Types of Accounts

1. SAVING ACCOUNT:
• These deposits accounts are one of the most popular deposits for
individual accounts. 
• These accounts not only provide cheque facility but also have  lot of
flexibility for deposits and withdrawal of funds from the account. 
• Most of the banks have rules for the maximum number of
withdrawals in a period and the maximum amount of withdrawal, but
hardly any bank enforces these.  
1. SAVING ACCOUNT
• However, banks have every right to enforce such restrictions if it is felt
that the account is being misused as a current account. 
• Till 24/10/2011, the interest on Saving Bank Accounts was regulared
by RBI and it was fixed at 4.00% on daily balance basis.  
• However, wef  25th October, 2011, RBI has deregulated Saving Fund
account interest rates and now banks are free to decide the same
within certain conditions imposed by RBI. 
2.  CURRENT ACCOUNT:

• Current Accounts are basically meant for businessmen and are never used for
the purpose of investment or savings. 
• These deposits are the most liquid deposits and there are no limits for
number of transactions or the amount of transactions in a day. 
• Most of the current account are opened in the names of firm / company
accounts.
• Cheque book facility is provided and the account holder can deposit all types
of the cheques and drafts in their name or endorsed in their favour by third
parties. 
• No interest is paid by banks  on these accounts.  On the other hand, banks
charges certain  service charges, on such accounts.   
3. RECURRING DEPOSITS ACCOUNT

• -These are popularly known as RD accounts and are special kind of

Term Deposits and are suitable for people who do not have lump sum
amount of savings, but are ready to save a small amount every
month.   
• - Normally, such deposits earn interest on the amount already
deposited (through monthly installments) at the same rates as are
applicable for Fixed Deposits / Term Deposits.   These are best if you
wish to create a fund for your child's education or marriage of your
daughter or buy a car without loans or save for the future.
3. RECURRING DEPOSITS ACCOUNT
• - Under these type of deposits, the person has to usually deposit a fixed
amount of money every month (usually a minimum of Rs,100/- p.m.).   Any
default in payment within the month attracts a small penalty.   
• - However, some Banks besides offering a fixed installment RD, have also
introduced a flexible / variable  RD. Under these flexible RDs the person is
allowed to deposit even higher amount of installments, with an upper limit
fixed for the same e.g. 10 times of the minimum amount agreed upon.
• - Recurring Deposit accounts are normally allowed for maturities ranging
from 6 months  to 120 months. A  Pass book is usually  issued  wherein  the
person can get the entries for all the deposits made by him / her and the
interest earned.  
3. RECURRING DEPOSITS ACCOUNT
• In case instalment is delayed, the interest payable in the account will
be reduced and some nominal penalty charged for default in regular
payments. Premature withdrawal of accumulated amount permitted
is usually allowed (however, penalty may be imposed for early
withdrawals). These accounts can be opened in single or joint names.
Nomination facility is also available.
• The RD interest rates paid by banks in India are  usually the same as
payable on Fixed Deposits, except when specific rates on FDs are paid
for particular number of days e.g. 500 days, 555 days, 1111 days etc
i.e. these are not ending in a quarter. 
4. FIXED DEPOSITS ACCOUNT:
• All Banks in India (including SBI, PNB, BoB, BoI, Canara Bank, ICICI
Bank, Yes Bank etc.)  offer fixed deposits schemes with a wide range
of tenures for periods from 7 days to 10 years. These are also
popularly known as FD accounts. However, in some other countries
these are known as "Term Deposits" or even called "Bond".   The term
"fixed" in Fixed Deposits (FD) denotes the period of maturity or tenor.
Therefore, the depositors  are supposed to continue such Fixed
Deposits for the  length of time for which the depositor decides to
keep the money with the bank. 
• - However, in case of need, the depositor can ask for closing (or
breaking) the fixed deposit prematurely by paying paying a penalty
(usually of 1%, but some banks either charge less or no penalty).  
4. FIXED DEPOSITS ACCOUNT:

