Axis Bank announces no penalty on premature closure of fixed deposits. Details inside
New Delhi: In a first-of-its-kind move, private lender Axis Bank on Monday announced that it has removed the penalty on premature closure of all new retail term deposits which are booked on or after December 15, 2020, for a tenure of 2 years or more.
In a press statement, the lender said, “The objective of this customer-friendly feature is to inculcate and encourage retail customers to go for long-term savings without worrying about the sudden need for liquidity.” The new rule will be applicable on all new fixed deposits and recurring deposits.
For new term deposits booked for a tenure above 2 years, there will be nil premature penalty if the entire deposit is prematurely withdrawn post 15 months of booking. The new feature also offers the benefit of no penalty on the first withdrawal of up to 25 percent of the term deposit principal value.
“To stay ahead of the curve, we have waived off the penalty on all term deposits closed after 15 months. This new feature is in line with our objective to introduce customer-centric benefits by offering flexibility and convenience, while also improving our book quality,” said Praveen Bhatt, EVP – Retail Liabilities and Direct Banking Products, Axis Bank.
Axis Bank FD rates 2021:
You can open a Fixed Deposit online with Axis Bank and save a minimum of Rs 5,000 for a flexible tenure starting from a minimum of 7 days to a maximum of 10 years. Axis Bank’s online account opening services help you to open a Fixed Deposit account from wherever you are. It provides easy transfers from your savings account to your Fixed Deposit. Axis Bank offers automatic roll-out facility so that you can get your Fixed Deposit interest credited to a designated account or get it paid out to a different account.
Meanwhile, Earlier this month, the lender announced its partnership with, Hyundai Motor India Limited (HMIL), to offer auto retail financing solutions to its customers through Hyundai’s end-to-end online automotive retail platform ‘Click to Buy’ (CTB). Axis Bank through this partnership with HMIL will allow customers to view process and avail auto loan sanction directly on Hyundai’s CTB platform.
This solution provides customers with the convenience of acquiring requisite funding for their desired Hyundai car through a ‘one-stop-shop’ platform catering to all their vehicle purchase needs. This new facility enables customers based out of both urban and rural markets to avail car financing online in the most effective manner.