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Digital Fixed Deposit

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, no fees for issuance, 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.


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
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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:

  1. Head to our website and choose the Digital Fixed Deposit option.
  2. Then, verify yourself with your Aadhaar and PAN card.
  3. Next, enter the requested personal information like your name, address, email-id, and the like.
  4. Then, choose the Digital FD fund amount.
  5. Finish the process with a short Know Your Customer (KYC) video call with our authorised agent.

Once you open your Digital FD, download the Axis Bank mobile banking app from Google or Apple Play store and:

  1. Log in with your customer ID
  2. Verify your mobile number
  3. Create an mPIN that will work for future logins
  4. Enter the OTP we send on your mobile number
  5. Track your digital FD
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Digital Fixed Deposits Interest Rates


The Digital Fixed Deposit interest rates do not vary from the standard Fixed Deposit interest rates. However, Axis Bank offers a higher rate of interest, especially for senior citizens. Senior citizens get higher interest rates upto0.75% than non-seniors. 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. You can use our Fixed Deposit interest rate calculator to calculate the rate payable.

Factors that affect Digital Fixed Deposit Interest Rates


Several factors affect Digital Fixed Deposit rates. These include:

  • The Digital Fixed Deposits eligibility criteria. 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. For instance, a 6-month Digital FD can have an interest rate of 3%, but a 5-year FD would have an interest rate of 5%-6%.
  • 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.
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Taxation of interest on a Digital Fixed Deposit


You can save tax with forms 15G and 15H of the income tax act if your income is less than ₹2.5 lakh per year. You must also note that interest earned on Digital or tax saver fixed deposit is taxable after a specific limit. For example, if the interest earned through the Fixed Deposit exceeds ₹10,000 or ₹40,000 in a year, you will have to pay 10% tax.


Frequently Asked Questions

What is the minimum amount needed to open a Digital FD account?

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.

Is premature withdrawal allowed in Digital FDs?

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.

Who should invest in a Digital FD?

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.

Is there any risk in Digital FDs?

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.

What is the range of maturity available for Digital Fixed Deposits?

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.

What happens when Digital FD matures?

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.

page and schedule a call back for the account opening process.

 

How can I open a digital FD?

You can make a Digital Fixed Deposit very easily with us. Follow the steps below:

  1. Visit the Axis bank website portal and choose the Digital FD option.
  2. Verify your identity with your Aadhaar and PAN card number.
  3. Enter the requested personal information like your name, address, email-id, and others prompted on the screen.
  4. Choose the digital FD fund amount you would like to deposit and the tenure of your fixed deposit.
  5. Complete the process with a brief Know Your Customer (KYC) call/ video call with our authorised agent.
What are the various modes through which I can make my payment?

You can make payment through Net Banking, UPI and Debit Card.

Is there any charge /Processing fee levied for opening a Fixed Deposit Account

There are no charges levied on opening a Fixed Deposit Account.

Are there any special rates applicable for specific category of applicants?

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.

If FD rates change in between; will those new rates be applicable to my existing deposit?

No, since you have booked an FD at a specific rate, you will continue to receive interest as per that rate until maturity.

What benefits do I get If I Invest in Axis Bank ASAP Digital FD?

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. Click here to know more: - https://www.axisbank.com/retail/loans/credit-line-on-upi
What are the service facilities that will be offered to me?

We promise the best in class services. Some of the key benefits are as follows:

  1. A readily available Fixed Deposit online calculator, which will help you, plan your needs
  2. Detailed SMS and email communication to customers while booking a Fixed Deposit, from request to maturity
  3. Higher interest rates for senior citizens
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