Axis Bank offers various products to its customers. One of the products you can avail for yourself is Recurring Deposit (RD). You can avail this product where you invest a certain amount of money so that you can take care of your financial needs in the future.
However, before deciding to avail this product, it is important for you to know the amount of money that you would like to invest, the tenure for which you would like to do so, and the rate of interest that must be levied. Hence, in order to know that, you can use the RD calculator offered by Axis Bank. You can use this calculator to determine the amount you must invest and the tenure before availing the product.
We will have a look at the steps you must follow in order to use the RD calculator offered by Axis Bank.
- Visit the official website of Axis Bank. Click on ‘Recurring Deposit’. You will be directed to a new page.
- Scroll down the page, where on the left-hand side of the page you will be able to locate the ‘Calculators’ option.
- Click on ‘Calculators’, under which you will have to click on ‘View all calculators’. You will be directed to a new page where you will have to choose ‘RD Calculator’. You will be directed to a new page.
- You will have to choose the type of customer you are. The options available are Normal and Senior Citizen. If you are aged 60 years and above, then you will choose the latter.
- The next step involves the amount you would like to invest on a monthly basis. The minimum monthly installment is Rs.500 and the maximum amount being Rs.10 lakh.
- You will then have to choose the tenure for which you would like to invest on a monthly basis.
- Based on the tenure and amount chosen by you, you will be able to check the rate of interest levied on the amount and the date of maturity.
- You will also be able to see the maturity value and aggregate interest amount.
- You can continue entering different investment amounts and tenures before deciding the amount you must invest and a tenure which you feel will be suitable for you.
- Once you are sure regarding the amount you would like to invest and the tenure for which you would like to invest, you can click on ‘Open RD Now’. You can then follow the process to open an RD account and start investing.
Axis Bank RD Calculator FAQs
- What is the minimum and maximum tenure to open a bank RD?
- What is the minimum and maximum monthly instalment needed to invest in bank RD?
- What if I delay paying my monthly instalment of the bank RD?
- When is it a good time to open an RD account?
- What are the other alternative ways through which I can open an RD account?
The minimum and maximum tenure to open a bank RD is 6 months and 10 years respectively.
The minimum and maximum monthly installment is Rs.500 and Rs.10 lakh respectively.
It is recommended that you do not delay the payment of monthly instalment of the bank RD. In case you end up delaying the payment of monthly instalment beyond the calendar month, you will have to pay Rs.10 per Rs.1,000 per month for the period for which you delayed the payment.
It is always ideal to open an RD account when the interest rates are high.
Apart from applying for an opening of an RD account by visiting the official website of Axis Bank, you can also open an RD account via the bank’s mobile banking app. You can also open an RD account offline by visiting the nearest branch of Axis Bank. Make sure you carry all the relevant documents along with you. A bank representative will help you with the process of opening an RD account.