• - Some banks introduced variable interest fixed deposits.  The rate of

interest on such deposits  keeps on varying with the prevalent market rates
i.e. it will go up if market interest rates goes and it will come down if the
market rates fall.  However, such type of fixed deposits have not been
popular till date.
• -The rate of interest for Fixed Deposits differs  from bank to bank (unlike
earlier when the same were regulated by RBI and all banks used to have the
same interest rate structure.  
• -Usually a bank FD is paid in lump sum on the date of maturity. 
• Besides above four traditional accounts, there  are some other accounts
with same features but a few different features.
5.NO FRILL ACCOUNT:

• - In simple words it: If a company makes its service/product cheaper by

removing the extra features, that is no frill. Eg. Mobile phone postpaid
package without unlimited ringtones or free night talk. Dish TV package
without 100 sports channels.
• - For our discussion purpose:  No frill account is a type of bank account,
with low / Zero balance requirement with extra-features removed.
• - RBI came up with this No-frill concept, because poor people cannot open
regular bank accounting having requirements like Rs.5000/- minimum
balance etc.So there are no frill accounts for them. So that poor people
can open bank accounts and take loans, that’ll save them from the 36%
interest rate charged by the evil money lenders.
6. Joint Accounts
• A joint account is an account that belongs to more than one person.
Joint accounts are often set up by couples that are living together or
people who have finances that are closely linked. Both current and
savings accounts can be opened jointly.
• - Joint accounts can be set up so each individual account holder can
use the account or so that all account holders have to authorise
transactions.
• - With a joint account, you are liable for any debts run up by other
account holders.
STUDENT ACCOUNT:

• Most banks provide accounts specifically for students in higher

education. These are current accounts that have been designed with
student finance in mind. They usually offer interest-free overdrafts up
to a certain limit to help students cope with the debts that often
accumulate while studying
BUSINESS ACCOUNT:

• Most people who run businesses have a business account so their

business and personal money are kept separate. They are more or less
same as Current Accounts.
ESCROW ACCOUNT

• - An escrow account is a temporary pass through account held by a

third party during the process of a transaction between two parties.
• - This is a temporary account as it operates until the completion of a
transaction process, which is implemented after all the conditions
between the buyer and the seller are settled. 
• - Escrow Accounts are legally permitted in India and for that you
should be either an Advocate or a C.A. or a person of a high repute or
a banker or a person on both the parties to the dispute or the
transactions are ready to keep the money in Escrow with that person.
For this, no certificate from any person, authority or RBI is required.
Types of Deposit Accounts : -

• While various deposit products offered by the Bank are assigned

different names. The deposit products can be categorised broadly
into the following types. Definition of major deposits schemes are
as under : -

•i) "Demand deposits" means a deposit received by the Bank which

is withdrawable on demand;

•ii) "Savings deposits" means a form of demand deposit which is

subject to restrictions as to the number of withdrawals as also the
amounts of withdrawals permitted by the Bank during any
specified period;
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Types of Deposit Accounts : -

•iii) "Term deposit" means a deposit received by the Bank for a fixed period
withdrawable only after the expiry of the fixed period and include deposits
such as Recurring / Double Benefit Deposits / Short Deposits / Fixed
Deposits /Monthly Income Certificate /Quarterly Income Certificate etc.

