2 Year Fixed Deposit 1.70%


Earn interest in a safe and secure manner

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.

Features and Benefits

  • Eligibility: Individuals who are 18 years of age and older having satisfactory identity and address verification documents as per Axis Bank UK’s policies.
  • Currency: GBP
  • Interest:
    • Paid Monthly, Quarterly, Annually or at Maturity
      Gross AER
      Interest Payouts £1,000 to £200,000 £1,000 to £200,000
      On Maturity 1.70% 1.70%
      Annually 1.70% 1.70%
      Quarterly 1.69% 1.70%
      Monthly 1.69% 1.70%
  • Standing orders: Can be set up for auto renewal, interest and maturity payouts.
  • Balance requirements:
    • Minimum GBP £1,000
    • Maximum GBP £200,000
  • Premature Withdrawal: Not allowed
  • Internet Banking Facility: There is no internet banking facility. You can access your account either by visiting a branch or by sending a request through the post.

Product Summary

Account Name: Fixed Deposit Account
What is the interest rate?
Interest Rate: AER (For amounts between £1,000 and £200,000 Interest earned at the time of maturity (On £1,000)
2 Year 1.70% £1,034.29
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 36 - 37 Kings House, 4th Floor, King Street, London, EC2V 8BB

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.
Additional information

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 customercare.uk@axisbank.com

* The above interest calculation is provided for illustrative purposes only and does not take into account the individual circumstances of the banking customer.

Information about Personal Savings Allowance

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.

Information Required

To open an account with Axis Bank UK, we will require the following information.

  • A valid email address which we can use to send you confirmation of your application.
  • Your UK postcode
  • A UK landline or mobile telephone number
  • A valid UK full Driving Licence or Passport
  • The details of a UK Bank account from where you will fund your account
  • Adobe Acrobat reader installed on your computer to be able to read and agree to our terms and conditions.

In case of a joint applicant, the above is required for each applicant.




FSCS
The FSCS provide protection the savings you have with us up to £85,000 per customer.