Investing money in fixed deposits is really a good option but the problem lies, in which bank to invest. The rates for fixed deposits keep on changing over a period of time and hence it is necessary to keep a check on the interest rates. But if you are investing in Axis Bank then you can be rest assured that you would receive a good return on your investment. Axis Bank FD rates are at par with the best in the market and provides you a golden opportunity to earn good within a short period of time. The bank offers multiple FD schemes for investment in accordance with your requirements. These deposits act as a security for your future as you are sure that you would attain a good amount after the term matures. The reinvestment fixed deposits offered by the bank can easily be opened with a minimum deposit of INR 1000 and additions can easily be made to the amount in the multiples of INR 1. The tenure of this deposit is however 6 months. The bank understands the client’s needs and accordingly suggest with the right investment procedure. FD facility offered by the bank is also quick, convenient and hassle free.
As a deposit holder bank also provides you with the facility of automatic rollover of both the principal and the interest accrued on maturity. You can easily make the changes in your FD before the maturity for the change in tenure, maturity instructions, payment instructions and principal amount. You can also withdraw your fixed deposit at the end of the tenure in accordance with your requirements. In order to understand the calculation of FD you need to keep in mind that the interest is calculated on a quarterly basis for deposits with tenure of 6 months and over. The interest accrued in the first year is added with the principal and gets compounded. The minimum duration for Axis Bank fixed deposit rates is 7 days which extends up to a maximum of 10 years.
The rates of interest vary for the amount invested below INR 15 lacs, INR 15 lacs to less than INR 50 lacs, INR 50 lacs to less than INR 1 crore, INR 1 crore to less than INR 3 crores and INR 3 crores to less than INR 5 crores. The rates are subject to change depending upon the market forces. It is also important to read the terms and conditions of the deposit before making any investment. You can also open an Online FD account with the bank in order to track the progress of your fixed deposit at any period of time.