Your deposit earns a fixed interest rate during the term of the deposit. You can choose the interest payout option - monthly, quarterly, annual basis or on maturity. You can avail of the automatic rollover option either for the principal or for the maturity amount (principal + interest).
Axis Bank UK is covered by the Financial Service Compensation Scheme. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations, upto a total of £85,000 per eligible depositor. For more information, please visit the FSCS website link given in our Important Links section.
From 30 January 2017 deposit limit for bank accounts will be £85,000, and £170,000 for joint accounts. This figure is the sterling equivalent of €100,000 as required by the recast Deposit Guarantee Schemes Directive.
|Interest Payouts||£1,000 to £200,000||£1,000 to £200,000|
|Account Name:||Fixed Deposit Account|
|What is the interest rate?||
|Minimum funding requirement||There is a minimum requirement of GBP £1,000 to open a Fixed Deposit Account|
|Can Axis Bank UK Ltd change the interest rate?||Once the deposit is opened rate will be fixed for the whole tenure of the deposit account.|
|What would the estimated balance on maturity based on a £1,000 deposit?||*Please refer to the rates mentioned above|
|How do I open and manage my account?||
You can apply for a fixed deposit account online by visiting www.onlineaxisbankuk.co.uk or by visiting branch in person at 4 Chiswell Street, London, EC1Y 4UP
For any enquiry related to Fixed Deposit Account or to access your account, you need to get in touch with the branch. Branch will instruct you to send instruction accordingly.
|Can I withdraw money?||You will be unable to access funds held on a fixed deposit account until the maturity date.|
If would like to know more about our fixed deposit product, please call 0330 131 6161 (Available 24X7. Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls). You can also write to us on firstname.lastname@example.org
* The above interest calculation is provided for illustrative purposes only and does not take into account the individual circumstances of the banking customer.
From 6 April 2016, Income tax will no longer be deducted from the interest you earn. We are updating our terms and conditions to explain that we will pay your interest gross.
If you’re a basic rate taxpayer you’ll be able to earn up to £1,000 in savings income tax-free. Higher rate taxpayers will be able to earn up to £500. You will need to make arrangements to pay any tax you may owe directly to HM Revenue & Customs. Bank will not deduct any tax from the interest you earn and it will be paid gross.
For more information, please visit www.gov.uk/hmrc/savingsallowance.
To open an account with Axis Bank UK, we will require the following information.
In case of a joint applicant, the above is required for each applicant.