Axis Bank introduces digital fixed deposit: No penalty on premature withdrawals, attractive rates

New Delhi: Axis Bank has launched Digital Fixed Deposit offering various advantages over traditional fixed deposits. For starters, investors don’t need to visit banks to start investing in the newly digital fixed deposit by Axis Bank. 

India's third-largest private sector bank, Axis Bank, noted that investors can open their digital FD accounts via video KYC (Know Your Customer) verification while sitting at their homes. 

Investors don’t need to visit the bank or do any paperwork for opening the digital fixed deposits offered by Axis Bank. The complete process is digital and can be completed online in a matter of a few minutes.

Moreover, one of the best features of the digital insurance policy is that investors can withdraw up to 25% of their investments anytime without giving two hoots about the penalty on premature withdrawals.  

The digital fixed deposit by Axis Bank also offers attractive interest rates and comes with no issuance charges, which makes it better than traditional FD schemes in ways more than one. 

Axis Bank is allowing anyone to open digital fixed deposit accounts irrespective of the fact that they have an Axis Bank savings account or not. Investors can use digital payments mode to fund their FD accounts. 

As far as the interest rates are concerned, Axis Bank is offering similar rates on digital fixed deposits as the bank provides on domestic fixed-term deposits. However, one can deposit a maximum of Rs 2 lakh in digital fixed deposit accounts by Axis Bank. Also Read: Vedant Fashions IPO allotment status: Here’s how to check your bid’s position online

Axis Bank is offering digital fixed deposits for a minimum term period of 6 months. The maximum term under the digital fixed deposit plan is 120 months or about 10 years. Also Read: Invest in cryptocurrency at your own risk, cautions RBI Governor Shaktikanta Das