After the Reserve Bank of India cut the repo rate, we might see a dip in fixed deposit interest rates. In the meantime, Axis Bank has made a significant announcement about their fixed deposit services. They’ve just rolled out a new feature.
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Now, customers can open fixed deposits using funds from accounts outside of Axis Bank. This makes Axis Bank the first private sector bank to offer this kind of service, thanks to the account aggregator system.
You’ll need UPI or net banking for this
With this new service, existing Axis Bank customers can easily book fixed deposits using their balances from other banks through UPI and other online banking options. The cool part? You can handle the entire fund transfer and FD booking process online, saving you a trip to the bank. The Axis Bank mobile app makes it super quick and easy.
What’s the bank saying?
Sameer Shetty, who’s the President and Head of Digital Business and Transformation at Axis Bank, mentioned, “We believe in the potential of open banking. That’s why we’re always investing in digital-first products that enhance what we offer to customers.” He added, “We’re thrilled to introduce this new feature that allows customers to invest in FDs using funds from any bank. It’s a game-changer in banking—customer-friendly, convenient, and hassle-free.”
What’s the return on your FD?
Axis Bank updated its fixed deposit interest rates on January 31, 2025. For investments under Rs 3 crore, they’re offering interest rates ranging from 3% to 7.25% for general customers on FDs that last from 7 days to 10 years. Plus, senior citizens get an additional 0.50% interest, meaning they can earn between 3.50% and 7.75%.
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