•iv) Notice Deposit means term deposit for specific period but withdrawable
on giving at-least one complete banking day's notice;

•v) "Current Account" means a form of demand deposit wherefrom

withdrawals are allowed any number of times depending upon the balance
in the account or up to a particular agreed amount and will also include
other deposit accounts which are neither Savings Deposit nor Term Deposit;

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Classifications of Deposit Accounts : -

• CASA (Saving+ Current)

• Term (All Fixed & Recurring Deposits)

• Float Funds

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Importance of CASA
• Low Cost

• High Customer Base

• More Stable

• Add to the reputation of Bank

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Types of Saving A/Cs in Axis Bank
• Easy Access Full Power Digital Account
• Prime Full Power Digital Account
• Liberty Savings Account
• Easy Access Savings Account
• Prestige Savings Account
• Prime Savings Account
• Women's Savings Account
• Senior Privilege Savings Account
• Future Stars Savings Account

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Types of Saving A/Cs in Axis Bank
• Pension Savings Account
• Insurance Agent Account
• Youth Savings Account
• Basic Savings Account
• Small Basic Savings Account
• Inaam Personal account
• ASAP Instant Savings Account

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 Axis Bank
Savings Account

• Axis Bank provides its customers with the option of choosing from a
wide range of Savings Accounts with different features and benefits.
• The Savings Accounts are designed to meet the banking needs of
people from all walks of life.
• Axis Bank offers an interest rate ranging between 3.00% to 4.00%
on the minimum average balance maintained in the savings
account.
• It calculates the interest rate on savings bank accounts on a daily
basis.
• However, the interest is paid to the account holders every quarter. 
Interest Rates on Domestic, Non Resident, Trust and
Government Savings Account Deposits:

Applicable Rate of Interest w.e.f.20th Oct,

Balance Slabs
2020
Less than Rs. 50 lacs 3.00% p.a.

Rs. 50 Lacs and up to less than Rs. 10 3.50% p.a.

Crs

Rs. 10 Crs and up to less than Rs. 100 Repo + (-0.65%)

Crs Floor rate of 3.60% applicable

Rs. 100 Crs and up to less than Rs. 200 Repo + (-0.25%)
Crs

Rs. 200 Crs and up to less than Rs. Repo + (0.00%)

2,500 Crs
Types of Axis Bank Savings Accounts

Easy Access Savings Account

•Axis Bank’s Easy Access Savings Account brings unmatched account access,
transaction updates and tracking with a low opening deposit of Rs.15,000.

•Features and benefits:

•Secure Plus Debit Card
•Complimentary Hospital Cash Insurance including COVID-19
•Earn 3.0 % – 4.0 % interest on daily balances, quarterly.
•Personal Accident Insurance Cover – Rs.5 lakh
Future Stars Savings Account
•Axis Bank’s Future Stars Savings Account helps children to know the importance of
savings and gives them a head start in building a strong financial foundation.
•The Future Stars Savings Account benefits include a personal accident insurance cover
of Rs. 2 Lakh for the account holder (in this case it will be your child) and a Visa Platinum
Debit Card.
•If your child is over 10 years of age, you can also get an image of his / her choice printed
on the card.
Women Savings Account

•The Women’s Savings Account simplifies banking for the independent women of today.
Benefits of the Women’s Savings Account include low opening deposit, free cheque
books, low average monthly balances, personal accident insurance cover.
•Axis Bank offers a unique savings account scheme to women customers with a minimum
opening deposit and an average minimum balance requirement of Rs 10,000/- in Metro
cities.
Senior Privilege Savings Account

• The Senior Privilege Savings Account offers a host of advantages to senior

citizens.
• Individuals who are 57 years or older.
• The benefits include:
• Higher FD Rates
•Discounts at Health Care services
•Senior ID Card
 Pension Savings Account

•Axis Bank offers pensioners the convenience of hassle-free banking with the
Pension Savings Account.
•The benefits of the Pension Savings Account are designed keeping in mind the
needs of pensioners, such as ATM withdrawal limit of Rs. 40,000
•Personal Accident Insurance cover of Rs. 2 lakh.
•Free & Unlimited multi city cheque books.
•Zero charges on DD/PO issuance.
•Unlimited Cash transactions with no cap on value.
 Insurance Agent Account

• The Insurance Agent Savings Account is uniquely crafted keeping in mind the
needs of entities in the insurance agency business.
• The account provides low minimum balance requirements and higher
withdrawal limits along with convenient banking and transactional services.
• Personal accidental insurance cover of Rs. 2,00,000.
• Reward points that can be earned for completing transactions.
Basic Savings Account

