Axis Bank to enable customers to open online FD without a savings account

Axis Bank announced the launch of ‘Express FD’, a digital Fixed Deposit product. Customers can now open Express FD account in three minutes through the digital mode without opening a savings account with Axis Bank.

Express FD offers features like attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal (up to 25% of the amount), says a press release from the company. A customer can now 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. They can also open an Axis Bank savings account of her choice and avail an array of investment solutions.

Speaking on the launch, Praveen Bhatt, EVP - Retail Liabilities and Direct Banking Channel Products, 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.’’