currencies are available on Bank’s website. No interest payable on premature withdrawal within 1 year for NRE and FCNR Deposits.
• • For NRE /FCNR Deposits of a contracted amount less than INR 5 Crores (or equivalent in FCNR), interest rate shall be rate applicable for the period the deposit has remained with the bank.
• • For NRE /FCNR Deposits of a contracted amount INR 5 Crores & above (or equivalent in FCNR), interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank.
• • In the event of death of one of the depositor, premature termination and payment of term deposit held in ‘Either or Survivor’ or ‘Former or Survivor’ or ‘anyone’ basis shall be allowed to survivor/s. Such payment to survivor/s shall give valid discharge to the bank. Such premature withdrawal shall not attract any penal charge. However, the interest rate shall be the rate applicable for the period the deposit has remained with the bank.
• • In the event of ‘with disposal’ instructions being ‘either or Survivor’ and a premature withdrawal is required by either of the joint holders even when both are alive. In case either one of us requests the bank, to allow either of us to prematurely withdraw the said deposit, the bank is entitled not to honour the same. We further affirm that the payment of proceeds of such deposits to either one of us represents a valid discharge of the bank’s liability, provided there is no order from a competent court restraining the bank from making the payment from the said account to either of us.
• • In case the mode of operation is ‘Either or survivor’, in the event of the death of one of the deposit holder, premature withdrawal is required by the survivor: In the event of the death of either one or more of us, the survivor of us, if he/she so requests the bank, to prematurely withdraw the said deposit without seeking the concurrence of the legal heirs of the deceased joint deposit holder/s, the Bank is entitled to honour the same. We further affirm that payment of the proceeds of such deposit to the survivor of us represents a valid discharge of the bank’s liability provided: (i) There is no order from a competent court restraining the bank from making the payment from the said account. (ii) That the survivor would be receiving the payment from the bank as a trustee of the legal heirs of the deceased depositor and that such payment to him/her shall not affect the right or claim that the legal heirs of the deceased customer/s may have against the survivor to whom the payment is made.
• • In case of Joint Fixed Deposits with a survivorship clause, the Bank shall be discharged by paying the Fixed Deposit proceeds prematurely to survivors, on request, in the event of death of one or more Joint depositor
• • Where the deposit is held singly, and premature withdrawal is required by the nominee in the event of the deposit death.
• • In the event of my death, the nominee named for the deposit is entitled to prematurely withdraw the said deposit, if he/she so requests the bank, without seeking the concurrence of my legal heirs. I further affirm that payment of the proceeds of such deposit to the nominee represents a valid discharge of the bank’s liability.
• • The Bank reserves the right to disallow premature withdrawal of large deposit for amount INR 5 Crs and above held by entities other than Individuals and Hindu Undivided Family (HUF).
• • For Rupee Term Deposits of a contracted amount of INR 5 Crores and above, partial withdrawal is permitted only if the residual value and the partial withdrawal amount is greater than or equal to INR 5 Crores.
• • Facility of renewal with the retrospective effect will not be available to deposit that have been overdue beyond fourteen days.

Auto Renewal / Maturity Instructions

• • Deposit will be renewed basis the original tenor of the FD and with the maturity amount of Principal and Interest by default.
• • In case of Quarterly Interest Payout FD and Monthly interest payout FD, only the principal amount will be renewed.
• • If FD is booked with auto-closure instructions and the customer wishes to auto-renew the deposit, this can be allowed up to 1 day prior to the maturity date. Such instructions cannot be executed on or after the maturity date, as the auto-closure has already been executed.
• • Fixed Deposit will be renewed for “Unlimited” times, and you may visit branch or digital channel i.e. for Internet Banking or Mobile Banking for closure of deposits if required.
• • Interest rate will be applicable as per the rate available on date of renewal of the deposit. You may visit https://www.axisbank.com/interest-rate-on-deposits?cta=homepage-footer-our-offerings-FD-interest-rates to know existing interest rates applied for Fixed Deposits.
• • In case if you do not receive e-advice or physical advice post renewal of the TD, you may visit any nearest branch and get the duplicate advice printed.
• • You will receive SMS in case of any rejection of your request.
• • If a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.

