Axis Bank XPress FD Scheme
Axis Bank XPress FD now offered as Axis Bank Digital Fixed Deposit lets you open an FD online using only your Aadhaar, PAN and mobile number, with no Axis Bank savings account required. Fund it from any other bank account in India, choose a tenure of up to 10 years, and withdraw up to 25% early without penalty.
Features and Benefits of Axis Bank XPress FD
The features and benefits of this FD are:
- You can fund your FD through a savings account from any bank in India.
- Instant online opening of account.
- No premature withdrawal penalty up to 25% of the deposit amount.
- Senior citizens get a higher interest rate than the general public on Axis Bank XPress FD, with the exact premium varying by tenure.
- Low minimum investment of Rs.5,000, with tenures available up to 10 years.
Interest Rate of Axis Bank XPress FD
Axis Bank XPress FD offers interest rates ranging from 3.00% p.a. to 6.50% p.a. for the general public, and up to 7.25% p.a. for senior citizens, depending on the tenure you choose.
Interest earned on your Axis Bank XPress FD is subject to Tax Deducted at Source (TDS) under the Income Tax Act, deducted once your total projected interest across your fixed deposits with the bank crosses the prescribed threshold in a financial year.
Eligibility Criteria to Open Axis Bank XPress FD
The eligibility criteria to open an Axis Bank XPress FD are:
- Indian resident
- Age 18 years or older
- Valid Aadhaar card
- Valid PAN card
- Mobile number linked to Aadhaar card
- Not an Axis Bank customer
- Physically present in India at the time of application
Documents Required for Axis Bank XPress FD
The documents required for individuals to open an Axis Bank XPress FD account are as follows:
- Valid Aadhaar card for e-KYC verification.
- Valid PAN card.
- Aadhaar-linked mobile number for OTP-based e-KYC verification.
How to Apply for Axis Bank XPress FD
To open an Axis Bank XPress FD, all you have to do is follow the steps given below:
- Step 1: Visit the Axis Bank website and choose the Digital Fixed Deposit option.
- Step 2: Verify your identity using your Aadhaar and PAN card details.
- Step 3: Enter your personal information, such as name, address and email ID.
- Step 4: Choose your Digital FD amount and tenure.
- Step 5: Complete a brief KYC call with an authorised Axis Bank agent to finish opening your FD.
Summary
Axis Bank XPress FD now offered as Axis Bank Digital Fixed Deposit lets Indian residents open a fully digital fixed deposit using only Aadhaar, PAN and an Aadhaar-linked mobile number, without needing an Axis Bank savings account. It offers tenures of up to 10 years, interest rates that are higher for senior citizens, and penalty-free premature withdrawal of up to 25% of the deposit. Apply directly on the Axis Bank website to open your Axis Bank XPress FD in a few simple digital steps.
FAQs on Axis Bank XPress FD Scheme
1.What is Axis Bank XPress FD?
Axis Bank XPress FD, now offered as Axis Bank Digital Fixed Deposit, is a fully digital fixed deposit that you can open online using only your Aadhaar and PAN, without holding an Axis Bank savings account. You fund it from your savings account with any other bank in India.
2.What is the minimum amount required to open an Axis Bank XPress FD?
Axis Bank XPress FD has a low minimum investment requirement, with the exact amount listed in the Features and Benefits section above. You can deposit any amount at or above this minimum, up to your preferred deposit size.
3. Do senior citizens get a higher interest rate on Axis Bank XPress FD?
Yes, senior citizens earn a higher interest rate than the general public on Axis Bank XPress FD, with the exact additional rate depending on the deposit tenure. Refer to the Interest Rate section above for the current rates.
4.Who is eligible to open an Axis Bank XPress FD?
To open an Axis Bank XPress FD, you must be an Indian resident aged 18 years or older, physically present in India, and hold a valid Aadhaar card, PAN card and an Aadhaar-linked mobile number. Axis Bank XPress FD is designed for individuals who do not already hold an Axis Bank savings account.
5.What documents are needed to open an Axis Bank XPress FD?
You need only your Aadhaar card and PAN card, along with a mobile number linked to your Aadhaar for OTP-based verification, to open an Axis Bank XPress FD. No physical documents or bank introduction letters are required.
6.How do I apply for an Axis Bank XPress FD?
You can apply for an Axis Bank XPress FD on the Axis Bank website by verifying your identity with Aadhaar and PAN, entering your personal details, and choosing your deposit amount and tenure. You then complete a brief KYC call with an Axis Bank agent to finish opening the FD.
7.What is the tenure range for Axis Bank XPress FD?
Axis Bank XPress FD offers tenure options ranging from 7 days up to 10 years, so you can choose a term that matches your savings goal. Different tenures carry different interest rates, as shown in the Interest Rate section above.
8.Can I withdraw money from my Axis Bank XPress FD before maturity?
Yes, Axis Bank XPress FD allows penalty-free premature withdrawal for up to 25% of your deposit amount. Withdrawals beyond this limit may be subject to the bank's standard premature withdrawal terms.
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