• 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.
• In case the Nominee is a minor, please specify the name of the guardian. We further confirm that if you fail to submit the physical copy of the form, the choice made online shall be binding on us
• 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 through Internet banking or the nearest Axis Bank branch
• Non Callable and 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 loan in AXIS Bank
• 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 understand AXIS Bank may recover a nominal charge for issuing a duplicate receipt as per its then prevalent schedule of charges.
• 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.
• 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.
• As per section 194A of the income Tax Act, 1961, interest, other than interest on securities, shall be liable to TDS at the applicable rate for interest 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 for tax deducted at source)
• If you are tax resident in India and eligible for non-deduction of tax at source (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 duly signed in duplicate.
• 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.
• Senior Citizen customers, 60 years and above can submit declaration in 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)
• 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 and consequently interest payable to such customer shall be liable for deduction of tax at source at higher rate of 20%
• 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 @ 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
• Banks are mandatorily required to issue Form 16A generated through TIN central system of Income-Tax Department:
a. TIN central system shall generate quarterly a consolidated PAN-based Form 16A to customers
b. TIN central system shall generate Form 16A with the name and address that would be available in Income-Tax Central Database
c. TIN central system shall generate Form 16A only for those deductee whose valid PAN is available with the bank
• I/We, understand and confirm that in terms of Section 206AB, the Bank is required to deduct higher rates of TDS effective from 1st July, 2021. if I/we have not filed Income Tax Returns for two previous years immediately preceding the year in which tax is required to be deducted, time limit for filing of such Income Tax Returns has expired and aggregate TDS in each of said two financial years is Rs.50,000/- or more. Accordingly, the tax shall be deducted at higher of the three rates viz. (a) twice the rate specified in the relevant provision of the Income tax Act, (b) twice the rate or rates in force (c) at the rate of 5%.
• Interest earned by a Non-resident Indian (NRI) from the NRO deposits is taxable in India as per provisions of Sec 9 (1) (V)of the Income tax Act, 1961 and TDS will be effected as mentioned in the Finance act. The rate at present is 30% plus surcharge and education cess (Not applicable on NRE & FCNR deposits for NRIs)
• Minimum Deposit for opening of Fixed Deposit Plus Account is Rs. 3 Crore. For NRE Fixed Deposit Plus, minimum amount is Rs. 3 Crore and for NRO Fixed Deposit Plus minimum amount is Rs. 5 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 special rates for senior citizens and staff will not be applicable for NRI Deposits and Non callable deposit.
• 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.
• 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 as per extant policy/guidelines of Axis 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
• 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.
• The payout of interest on Term Deposits under Monthly Interest scheme, takes place at a discounted rate as prescribed under the IBA guidelines.
• Incase of reinvestment deposit, Interest is compounded on anniversary quarter and for TDS purpose interest is computed on calendar quarter basis.
• For all new Reinvestment Term Deposits to be opened on and 1st August, 2013 and all Reinvestment Term Deposits that may be renewed on and 1st August 2013, interest reinvested would be net of TDS and hence the maturity value would vary to that extent.
• FDs with interest payout options such as monthly, quarterly, and reinvestment can be booked for a minimum tenure of 6 months to a maximum tenure of 120 months. For tenures less than 6 months, short term FDs are available, with interest calculated at maturity using simple interest.
RECURRING DEPOSIT
• 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 Fixed Deposit proceeds prematurely to survivors, on request, in the event of death of one or more Joint depositors.
• Installment for any calendar month is to be paid on or before the last working day of the month.
• 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 Rs. 10 per Rs. 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 of 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 Rs 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.
Premature Encashment
• For Rupee Term Deposits of a contracted amount less than Rs. 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 Rs. 5 crores opened/renewed on or after December 15, 2017 (including 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 Rs 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 Rs. 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 is less than Rs 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 is Rs 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 or the contracted rate, whichever is lower.
• 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.
• Fixed Deposit liquidation facility is available only for Single Holding FDs with the Bank.
• The FD rate applicable for a monthly interest option will be a discounted rate over the standard FD Rate.
• The Bank reserves the right to disallow premature withdrawal of large deposit for amount Rs.5 crs and above held by entities other than Individuals and Hindu Undivided Family (HUF).
• In case of premature closure of Recurring Deposit within a month, no interest shall be paid to the depositor and only principal amount will be returned.
• For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, partial withdrawal is permitted only if the residual value and the partial withdrawal amount is greater than or equal to Rs. 5 Crores. In case of premature closure of Recurring Deposit within a month, no interest shall be paid to the depositor and only principal amount will be returned.
Fixed Deposit Renewal Service for Retail Term Deposits
• Deposit will be renewed basis the original tenor of the FD and with the maturity amount of Principal + Interest by default.
• In case of Quarterly Interest Payout FD and Monthly interest payout FD, only the Principal amount will be renewed.
• Customer will be allowed to renew deposit upto 1 day prior to the maturity date i.e. instructions will not be accepted if sent on the date of maturity of the deposit.
• Fixed Deposit will be renewed for under “unlimited” times and you may visit branch or digital channel i.e. for Internet Banking or Mobile Banking for closure of deposits if required.
• 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.
• Autorenewal option will not be available for Fixed Deposit Plus. 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
• Facility of renewal with the retrospective effect will not available to deposit that have been overdue beyond fourteen days.
• 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).