•Axis Bank's Basic Savings Account brings the best-in-class banking

services, without the need for any minimum balance requirement.
•The benefits of the Basic Savings Account include free cash deposits,
convenient banking with access to multiple branches & ATMs across India
and Internet & Mobile Banking services.
•The Basic Savings Account provides with e-statements, SMS alerts and a
passbook, so we are always updated on your account status and
transactions.
Small Basic Savings Account

•The Small Basic Savings Account offers hassle-free savings benefits with zero
minimum balance requirements and covers with personal accident insurance for
Rs. 1,00,000.
•Savings Account which does not have a minimum balance requirement.
•Benefits :
• Rupay Debit Card

• Daily ATM Withdrawal limit of Rs. 40,000

• Cash deposits : Free upto Rs 1 lakh
• Cash withdrawals: Only 4 withdrawals allowed upto Rs. 10000 per month free
of charge
 Pradhan Mantri Jan-Dhan Yojana (PMJDY)

• Axis Bank also offers its users the facility of enrolling in the PMJDY
scheme which allows users to access affordable banking, deposit,
insurance, credit, remittance and pension services to those residing in
rural areas.
• Accounts opened under the PMJDY scheme earn interest at the rate of
4%. Those enrolled in the scheme are eligible to avail a Basic Savings
Bank Deposit Account or open a Small Account if they do not have
officially valid documents for a regular account.
• This account also offers overdraft and cheque book facilities along with
the option of availing a RuPay Debit Card.
Liberty Savings Account

•Presenting Liberty Savings Account where you choose what’s right for you
•The account comes with a unique flexibility to either maintain a monthly
average balance of Rs. 25000 or spend Rs. 25000 in a month from your
account.
•The Liberty Debit Card which comes with this account makes your
weekends all the more delightful with 5% flat cashback across food,
entertainment, shopping, and travel on weekends.
•Additionally, enjoy rewarding experiences with a choice of gift vouchers
every quarter.
 Prestige Savings Account

•Prestige Account comes with an exclusive Cashback Debit Card, which gives

cashback across Fuel, Shopping and Travel,banking needs 24X7.
 
•Other benefits include higher transaction limits, preferential pricing on lockers and
entertainment benefits. You can avail annual benefits worth Rs. 25,000 with your
Prestige Account.

• Exclusive cashback offers on debit card:

 1% on fuel, 2% on shopping, 3% on travel
• Nil Debit Card issuance fee.
Easy Access Full Power Digital Account

•The process to open the account is simple and can be completed online. A full KYC
account can be completed via video.
•Once the account has been opened, you will be provided a virtual debit card. A 1%
cashback will be provided on online spends.
•No documents will need to be submitted to open the account.

• Offers & Discounts:

• Free Times Prime membership
• Offers worth Rs.60,000 includes free subscription for Zee5, Gaana, Uber, TOI +, ET
Prime etc.
• Flat 3% cashback on Amazon via Grab Deals
Prime Full Power Digital Account

•A Prime Full Power Digital Account can be opened online via video-based KYC. No
documents will need to be submitted to open the account and the account will be
activated within an hour.
•Once the account has been opened, a virtual debit card will be provided immediately
and you will receive a 1% cashback in case you make any spends online.

