Axis Bank does away with penalty on premature closure of term deposits

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By Ashish Mitra --
Tuesday, 12 Jan, 2021

Axis Bank has announced the removal of penalty on premature closure of all new retail term deposits booked on or after December 15, 2020 for a period of 2 years or more.

The objective of this feature is to inculcate and encourage retail customers to go for long-term savings without worrying about the sudden need for liquidity.

The new feature will be applicable on all new fixed deposits and recurring deposits. For new deposits booked for a tenure above 2 years there will be nil premature penalty if the entire deposit is prematurely withdrawn post 15 months of booking.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 bank said in a continued focus to put its customers’ interests at the forefront, this benefit will be applicable on all new term deposits booked or renewed on or after December 15, 2020.

The new feature also offers no penalty on first withdrawal of up to 25 per cent of term deposit principal value. Additionally, Axis Bank provides attractive interest rates and multiple options like cumulative, monthly or quarterly pay-out of interest on its fixed and recurring deposits.

Axis Bank does away with penalty on premature closure of term deposits. Axis Bank has announced the removal of penalty on premature closure of all new retail term deposits booked on or after December 15, 2020 for a period of 2 years or more.

The objective of this feature is to inculcate and encourage retail customers to go for long-term savings without worrying about the sudden need for liquidity.

The new feature will be applicable on all new fixed deposits and recurring deposits. For new deposits booked for a tenure above 2 years there will be nil premature penalty if the entire deposit is prematurely withdrawn post 15 months of booking.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 bank said in a continued focus to put its customers’ interests at the forefront, this benefit will be applicable on all new term deposits booked or renewed on or after December 15, 2020.

The new feature also offers no penalty on first withdrawal of up to 25 per cent of term deposit principal value. Additionally, Axis Bank provides attractive interest rates and multiple options like cumulative, monthly or quarterly pay-out of interest on its fixed and recurring deposits.