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

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

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.

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.

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.