With this FD, withdrawal of money is allowed even before maturity. The customer can easily withdraw 25% of the FD amount without paying any compensation. On maturity, the FD is returned by adding the principal and interest
You must have heard a lot about the bank’s ordinary fixed deposit. Here it simply means the popular FD plan which people buy indiscriminately. Today we will talk about Express Fixed Deposit. This is also a kind of FD plan, but many facilities are available to the customers in this, without spending any money separately. This is the first plan in the world of FDs that comes under the category of digital fixed deposits. You can buy this FD in just 3 minutes.
There are many features of this FD, such as one can deposit money in Express FD from a savings fund account of a bank. It is very easy to operate Express FD as it is completely digital. You do not need to pay any separate fee to open this FD account.
Express FD Terms
Express FD can only be opened by a person who has a valid PAN and Aadhaar number. You must also ensure that your mobile number should be linked with your Aadhaar number. Such a rule is because Express FD starts only through Aadhar number based OTP. If mobile number is not registered then OTP will not come. In such a situation customers cannot open Express FD online. A minimum deposit of Rs 5,000 and a maximum of Rs 90,000 can be made in Express FD. The minimum tenure of this FD is 6 months and maximum is 12 months.
If you want to withdraw money first…
With this FD, withdrawal of money is allowed even before maturity. The customer can easily withdraw 25% of the FD amount without paying any compensation. On maturity, the FD is returned by adding the principal and interest. Within three days of FD maturity, the customer can call for FD money in any account he wants.
Benefits of doing full KYC
If you do full KYC in this FD then there are many benefits. Just like in other banking services, the convenience of getting full KYC increases, so is the case with Express FD. In Express FD, it is not necessary to do full KYC at the time of opening the account. You can do this work even before maturity. As soon as the customer does full KYC, he gets the facility of auto renewal of Express FD. If the Express FD belongs to Axis Bank, then you can do full KYC by visiting the nearest branch.
With this, customers start getting many facilities. If the account is in Axis Bank then the customer can open any savings account of his/her choice. That customer gets the facilities of personal loan, credit card and forex card simultaneously. Axis Bank debit and credit cards come with a range of lifestyle benefits such as Dining Delight along with a host of offers.
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