IMPORTANT NEWS: Axis Bank introduces digital fixed deposit: No penalty on premature withdrawals, attractive rates
Here is some good news for the people who have been looking for investing their money in FDs. Axis Bank has launched Digital Fixed Deposit that has various advantages over traditional fixed deposits. The very first advantage is you can make an FD sitting right at home.
They also informed that account holders can open their FDs through video KYC (Know Your Customer). Account-holders don’t have to visit the bank for the paperwork for opening the FD, the entire process is digital that is finished in a couple of minutes.
Another advantage of digital FDs is you can withdraw 25% of the FD amount anytime without paying any penalty on premature withdrawals. This is a new added benefit that will attract a lot of attention. Some other benefits that the digital FDs offer are no issuance charges and high-interest rates which make it much better than the traditional FDs.
Axis Bank offers one of the highest FD rates among other banks of India, so you must check out their interest rates. Also, did you know that you can open an FD without having an Axis Bank account?
Yes, Axis Bank allows you to open digital FDs irrespective of the fact that you have an account there.
Axis Bank is offering digital fixed deposits for a minimum term of 6 months. The maximum term under the digital fixed deposit plan is 120 months or about 10 years.
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