General Terms and Conditions

• • For term deposit booked through internet banking and mobile banking by the primary holder; The Fixed Deposit will be opened as a regular FD, with the holding pattern, similar to the holding pattern existing in the Current/Savings account or “singly”, from where the amount is being debited. The secondary/joint holder in the Current/savings account will be able to book the deposit with holding pattern as “singly” in such deposits.
• • The special rates for senior citizens and staff will not be applicable for NRI Deposits, Callable deposits over 5cr and FD Plus (Non-callable deposits).
• • In event of not nominating any individual for Term Deposit. I understand and acknowledge the risk and consequences associated with not nominating. The legal heirs will have to undergo legal formalities including will, succession certificate etc. to claim the proceeds.
• • If the nominee is minor, guardian details should be mandatorily filled in the form irrespective of TD booking channel. We hereby authorize you to act upon my/our instruction regarding nomination, cancellation or variation of the nomination of the Fixed/Recurring/FCNR Deposit (given through various modes). I/we shall not hold the bank responsible should any claim be raised against the Bank for acting on the instruction of nomination and the Bank does suffer any loss I/we will keep it indemnified from time to time.
• • NRI Customers need to consult the rates detailed as NRE/FCNR/NRO Rates. Alternatively, the same will also be available on Axis Bank website or the nearest Axis Bank branch.
• • In case of loss of Fixed Deposit Advice/Receipt I / we shall satisfy AXIS Bank and indemnify it for any cause or consequence arising out of issuing of a duplicate receipt.
• • I/We agree that the non-agricultural income generated in India is less than the maximum amount which is not chargeable to tax in the current Financial Year. (Applicable for NRI customer who have submitted FORM 60)
• • I/We hereby confirm that the Term Deposit booked by me/us shall bear the name of nominee on the deposit advice/receipt by default if the deposit is booked through digital channels If the deposit is booked through offline channels, then the customer will have an option to choose whether the nominee name to be displayed on the TD advice/receipt or not.
• • In case of third-party fixed deposit, lien is marked only on principal amount of the deposit
• • I am being customer of the Bank fully aware that, I am required to provide correct personal details viz; Date of Birth (“DOB”), constitution code (Individual or HUF), etc; to avail the benefit of the preferred Rate of Interest (“ROI”) rate as individual Senior Citizen”. But, if after creation of said FD, I change or update my above-mentioned personal details basis which the Bank considers that I am ineligible to avail benefit of preferred ROI (as available to individual Senior Citizen), in that case the Bank shall have right to modify the ROI at its discretion without any prior notice or intimation. Please note, the customer shall provide his correct personal details only at the time of creation of the TD. Also note that the Rate of Interest modified will be applicable from the last open effective date of the Fixed Deposit.
• • Senior Citizen rates on TDs are extended to individual customers who are Resident Indians and have attained the age of 60 years or above as on the date of booking or renewal of the TD. Eligibility for the senior citizen rate is assessed based on the customer’s age on the date of initiating or renewing the Term Deposit. In cases where a customer attains the age of 60 during the tenure of an existing TD, the preferential rate applicable to senior citizens shall not apply for the remainder of that deposit’s term.
• • Interest payable on maturity, monthly, or quarterly shall be rounded off to the nearest rupee. Fractions of fifty paise and above shall be rounded off to the next higher rupee, while fractions below fifty paise shall be ignored.
• • I hereby solemnly affirm and declare that I am eligible to avail the staff interest rate in my capacity as a current or retired employee of Axis Bank Ltd. I further confirm that the funds utilized for the creation of the aforementioned TD are exclusively owned by me and are not held in trust or on behalf of any third party. I acknowledge and understand that any misrepresentation or false declaration on my part shall render me liable to the recovery of excess interest paid and may attract such other actions as may be deemed appropriate under the prevailing policies and procedures of Axis Bank Ltd
• • TD bookings under the self-operated mode shall not be permitted for accounts held by minor customers. All such bookings must be initiated and authorized solely by the legally appointed guardian of the minor