Wednesday, January 20, 2021

Axis Bank offers term deposits without penalty on premature closure

New Delhi, Jan 11 : Axis Financial institution, India’s third-largest personal sector financial institution, on Monday introduced the removing of penalty on untimely closure of all new retail time period deposits booked on or after December 15, 2020 for a tenure of two years or extra.

The target of this customer-friendly characteristic is to inculcate and encourage retail clients to go for long-term financial savings with out worrying concerning the sudden want for liquidity, the financial institution mentioned in a press release.

The brand new characteristic might be relevant on all new fastened deposits and recurring deposits. For brand spanking new deposits booked for a tenure above 2 years, there might be nil untimely penalty if the complete deposit is prematurely withdrawn publish 15 months of reserving.

Praveen Bhatt, EVP – Retail Liabilities and Direct Banking Merchandise, Axis Financial institution mentioned: “… to remain forward of the curve, we have now waived off the penalty on all time period deposits closed after 15 months. This new characteristic is consistent with our goal to introduce buyer centric advantages by providing flexibility and comfort, whereas additionally enhancing our e book high quality.”

The brand new characteristic additionally presents no penalty on first withdrawal of as much as 25 per cent of time period deposit principal worth.

Disclaimer: This story is auto-generated from IANS service.

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