Axis Bank Encash 24 Flexi Deposit Account
En cash 24 Flexi Deposit from Axis Bank is a dual benefit fixed deposit (FD) account that provides the account holder with the advantages of holding a savings account as well as that of an FD account.
Axis Bank's FD interest rates for the Encash 24 Flexi Deposit account range from 3.00% p.a. to 6.85% p.a. for the general public with 0.50% p.a. additional interest rate for senior citizens.
This is nothing but a type of savings-linked FD account. This will allow the customer to withdraw money from the term deposits account in case of a cash crunch. This is how an Encash 24 Flexi Deposit works:
- The FD is linked to the savings bank account
- If the funds in the savings account go beyond Rs.25,000, the balance will be transferred to the Flexi Deposit Account in instalments of Rs.5,000
- If the balance in the savings account falls below Rs.25,000, Rs.5000 will be swept back to the savings account
Given below are the FD interest rates offered on Axis Bank Encash 24 Flexi Deposits with effect from May 2025, for regular and senior citizen FDs:
Tenure | Regular FD Rate (p.a.) per annum) | Senior Citizens (p.a.) |
7 days to 14 days | 3.00% | 3.50% |
14 days to 29 days | 3.00% | 3.50% |
30 days to 45 days | 3.50% | 4.00% |
46 days to 60 days | 4.25% | 4.75% |
61 days to less than 3 months | 4.25% | 4.75% |
88 days to 3 months and 24 days | 4.75% | 5.25% |
3 months to less than 4 months | 4.75% | 5.25% |
4 months to less than 6 months | 4.75% | 5.25% |
6 months to less than 9 months | 5.75% | 6.25% |
9 months to less than 1 year | 6.00% | 6.50% |
1 year to 1 year 10 days | 6.50% | 7.00% |
1 year 11 days to less than 13 months | 6.50% | 7.00% |
13 months to less than 15 months | 6.50% | 7.00% |
15 months to less than 18 months | 6.85% | 7.35% |
18 Months to less than 2 years | 6.85% | 7.35% |
2 years to less than 3 years | 6.75% | 7.25% |
3 years to less than 5 years | 6.75% | 7.25% |
5 years to less than 10 years | 6.70% | 7.45% |
Axis Bank Encash 24 Flexi Deposit: Features & Benefits
- Earn more interest on your investment
- Enjoy the benefits of easy liquidation
- Get the benefit of holding a savings account and a fixed deposit simultaneously
- Get sweep-in facility on a 24/hour basis
- Flexibility of withdrawal of funds
- Encash without any hassles
Tenure | High liquidity | Automatic Transfers |
6 months - 5 years | Funds can be withdrawn at any point of time | Fund transfers will be made to the FD account if the amount in the savings account crosses |
Axis Encash 24 Flexi Deposit: How It Works
To put it in simple words this is a type of dual benefit account. Let's say you have Rs.25,000 in your savings account and you make an additional deposit of Rs.5000 in the same account.
The additional Rs.5,000 will be transferred automatically to a fixed deposit account and the remaining Rs.25,000 will be kept in the savings account. The minimum balance that has to be maintained in this type of savings account is Rs.25,000.
On the other hand, if you want to withdraw money from your savings account, you can do so. For instance, if your savings account balance is Rs.25,000, and you withdraw Rs.5,000., to make up for this, Rs,5000, will be credited from the FD account to the savings account.
Eligibility Criteria for Axis Encash 24 Flexi Deposit
Who can apply? | Documents required |
| PAN card |
How to Apply for Axis Bank Encash 24 Flexi Deposit
- Those who have access to online or mobile banking facilities will be able to open an flexi deposit in a matter of minutes
- You can also download the form https://www.axisbank.com/docs/default-source/default-document-library/enash-24-form.pdf?sfvrsn=e5b6df55_0 , fill in the relevant details and submit it to the nearest branch.
FAQs on Axis Bank Encash 24 Flexi Deposit
- Can the tenure of the deposit be extended beyond 5 years?
No, the investment duration for this type of deposit cannot exceed five years.
- Will the interest earnings be subject to tax?
Yes. TDS will be deducted as per prevailing tax norms.
- Are all customers of Axis Bank eligible to open this account?
Yes. Those with a savings bank account will be able to open a flexi deposit account easily with minimal documentation.
- Will senior citizens get a higher interest rate?
Yes. Senior citizens are offered higher interest rates.
- Can those without a savings account open this account?
No, you cannot open this account without a savings account.
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