• Free Times Prime membership Offers worth Rs.60,000 includes free subscription for
Zee5, Gaana, Uber, TOI +, ET Prime etc.
• Flat 5% cashback on Amazon via Grab Deals
BURGUNDY full power digital account

• A dedicated Wealth Specialist and Relationship Manager

• Suite of Power Packed Cards
• Airport lounge access & concierge services
• Host of offers on movies, golf lessons, shopping and more
• Complimentary Virtual Debit card and many more offers.
• Initial Funding of Rs. 5,00,000.
PRIORITY full power digital account

• Dedicated Relationship Manager contactable via the Mobile App

• Complimentary banking services & discount across bank products such as
loans, forex, demat & more
• Access to 250+ banking services 24x7 via mobile app and internet banking
• Complimentary Airport Lounge Access up to 8 times in the year
• The best overview of your money with our monthly one glance statements.
• Initial Funding of Rs. 2,00,000.
Trust/ NGO/ Institutional Savings Account

• Axis Bank’s Trust/NGO/ Institutional Savings Accounts are tailor-made to suit

the specific needs of institutions such as NGOs, clubs, associations,
educational institutes, hospitals and other Trusts.
Types of Trust Saving Accounts
Silver Trust Savings Account
•The Silver Trust Savings Account is designed for trusts / institutions that require
a high volume of banking transactions at a moderate account balance.
•You can avail a large variety of facilities such as collection and payments
services, FCRA account, corporate internet banking and access to our wide
network of branches and ATMs. In addition, most of your banking transactions
will be free of charge!
Gold Trust Savings Account

• The Gold Trust Savings Account is a premium offering, designed for trusts /
institutions that are large in scale with higher transaction volumes and
complexity of banking requirements.
• Apart from access to vast network of branches and ATMs and corporate
Internet banking, you enjoy free unlimited banking transactions, and
preferential pricing on other products and services that are relevant for you
Platinum Trust Savings Account

•The Platinum Trust Savings Account offers the best-in-class solutions, custom
designed for large scale trusts / institutions that have multiple banking and
financial requirements. Avail discounts on various products and services that are
relevant for you, enjoy free unlimited banking transactions, and access our vast
network of branches and ATMs. Moreover, we offer FCRA account facility, digital
banking, collection and payment services, salary disbursement solution, general
insurance and an entire suite of financial solutions to meet your needs.
•The trustees of the institution also can enjoy complimentary membership to
premium Burgundy program.
Axis Bank Discontinued Savings Bank Accounts :

•ASAP Instant Savings Account

•Discontinued w.e.f. 28 Oct'20.
•An instant virtual debit card is provided once the account has been opened. In
the case of a physical debit card, online rewards are provided. The daily
withdrawal limit is Rs.50,000. The process to open an account is simple and is
Aadhaar-based.
Inaam Personal account

•"Discontinued with effect from 1st Aug’16".

•Axis Bank’s Inaam Personal Account brings multi-channel banking along with
special privileges on remittance from your loved ones abroad, through SWIFT.
Youth Savings Account

•"Discontinued with effect from 1st Aug’16".

•The Axis Bank YOUth Savings Account is created to meet the dynamic
requirements of today’s youth, while helping them save money. The YOUth
Savings Account benefits include easy access to funds, a debit card that is
loaded with deals and multiple payment options. 
Prime Savings Account

•"Discontinued with effect from 15th Sep’20"

•Axis Bank’s Prime Savings Account gives you an edge in the way you bank.
Benefits of the Prime Savings Account include enhanced transaction limits, free
& unlimited demand drafts / pay orders, unlimited cheque books and a personal
accident insurance cover of up to Rs. 5 lakh.
Current Account- Introduction
• A current account is defined by the Reserve Bank as, “ a form of
demand deposit wherefrom withdrawals are allowed any
number of times depending upon the balance in the account or
up to particular agreed amount and shall also be deemed to
include other deposit accounts that are not savings deposit nor
term deposit.”
• The current account is also known as demand deposit.

