Axis Bank Recurring Deposit is a good way to start saving money every month. You can open a recurring deposit account with the Axis Bank for tenures ranging from 6 months to 120 months (10 years). The interest rates range from 6.00% to 7.30%, while senior citizens get an additional 0.50% p.a.
Axis Bank Recurring Deposit Interest Rates
The interest rates offered by Axis Bank on its recurring deposit schemes are listed in the table below:
|Tenure||Regular Interest Rates (p.a.)||Senior Citizen Interest Rates (p.a.)|
|6 to 9 months||6.00%||6.00%|
|9 to 12 months||6.50%||6.75%|
|12 months to 1 year 3 Months||6.75%||7.75%|
|1 year 3 Months to 2 years||7.20%||7.85%|
|2 to 3 years||7.30%||7.85%|
|3 to 5 years||7.30%||7.75%|
|5 to 10 years||7.00%||7.50%|
The interest on RD with Axis Bank is calculated quarterly.
Key Highlights of Axis Recurring Deposits
|Minimum Deposit Amount||Min: Rs.500
Max: No limit
|Tenure||Min: 6 months
Max: 10 years
|Additional Interest Rate for Senior Citizen||Up to 0.65%|
|TDS on RD||Applicable|
|Eligibility||Individual, Resident Indian, NRI, Minors, HUF, etc.|
|Late Penalty||Rs.10 per Rs.1000 per month|
How to Open an RD Account in Axis Bank
You can open a recurring deposit account with Axis Bank in three ways:
- By visiting the branch
- Through net banking
- Through mobile banking
If you are an existing Axis Bank account holder, use your net banking username and password to log in to your online account and open an e-RD right away. If you are not an Axis account holder, you will have to open an account first. After your account is active, you can log in to net banking and open an e-RD. You will need to download the Axis bank mobile app to open an RD via mobile banking.
Premature Withdrawal Rules
In case of premature withdrawal, ROI will be 1% below the rate applicable for the period the deposit has remained with the bank. If you delay your payments towards the monthly instalments, the bank will charge Rs.10 per Rs.1,000 per month. This means that if your deposit amount is Rs.2,000, the late payment penalty will be Rs.20.
Axis Bank RD Calculator
You can try out online RD calculators to calculate the interest on your RD. There are many websites that offer recurring deposit calculators. The process is simple and hassle-free. All you need to do is enter all the details pertaining to your RD account, including the amount, tenure, and rate of interest.
Say you want to check how much you will earn if you put aside Rs.500 per month in an Axis RD, for a period of 3 years. Put in the monthly instalment amount as Rs.500 and select a tenure of 3 years and 0 months. The calculator will tell you that interest earned will be 7.5% p.a., the maturity value will be Rs.20,227, and the aggregate interest amount that you earn will be Rs.2,227.
Put your money in RD schemes offered by Axis Bank and enjoy competitive rates. However, to enjoy better returns, look for other investment vehicles like mutual funds, fixed deposits, stocks, and bonds, among others.
More you need to know about Recurring Deposit
- Compare Interest Rates on Recurring Deposit of Axis Bank with Other Banks and Institutions
- Check Features and Schemes of Axis Bank Recurring Deposit