Mumbai, October 1st, 2019: Axis Bank, India’s third-largest private sector bank, today announced the launch of ‘Express FD’, a digital Fixed Deposit product. Now, a customer can open Express FD account in three minutes through the digital mode without opening a savings account with Axis Bank. This launch is in line with the Bank’s proposition for new to banking customers,tooffer them a quick and convenient way to save money for short-term goals.
Express FD offers ahost of features like attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal (up to 25% of the amount). A customer can now open an Express FD account byinvesting a minimumRs. 5,000up to Rs. 90,000, for a tenure of 6to 12 months. The funds can be deposited in Express FD account through net-banking, debit card or via UPI. After completion of the KYC process, the customer can opt for additional benefits like personal loans, credit cards, forex card offerings, lifestyle benefits such as Dining Delights and other additional offers across Credit and Debit cards. She can alsoopenan Axis Banksavings account of her choice and avail an array of investment solutions.
In FY 18-19, Axis Bank witnessed 45% growth in its Fixed Deposit bookwhile the industry grew at9%. Driven by digital initiatives, the share of private sector banks in Fixed Deposits has gone up from 22% in Mar’17 to 29% in Mar’19. For Q4FY19,Axis Bank witnessed ~100% YoY growth in its digitally booked FDs. Currently, more than 62% of total Axis Bank’s FD accounts are created digitally and with this launch of Express FD, thedigital share is slated to go even higher.
Speaking on the launch, Praveen Bhatt, EVP – Retail Liabilities & Direct Banking ChannelProducts, Axis Bank said, ‘’ With the launch of Express FD, we are offering enhanced online services to our new to bank younger customers who are digitally savvy and are looking for short term investment in FDs. We have observed that though as an industry we are moving towards newer avenues of financial investments, fixed deposit still remains the most preferred choice for many first time savers. Apart from the traditional features of capital appreciation with security and liquidity, Express FD will also offer other investment avenues like credit card and loans against FDs.’’