Uses of a current account

• Deposit and withdraw funds at any time.
• There are no interest rates
• Instant access to your account.
Current Account = Features

• Banks in India charge no fees for transfers of FUNDS

• You can pay and collect the money through RTGS and NEFT
• A certain limit on the demand draft and pay orders per month are applicable
• There are no special charges for clearing the cheques
• Who Can Open:
• Individuals
• Sole proprietorships
• Hindu undivided family
• Partnerships
• Trusts associations
• Societies and clubs
• Limited companies
Saving Account Current Account
For Saving For Frequent Transaction
Deregulated Deregulated
2 to 6% interest No Interest
Suited for individual or Family Firm, company, Businessman,
Limit the transaction Do not limit the transaction

Current Account:
• Checking Account
• Chequing Account
• Demand Deposit Account
• Share Draft Account
 Documents required for Current Account:
 Proof of identity – PAN card, voter ID card, passport, driving license
 Proof of address
 Recent Colour Photograph
 PAN/Form 49 A along with Form 60 if applied for PAN
 Account opening Cheque from existing Savings/Individual Current
Account
 VARIANTS Min Avg. Balance (monthly basis) Non-maintenance charge(monthly
basis)

WEALTH Club 50 50,00,000 NIL

PRIME Normal 10,000 50

PRIME Advantage 25,000 50

AXIS Bank
PRIME Select 50,000 5O

PRIME Business Classic 1,00,000 50

PRIORITY Channel One 10,00,000 NIL

PRIORITY Business Privilege 5,00,000 50

Types of Current A/Cs in Axis Bank
i) Prime - a) Normal
b) Advantage
c) Select
d) Business Classic

ii) Priority a) Business Privilege

b) Channel One

iii) Wealth a) Club 50

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Mode of Operation in Bank Account
• Mode of operation specifies how a Bank account will be operated and by
whom. When you are opening a savings bank account, you can specify either
you can operate it by yourself or do it jointly with some one. If you mentioned
mode of operation as Single, the money can be drawn by only you. If you
mentioned as joint, both you and your partner have to sign jointly on any
cheques.
• There are different types of mode of operation of accounts available in Indian
Banking system. We will see them one by one.
1.Single Account
2.Jointly
3.Jointly or Survivor
4.Either or Survivor
5.Former or Survivor
6.Latter or Survivor
Mode of Operation in Bank Account
• Single Account :-
• As seen earlier, when an account is opened in the name of an individual it is
known as single account. The mode of operation for a single account is SINGLE.
Only the account holder can instruct the bank for different transaction.
• Jointly :-
• The bank account will be operated by both or all account holders jointly. For any
transaction to take place in jointly account all the joint account holders needs to
be signed. If any of the account holder dies, then the jointly account is closed
after paying the balance to the survivor. Survivor cannot continue the same
account.
• Jointly or Survivor :-
• It is same like Jointly above, except if any of the joint account holder dies, Joint
Account cannot be closed and all the rights to operate account will be given to
the other account holder. Alternatively, the proceeds of the account can be
transferred to his/her name.
Mode of Operation in Bank Account
• Either or Survivor :-
• It is the most popular modes of operating joint account. In this Mode
of account both can access the account and transfer the funds. on
death of anyone account holder, the surviving can continue the
account or get the balance transferred to his name.
• Former or Survivor :-
• In this type of joint account, only the primary account holder can
operate the account till his death. The second account holder can
operate the account only on death of the primary holder . The
survivor can also get the balance transferred to his/her name.
• Latter or Survivor :-
• It is similar to Former or Survivor, except that only Secondary
account holder will have rights to operate the account till his death.
Axis Bank Fixed Deposits Accounts
• Benefits & Features of Axis Bank Fixed Deposit:
• Automatic roll-over on maturity that is applicable for both the principal amount and
interest.
• Minimum period of investment is 7 days.
• Minimum investment is Rs.5,000 for online bookings.
• Minimum investment is Rs.10,000 if booked at a bank branch.
• NRE Fixed Deposit and NRO Fixed Deposits for NRIs.
• NRE and NRO fixed deposit interest rate ranges from 5.15% to 5.50% p.a. for deposits
less than Rs.2 crore.
• Hassle-free and convenient opening process from anywhere.
• Smooth transfer of funds from your savings account to higher interest producing fixed
deposits.
• Flexibility in choosing your branch and deciding the tenure and maturity date of your
FDs.
• Open your FD account at any Axis Bank branch.
Axis Bank Fixed Deposit Plus

