HOME > BUSINESS > Axis Bank to offer higher interest for locked in fixed deposits

Axis Bank to offer higher interest for locked in fixed deposits

axis bankAxis Bank, India’s third largest private sector bank has launched a Fixed Deposit scheme titled “Fixed Deposit Plus”, which gives customers a higher rate of return on their fixed deposit investment compared to regular Fixed Deposit rates.

The differential rates on Fixed Deposit Plus with a lock in are currently available for a minimum period of 1 year and a maximum period of less than 2 years. No premature withdrawal will be allowed prior to maturity date.

Fixed Deposit Plus is targeted at both Retail customers (Domestic & NRI) and corporate customers who seek safe avenues to invest surplus money at higher rates. The customers need to invest a minimum amount of Rs. 15 lakh at a single instance to enjoy a 10 bps (one-tenth of a percentage point) higher rate of interest on their investment.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. It has 2,589 domestic branches (including extension counters) and 12,355 ATMs in 1,708 cities and towns.

Commenting on the launch, Mr. Rajiv Anand, Group Executive and Head Retail Banking said, “With the increasing number of customers seeking safer investment options, we are confident that the new ‘Fixed Deposit Plus’ scheme will offer higher earning potential, while continuing to promise guaranteed returns.

“The introduction of this product reinforces our commitment towards customer centricity and our intent to partner customers in their growth.” He further added.

Fixed Deposit Plus is the first product launched by any private bank in the country after the recent RBI announcement that allow banks the discretion to offer differential interest rates based on whether the term deposits are with or without-premature-withdrawal-facility.

Follow ULTRA.news
NPA crisis: We’re not out of the woods yet – SBI official A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining.Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trend...
RCom says majority of lenders oppose China bank’s insolvency petition Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company.“At a Committee of Financial Creditors Meeting on 2...
Exchanges seek clarification from Bharti Airtel on Aadhaar misuse charges Stock exchanges in India have sought a clarification from India's largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names."(The) exchange ha...
Infosys launches inter-bank blockchain network Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology.A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactio...
IDBI Bank losses narrow, NII rises 18% QoQ IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter.Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 ba...
SIDBI and AU SFB to jointly lend to small businesses AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses.Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18.The program will targ...
Ramco wins multi-million managed services deal from British MNC Bank Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services.Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 co...
MobiKwik creates wallet app for bank even as rivals focus on payments bank Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank's 10 mln customers.The move is in line with the app company's strategy to be a partner and solutions provider to traditional financial services companies...
Karnataka Bank NII up 11%, PAT down Karnataka Bank's second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year.However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr.The Net Interest Income rose to 440 cr from 397 cr last year.G...
Tata Teleservices to merge mobile business with Bharti Airtel Bharti Airtel Limited, India’s largest telecommunications services provider and Tata, India’s leading conglomerate, today announced that they have entered into an understanding to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into Bharti Airtel.The move is likely ...
Tata Teleservices says all options on table; no final decision, denies reports Tata Teleservices Maharashtra, the listed unit of TTSL, said it had not taken any "firm decision" on how to go forward, reacting to a news article in the Business Standard that said the company will shut down this month.Reacting to media reports, the company said it "continu...
India sees record-breaking Private Equity inflows in 2017 – Study The amount of money invested or committed by private equity firms in India reached an all time high in the first nine months of this year, said Venture Intelligence, a research firm tracking unlisted company financials, transactions and valuations.PE firms invested about $17...
Bank of Baroda slashes lending rates by 35 bps Bank of Baroda, one of the largest banks in India, has slashed the base rate and benchmark prime lending rates in keeping with the decline in inflation and loan demand.The company slashed the base rate to 9.15% from 9.5% with effect from Oct 1.Base rate is the minimum ra...
Worth Rs 70,000 cr, Patanjali’s Acharya Balkrishna named to India’s richest Acharya Balkrishna of Patanjali | WikipediaAcharya Balkrishna of Patanjali has emerged as the latest addition to the list of the top ten richest people in India, which is still headed by Mukesh Ambani, chairman of Reliance Industries.Haridwar-based Acharya Balkrishna, ag...
Bajaj Finance offers 8.1% interest on FD to seniors, 7.85% to others Bajaj Finance said it will offer 8.10% on fixed deposits to senior citizens, making it among the highest interest rates offered on fixed deposits in the country. For others, it will be 7.85% per year.The non-banking finance company claims to have the highest credit ranking ...
IndusInd Bank enters merger talks with SKS Microfinance Bharat Financial Inclusion, formerly known as SKS Microfinance, said it has entered into exclusive discussion with IndusInd Bank on a potential "strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure."SKS Microfinance is...
Infosys included in Dow Jones Sustainability Index Infosys said it has been inducted into the Dow Jones Sustainability Indices (DJSI) and is now part of two of the indices -- DJSI World and DJSI Emerging Markets.The indices measure the economic, environmental and social performance of companies and are based on the companie...
SBI warns against fraudsters luring customers with fake deposit schemes India's biggest bank, State Bank of India, has been forced to issue warning letters to its customers after fraudsters targeted the banks' customers with fake schemes and offers.An email message has been sent to customers warning them against depositing money on the advice of...
Wipro announces details of its Rs 11,000 cr share buyback Wipro has announced details of its buy back of up to 343.8 mln shares or about 7.06% of its total equity base at a price of Rs 320 each for up to Rs 11,000 cr.The Buyback Size is 23.15% of the fully paid-up Equity Share capital and free reserves as per the audited standalone ...
SBI, Canara Bank lead in opening unorganized sector pension accounts State Bank of India has opened the largest number of accounts under India's universal pension scheme for the unorganized sector, the government said today.State Bank of India has opened 51,000 out of the total 3.07 lakh pension accounts opened by banks under the scheme, whic...