Axis Bank Tax Saver Fixed Deposit (FD)

Given below are the revised Axis Bank Tax Saver fixed deposit rates with effect from 18 September 2023 for regular and senior citizens:

The Axis Bank Tax Saver Deposit has a fixed tenure of 5 years with no option for premature withdrawal because of the tax-saving benefits. Under Section 180C of the Income Tax Act, 1961, you will also get tax deduction of up to Rs.1.5 lakh in the computation of your total income.

This exemption also includes that of PF contribution, life insurance premiums, etc.

Eligibility Criteria to Open Axis Bank Tax Saver FD

The eligibility criteria to apply for the Axis Bank tax saver fixed deposit are as follows

• The individual opening the fixed deposit needs to have a PAN number.
• Any resident Indian whose has attained the age of 18 years can apply either in Individual basis or in a joint basis.
• The types of deposits available under this scheme are individual and joint. Individual deposits will be paid out to the individual who must have a PAN number and be at least 18 years old.
• Joint deposits can be provided to either 2 adults or 1 adult and 1 minor. In joint deposits, upon maturity the deposit will be paid either to the individuals or the survivor. The deduction from income under section 80c of the Act will be made from the first holder who should have a PAN number.
  

Documents Required for Axis Bank Tax Saver FD

Documents required to open an Axis Bank Tax Saver FD account are:

1. Valid driving license or valid passport
2. Photograph of the depositor
3. For the previous six months, an introduction from any other bank or an introduction from an Axis Bank Savings Account holder.

Axis Bank Tax Saver FD Benefits

The various benefits of Axis Bank Tax Saver FD are:

1. Can open single or joint account
2. Use a fixed deposit receipt to collect benefits

Features of Axis Bank Tax Saver FD

Other features

1. Joint or single account
2. Tax is deducted on the interest on the deposit in accordance with Income Tax provisions
3. No loan can be availed
4. Auto renewal not possible

How to Apply for Axis Bank Tax Saver FD

Step 1: Login to the Axis Bank internet banking portal

Step 2: In the home screen, choose the deposit option

Step 3: Choose the 'Create Recurring Fixed Deposit' option and fill all necessary details

Step 4: Verify all details and submit the same.

Step 5: After the Fixed Deposit has been created a mail will be sent to the customer on his/her registered email id.

One can also apply for Axis Bank FD by visiting the nearest bank branch.