Axis Bank Offers Special Privilege to Senior Citizens on FDs

By Ileana Lyardson

Axis Bank FD for Senior Citizens:

India’s third largest private sector bank, Axis Bank offers special rates on fixed deposits for senior citizens. Axis Bank FD rates for senior citizens is considerably higher than the normal rates offered by the bank for general investors. Apart from offering fixed deposits, the bank also offers a wide range of financial products and services such as Loans, Credit Cards, Savings Account, Investment, Insurance, Personal Banking, NRI Banking etc. Axis Bank has a strong national and international presence with its branches spread across various cities like Singapore and Dubai etc.

Given that senior citizens are the most active investors in fixed deposits, Axis Bank tries to retain its rich customer base by offering them special benefits for investing in FDs. The bank offers different fixed deposits for senior citizens varying in tenures and interest rates. The bank also provides a plethora of special benefits to senior citizens through its Senior Privilege Savings Account.

By investing in Axis Bank Fixed Deposits, senior citizens can get higher return on their investments than normal savings accounts. As per the existing rules for fixed deposits, senior citizens are not allowed to take out their deposited amount before maturity. However, by paying a penalty charge and with prior notification to the bank, senior citizens can withdraw their fixed deposits.

What is a Fixed Deposit?

A fixed deposit is a kind of financial instrument that enables you to get high returns on your investments. The interest received on your FDs gets added to the principal amount, thereby increasing your returns.

Axis Bank FD Rate for Senior Citizens:

By investing in Axis Bank FDs, senior citizens can receive 10.25% as the highest rate of interest on their fixed deposits. This rate is applicable for depositing an amount up to Rs. 5 crore. The lowest rate of interest offered to senior citizens is 3.50%. Axis Bank allows senior citizens to invest for a minimum period of 7 days and a maximum period of 10 years. However, depending on the tenure and amount deposited, Axis Bank FD interest rates for senior citizens may vary.

Axis Bank Tax Saver FDs for Senior Citizens:

Axis Bank also offers Tax Saver Fixed Deposits for senior citizens. Even this deposit scheme puts senior citizens in an advantageous position by offering them an interest rate of 9.25% on their fixed deposits. In case of regular depositors, the rate of interest offered by the bank for the same deposit scheme is 8.25%, which is 1 % lower than what senior citizens receive.

Get seamless fund transfer from your savings bank account to higher interest yielding fixed deposits.

Enjoy a smooth and hassle-free FD opening process which is particularly beneficial for senior citizens. They can open their Axis Bank FD accounts from the comfort of their homes.

You are free to decide the tenure, amount, interest payment and maturity of your fixed deposit account with Axis Bank.

You can open your fixed deposit account at any branch of Axis Bank of your choice.

Benefits of having an FD account with Axis Bank:

For more Details Visit http://www.bankbazaar.com/fixed-deposit/axis-fixed-deposit-rate.html