• This is a newly launched Axis Bank Fixed Deposit Plus scheme

with the following features:
• Higher rate of returns compared to regular FDs.
• Available for both Indian residents and NRIs.
• Available for both retail and corporate customers.
• Minimum investment of Rs.5 crore.
• No maximum limit on investment.
• Flexible tenure ranging from 7 days to 10 years.
• Two interest options – simple and compound.
Axis Bank FD Interest Rates & Eligibility:
• Axis Bank Fixed Deposit interest rates vary based on different
tenures and the amount deposited. For deposits up to Rs.2 crore,
the bank offers 5.50% as the highest interest rate for tenures
ranging from 5 years to 10 years while the lowest interest rate
provided by the bank is 2.50% for tenures ranging from 7 days to
2 months. However, these interest rates are subject to change
depending on the changes in market, and the bank’s internal
liquidity requirements. The bank can change its FD interest rates
without giving prior notice to the customers.
• Axis Bank FD Eligibility:
• Indian resident individuals, NRIs and senior citizens are allowed
to open their FD accounts with Axis Bank.
Loans Against Axis Bank FD

• Axis bank provides loans against its fixed deposits. You can use your fixed
deposits to fulfil your financial requirements, and also enjoy the following
benefits:
• Get funds up to 85% of the value of your fixed deposits.
• Interest payable only on the amount used, and for the period of utilization.
• Access overdraft account with cheque book, ATM and Internet Banking.
• Overdraft facility available.
• Funds available at competitive rates.
• You can borrow a minimum amount of Rs.25,000 with Axis Bank Fixed
Deposits.
Axis Bank FD for Senior Citizens:

• Senior citizens get higher interest rates. For a deposit of up to

Rs.2 crore, the interest rate ranges from 2.50% to 6.50% p.a.
They can invest for a minimum period of 7 days to a maximum
period of 10 years.
 Axis Bank FDs for NRIs
• Axis Bank offers NRE, NRO, RFC and FCNR fixed/term deposits to NRIs. The NRE
deposits offered by Axis Bank can be opened for a maximum period of 10 years. The
bank offers 5.75% p.a. as its highest rate of interest for NRE deposits. This interest
rate is applicable for investing up to Rs.2 crore.
• Likewise, an NRO term deposit can also be opened for a maximum period of 10
years. The highest rate of interest offered for NRO term deposits is also 5.75% p.a.
for investing up to Rs.2 crore.
• FCNR deposits are offered for a maximum period of 5 years. You can open it through
your FCNR (B) account. Axis Bank FCNR term deposit can be opened in six
currencies which include USD, GBP, EURO, AUD, CAD and JPY. The bank offers
different interest rates for fixed deposits opened in different currencies. By investing
in these FCNR deposits, NRIs can get assured returns on their investment. RFC term
deposits can be opened for a maximum period of 5 years and a minimum period of
30 days. The deposits can be opened by using the following currencies – USD, GBP,
EURO, AUD and CAD. The interest offered for NRE, NRO, RFC and FCNR deposits
may change
Axis Bank’s Recurring Deposit
(RD)
• Axis Bank's Recurring Deposit helps you build your savings
through systematic deposits, every month. Earn a higher
interest rate depending on the amount of instalment and the
deposit period, on your Recurring Deposit. Open a Recurring
Deposit online with minimum monthly instalments of Rs. 500
while the maximum can run into multiples thereof with no
maximum limit. Earn interest for a minimum tenure of 6
months or a maximum of 10 years on your Recurring Deposit.
• Minimum Investment of Rs.500
•  Flexible Tenure
•  Save Regularly
•  Axis eDGE Rewards
Assignment
Please visit the site of AXIS Bank and go through the different types of
Saving & Current accounts as stated above.

There will a quiz on these accounts in the next class.

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•Any Question?