The savings account gives approximately 3.5 to 4 % interest in most of the banks. Banks gives sweep in account facility to acquire higher interest on savings account. In axis bank, they provide Encash 24 Flexi Deposit Facility to gain higher interest rate.
Earn more with a linked Savings Account and Fixed Deposit
Fixed Deposit is linked to an existing Savings Account which facilitates automatic transfers in multiples of Rs. 5,000 to a fixed deposit when the balance in the Savings Account crosses Rs. 25,000
Benefit with a short minimum tenure 6 months only. Enjoy maximum liquidity
- Money in the fixed deposit can be accessed easily via a cheque or ATM withdrawals
- This amount is automatically reverse swept from the most recently formed Fixed Deposit in units of Rs 5,000 to the Savings account whenever the Savings Account balance falls below Rs 25,000
- The amount broken from the Fixed Deposit will earn interest rates at the applicable rate for the period that the deposit was held with the Bank
- The remaining amount of Fixed Deposit will continue to earn the contracted rate of interest
- Invest between limits
- The minimum investment is Rs. 100 or multiples thereof
- Maximum deposit amount is Rs. 1,50,000
- Facility to Auto renew deposit booked under Encash 24
- Up to a maximum of 5 years from a minimum of 6 months
- Get tax deducted at source
Tax at source is deducted as per the Income Tax regulations prevalent from time to time
- TDS in respect of interest earned on fixed deposits is deducted on the basis of the total interest projected on the aggregate of fixed deposits of the customer, for the financial year.
- If the total projected interest in a financial year crosses the threshold limit (currently Rs.10,000/-), TDS is deducted proportionately from the existing fixed deposits at the time of interest application. This is in accordance with Section 194 A 3 (i) (a) of the Income Tax Act. For any further clarifications, please contact the base Branch.
- Avoid premature encashment penalties
- For Rupee Term Deposits of a contracted amount less than Rs 5 Crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest rate shall be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1.00% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit interest rate shall be the rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
- For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, the interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
- There would be no premature withdrawal penalty on NRE Term Deposits.
You need to be a savings account holder to have an EnCash 24 account.
PAN card details is mandatory to avail this facility
- DocumentationEncash 24 declaration form to be submitted at the nearest branch