Explanation:

• India’s third-largest private sector bank, the Axis Bank has announced the launch of ‘Express FD’, a digital fixed deposit (FD) product. • It allows the customer to open an FD account in three minutes through the digital mode without opening a savings account with the bank. • ‘Express FD’ offers attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal of up to 25% of the amount. • A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure of 6 to 12 months.