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.
How it works
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
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 Period | Interest Rates (percent per annum) | |
| General | Senior Citizens | |
| Less than | Less than | |
| ₹ 3 Cr | ₹ 3 Cr | |
| 7 – 14 days | 3 | 3.5 |
| 15 – 29 days | 3 | 3.5 |
| 30 – 45 days | 3.5 | 4 |
| 46 – 60 days | 4.25 | 4.75 |
| 61 days – 87 days | 4.5 | 5 |
| 88 days – 3 months 24 days | 4.75 | 5.25 |
| 3 months 25 days 4 months | 4.75 | 5.25 |
| 4 months 5 months | 4.75 | 5.25 |
| 5 months 6 months | 4.75 | 5.25 |
| 6 months 7 months | 5.75 | 6.25 |
| 7 months 8 months | 5.75 | 6.25 |
| 8 months 9 months | 5.75 | 6.25 |
| 9 months 10 months | 6 | 6.5 |
| 10 months 11 months | 6 | 6.5 |
| 11 months – 11 months 24 days | 6 | 6.5 |
| 11 months 25 days 1 year | 6 | 6.5 |
| 1 year – 1 year 4 days | 6.7 | 7.2 |
| 1 year 5 days – 1 year 10 days | 6.7 | 7.2 |
| 1 year 11 days – 1 year 24 days | 6.7 | 7.2 |
| 1 year 25 days 13 months | 6.7 | 7.2 |
| 13 months 14 months | 6.7 | 7.2 |
| 14 months 15 months | 6.7 | 7.2 |
| 15 months 16 months | 7.25 | 7.75 |
| 16 months 17 months | 7.25 | 7.75 |
| 17 months 18 months | 7.25 | 7.75 |
| 18 Months 2 years | 7.25 | 7.75 |
| 2 years 30 months | 7.1 | 7.6 |
| 30 months 3 years | 7.1 | 7.6 |
| 3 years 5 years | 7.1 | 7.6 |
| 5 years to 10 years | 7 | 7.75 |
