Fixed Deposit Plus

Minimum deposit of Rs 5,00,00,000 with no maximum limit on deposits, available for retail and corporate customers.

Pick between simple interest and compound interest options.

• Single holder type deposit receipt can be issued to an individual for himself, or in the capacity of the Karta of the Hindu Undivided Family.
• Joint holder type deposit receipt can be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor. Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit who should be a PAN holder.

• For Fixed Deposits with tenure of 6 months and above, interest is calculated on a quarterly basis.
• Interest earned during the previous quarter is added to the principal for calculation of interest. The Fixed Deposit interest rate on this amount is calculated every quarter.
• For Fixed Deposit schemes with tenure of below 6 months, interest is calculated at Simple Interest. Please note that the period of Fixed Deposit is considered in number of days.
• In the event that you choose to receive the periodic interest payments on a quarterly basis, interest is calculated and paid on quarterly rests.
• The Fixed Deposit rate applicable for a monthly interest option will be discounted rate over the standard rate.

• Tax at source is deducted as per the Income Tax regulations prevalent from time to time. TDS in respect of interest earned on fixed deposits, is deducted on the basis of the total interest projected on the aggregate of fixed deposits of the customer, for the financial year. If the total projected interest in a financial year crosses the threshold limit (currently Rs.10,000/-), TDS is deducted proportionately from the existing fixed deposits at the time of interest application. This is in accordance with Section 194 A 3 (i) (a) of the Income Tax Act.

For any further clarifications, please contact the base Branch.

In case of Term Deposit held jointly, submit a declaration signed by all the holders. This is required in the unfortunate event of death of one of the holders, to enable Axis Bank to pay the maturity proceeds prematurely to the survivor.