Axis Bank Credit Card Against FD

What is an Axis Bank Credit Card Against FD?

An Axis Bank Credit Card Against FD is issued against a fixed deposit held with the bank and is ideal for young professionals who are just starting their careers and have not yet built a credit score. Axis Bank currently offers three such credit cards: My Zone Easy Credit Card, IndianOil Axis Bank Easy Credit Card, and Privilege Easy Credit Card. These cards function like regular credit cards and can be used for purchases, bill payments, and online transactions. The fixed deposit remains locked but continues to earn interest at the applicable Axis Bank FD interest rates, which can go up to 7.75% per annum, depending on the amount and tenure.

Axis Bank Credit Against FD Features

Axis Bank offers a credit card against FD with easy approval, no need for income documents, and an interest-free period. The following are some key features of the Axis Bank Credit Card Against FD:

• Credit Limit: For an Axis Bank Credit Card Against FD, the credit limit is directly linked to the fixed deposit amount. In most cases, Axis Bank offers a credit limit of up to 80% of the total value of the fixed deposit. 
• Fixed Deposit Requirement: The minimum fixed deposit amount required for an Axis Bank Credit Card Against FD depends on the specific card variant. For example, the My Zone Easy Credit Card requires a minimum FD of ₹15,000 and allows up to ₹25,00,000, while the Privilege Easy Credit Card requires a minimum FD of ₹65,000, with the same upper limit of ₹25,00,000.
• Interest-Free Period: Axis Bank offers up to 50 days of interest-free period on purchases made using the Axis Bank Credit Card Against FD, as long as the total bill is paid by the due date.
• Minimal Documentation: As you already have a fixed deposit with Axis Bank, getting a Credit Card Against FD is simple. No income proof is required, and only basic documents like ID and address proof are needed. 
• Rewards Points: With an Axis Bank Credit Card Against FD, users can get benefits such as reward points and cashback, similar to those offered by regular credit cards. The exact rewards depend on the specific card variant selected.

Pros and Cons of Axis Credit Card Against FD

The table below highlights some key pros and cons of Axis Bank credit cards against FD to help you make an informed decision:

Those looking to save tax on FD interest, submitting Form 15G or 15H, can help reduce TDS deductions.

Application Process of Axis Credit Card Against FD

To apply for an FD-based credit card from Axis Bank, follow these steps:

1. Start the Application

   • Visit the Axis Bank website or open the Mobile Banking App.
   • Go to the section for credit cards against fixed deposit and choose the option to apply. If you don’t have a fixed deposit, you will need to open one first. You can also explore Tax Saving FDs, which may offer benefits under Section 80C.

2. Complete Identity Verification

   • Enter your Aadhaar and PAN details to verify your identity.

3. Choose Deposit and Card Details

   • Select the fixed deposit amount and preferred credit card type.
   • The credit limit will depend on the deposit value.

4. Enter Personal Information

   • Fill in your basic details such as email ID and contact number.
   • Make the payment for the chosen FD amount.

5. Complete Video KYC (If Required)

   • If you’re not an existing Axis Bank customer, a short video KYC with a bank agent will be required.
   • Existing customers can proceed without video verification.

6. Credit Card Approval and Activation

   • Once your application is approved, you will receive the card.
   • Activate it and set the PIN using Internet Banking or the Axis Mobile App.

Closure Process of Axis Credit Card Against FD

Here’s how you can close your credit card that is linked to a fixed deposit with Axis Bank:

• Clear Outstanding Amounts: Make sure all dues on the Axis Bank Credit Card Against FD are paid in full before initiating the closure process.
• Raise a Closure Request: Once your dues are cleared, you can request to close the card using Internet Banking, the Axis Mobile App, customer care, or by visiting your nearest Axis Bank branch.
• FD Unblocking: After the closure request is processed, the bank will remove the lien from your fixed deposit. This usually takes a few working days.
• Early Withdrawal or Pending Dues: Axis Bank FD premature withdrawal usually attracts a 1% penalty on interest (subject to waiver rules for partial withdrawals). For unpaid card bills, Axis Bank may recover the outstanding amount directly from the deposit.
• Interest or Penalty Adjustment: In such cases, a lower interest rate may apply to the FD, or the bank may deduct applicable penalties as per the FD terms.

Who Should Consider Axis Bank Credit Cards Against FD?

Axis Bank credit card is a practical choice for individuals in the early stages of their financial journey. Consider applying if you fall into any of these groups:

• Young Professionals Starting Their Careers: This card is suitable for individuals who have just begun working and may not have an established credit history or regular income proof. It offers a simple way to access credit using a fixed deposit.
• First-Time Credit Card Applicants: Ideal for those applying for a credit card for the first time, such as students, freelancers, or homemakers, who need a basic credit line with minimal documentation.
• Those Looking to Build Credit Their Score: If you’re aiming to build or strengthen your credit profile, the Axis Bank Credit Card Against FD can help you do that over time, while your deposit remains safe and continues to earn interest.

Key Takeaways 

The Axis Bank Credit Card Against FD is issued against a fixed deposit and is suitable for individuals without income proof or credit history. It offers regular credit card features such as bill payments, online transactions, and EMI options. The fixed deposit stays active and continues to earn interest as per the applicable FD interest rate. The card offers a credit limit of up to 80% of the FD amount and can help users gradually build their credit profile.

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