Open Axis Bank fixed deposit (FD) account in three minutes! Here's how to start one

Axis Bank today announced the launch of ‘Express FD’, a digital Fixed Deposit product that allows the customer to open an FD account in three minutes. This will be done through a digital mode without opening a savings account with Axis Bank. Express FD offers a host of features like attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal (up to 25% of the amount). A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure of 6 to 12 months.

The funds can be deposited in Express FD account through net-banking, debit card or via UPI. After completion of the KYC process, the customer can opt for additional benefits like personal loans, credit cards, forex card offerings, lifestyle benefits such as Dining Delights and other additional offers across Credit and Debit cards. One can also open an Axis Bank savings account of his/her choice and avail an array of investment solutions, according to a bank.

Speaking on the launch, Praveen Bhatt, EVP - Retail Liabilities & Direct Banking ChannelProducts, Axis Bank said, ‘’ With the launch of Express FD, we are offering enhanced online services to our new to bank younger customers who are digitally savvy and are looking for short term investment in FDs. We have observed that though as an industry we are moving towards newer avenues of financial investments, fixed deposit still remains the most preferred choice for many first time savers. Apart from the traditional features of capital appreciation with security and liquidity, Express FD will also offer other investment avenues like credit card and loans against FDs.’’

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To open an Express FD account, the customer has to visit Axis Bank official website and register with their Aadhaar, PAN & other basic details. The interest rate for Express FD will be the same as applicable to regular FD accounts of the same tenure.