Traditionally, opening an FD required transferring funds to an Axis Bank savings account first

Axis Bank makes FD investment easier: Check how to invest in Axis Bank fixed deposits from any other bank This new feature allows customers to invest directly from any bank, streamlining the process and saving both time and effort

Axis Bank, the country’s third-largest private-sector lender, has launched a new feature that enables customers to open fixed deposits (FDs) via its mobile app, utilising funds from their non-Axis Bank accounts through the Unified Payments Interface (UPI) and net banking. Traditionally, opening an FD required transferring funds to an Axis Bank savings account first. This new feature allows customers to invest directly from any bank, streamlining the process and saving both time and effort.

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This feature removes the requirement to pre-fund an Axis Bank savings account prior to opening an FD. Existing customers of Axis Bank with valid KYC can now initiate FD bookings even if their primary funds are maintained in another bank. The bank has made the process of FD opening fully digital:
Funds are directly transferred from an external bank account to Axis Bank via UPI or Net Banking.
Once the payment is successfully completed, the bank processes the FD booking; it is automatically created without additional steps; there is no need for payee addition and separate FD opening steps.

Also read: Senior citizen FDs are offering up to 9.5%: Check the current fixed deposit interest rates after RBI cuts repo rate by 25 bps

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A step-by-step guide to booking an Axis Bank FD using UPI and net banking

How to book an FD with Axis Bank using the UPI app

Step 1: Log in to the Axis Bank mobile banking app
Step 2: Navigate to deposits
Step 3: Select ‘Book with UPI’ on payments page
Step 4: Fill in FD details
Step 5: Follow simple steps and fund FD via UPI using your preferred UPI app
Step 6: Select from the available UPI payment options
Step 7: Enter UPI ID, switch to the UPI app and complete the payment

How to book an FD with Axis Bank using net banking

Step 1: Log in to the Axis Bank mobile banking app
Step 2: Navigate to deposits
Step 3: Book with net banking tab on payments page
Step 4: Select your linked account or any other bank account
Step 5: Pay via the net banking process of your chosen bank

Axis Bank FD interest rate
Axis Bank offers an interest rate of 3-7.25% for tenures ranging from 7 days to 10 years for general citizens for FD amounts below Rs 3 crore. For senior citizens, the bank offers FD an interest rate between 3.5% and 7.75% for amounts below Rs 3 crore.

Maturity PeriodInterest Rates (percent per annum)GeneralSenior CitizensLess thanLess than₹ 3 Cr₹ 3 Cr7 – 14 days33.515 – 29 days33.530 – 45 days3.5446 – 60 days4.254.7561 days - 87 days4.5588 days – 3 months 24 days4.755.253 months 25 days 4.755.254 months 4.755.255 months 4.755.256 months 5.756.257 months 5.756.258 months 5.756.259 months 66.510 months 66.511 months – 11 months 24 days66.511 months 25 days 66.51 year – 1 year 4 days6.77.21 year 5 days – 1 year 10 days6.77.21 year 11 days – 1 year 24 days6.77.21 year 25 days 6.77.213 months 6.77.214 months 6.77.215 months 7.257.7516 months 7.257.7517 months 7.257.7518 Months 7.257.752 years 7.17.630 months 7.17.63 years 7.17.65 years to 10 years77.75

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This story originally appeared on: India Times - Author:Faqs of Insurances