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  • Axis Bank Recurring Deposit

     4.5 / 5.0   by 41 users
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    Promised Interest Rate

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    Responsiveness

    Overview of Axis Bank

    Formerly known as UTI Bank, Axis Bank is the third largest private sector bank in India. Headquartered in Mumbai, the shares of this bank are publicly traded on BSE and NSE. It is also listed on the London Stock Exchange(LSE), and operates across major countries in the Asian Geography.

    Axis bank provides an array of banking products and services catering to the needs of individuals, corporates and business houses. In India, a massive footprint of 2,402 domestic branches and 12,922 ATMs define the steady operations of this bank.

    Recurring Deposit (RD) From Axis Bank

    The bank offers Recurring Deposit schemes that come with captivating features and benefits. For resident Indians, an RD scheme with minimum frills defines the portfolio, and a host of region based NRE/NRO deposit accounts are provided to Non-Resident Indians. The regular RD scheme is available at all banking branches whereas NRIs can sign up online via bank’s portal.

    Recurring Deposit Schemes from Axis Bank

    For Resident Indians

    This RD scheme helps you to build a stable corpus over a period of time through monthly deposits for a fixed term. A depositor can begin investing in the scheme with a minimum amount of Rs.1,000 and can enhance the value in multiples of Rs.500 thereafter. The investment term can range from 12 months to 120 months.

    For Non-Resident Indians(NRIs) - NRE/NRO Recurring Deposit

    NRIs can open an RD account online, and transfer funds every month from the linked savings account with online tools. A vast tenure option greets NRIs which can range from 1 to 10 years. The depositor can start with a minimum investment of Rs.1,000 that can be extended in multiples of Rs.500 thereafter. This scheme is available for Indians residing in the Middle East, USA, Canada, Africa, U.K, Europe, Australia, Singapore and other significant regions/countries.

    Features and Benefits of Axis Bank Recurring Deposits

    RD For Resident Indians

    • Deposits can be made in EMI’s starting at Rs.1,000 with enhancements in multiple of Rs.500. The installment amount once fixed cannot be altered.
    • The period (term) of deposit should be for a minimum of 12 months which can stretch up to 120 months, in multiples of 12 months.
    • The monthly installment amount should be paid before the last working day. For ease of management of the RD account, you can always set up an auto-debit facility linked to the savings account.
    • If there is a delay in payment of the monthly instalment, Axis bank levies a penalty payable at the rate or PLR(Prime Lending Rate) plus 4% for the late period. For purpose of calculating penalty, fraction of the delay period in a month will be treated as a full month.
    • All premature withdrawals come with a penalty where the interest rates applied is 1% lower than the prevailing rates, or 1% less than the contracted rate, whichever is lower. There is no penalty applicable for withdrawals from the RD account within 14 days from the time of opening.

    NRE Recurring Deposit

    • NRIs can open an RD account online by logging on to the internet banking facility. Indian residents travelling abroad for medical related issues, on excursion or business trip are not eligible to apply for this type of RD.
    • Seafarers employed by Indian shipping companies, Indians residing in Pakistan, Bangladesh, Nepal and Bhutan are also not eligible without prior approval from the RBI.
    • Monthly installments start at Rs.1,000 which can be enhanced in multiples of Rs.500 thereafter. Tenure option ranges from 1 to 10 years.
    • Get competitive exchange rates on conversion of foreign currency into rupees along with attractive interest rates.
    • Funds deposited in this RD scheme are fully repatriable and no taxes are applicable on interest earned in India.

    NRO Recurring Deposit

    • Features and benefits akin to the NRE Recurring Deposit are applicable to the NRO Recurring Deposit scheme.
    • 24 hour access to your RD account by means of internet banking is available.
    • Get the benefit of reduced taxes (TDS) under applicable provisions of DTAA.

    Documentation For Opening an NRE/NRO Recurring Deposit Account

    NRI(Non Resident Indian)

    All the documents below in form of photocopies should be attested if the applicant is sending the paperwork to India, along with the account opening form. The attestation must be certified by a competent legal authority which includes any banker at your location abroad, notary or Indian Embassy.

    • Valid passport which with pages that contain name, photograph, address, date of birth, expiry date, signature and other primary details.
    • Passport size photograph along with proof of Indian and overseas address.
    • Proof of NRI status by means of Employment/Residence Visa copy or Work/Residence Permit and PAN Card/Form 60 issued in India.

    PIO(Person of Indian Origin)

    Same documentation as the above along with duly filled PIO declaration.

    Resident Indians

    Savings/current account holders of Axis Bank can open an RD account with less documentation. Similar paperwork which includes ID and address proofs, PAN details and other documents are required for non - account holders along with duly filled form. The bank representatives will advise you further on what is required at the time of opening the account.

    Interest Rates Offered on Axis Bank’s Recurring Deposit

    For domestic deposits, the interest rates varies from 8.25% to 8.40%, depending on the term chosen. For latest rates, refer to the rate cards as they are subject to change without prior notice. For NRE/NRO Recurring Deposit scheme, inquire with the nearest branch or customer service for latest interest rates.

    Penalty Clause (RD Premature Withdrawals in Axis Bank)

    No penalty is levied by Axis bank on premature withdrawals in the NRE/NRO category of Recurring Deposits. For domestic RD accounts, a deduction of 1% in the prevailing interest rates will be made for early withdrawals.This is applicable to deposits of any value. For exits within the first 14 days during the term, no penalty is applicable. Deposits over Rs. 5 crores will be penalised on standard rates even for exits during the 14 day period.

    Know the Current Recurring Deposit Rates

    News About Axis Bank Recurring Deposit

    • Axis Bank offers Future Stars Saving account for kids

      Giving children fundamental financial experience is important to prepare them for good money management. Axis Bank provides a Future Stars Saving accounts that helps kids learn the importance of money management and savings if the child is below the age of 10, the parents have authority to operate the account. The minimum monthly balance required is Rs. 2500 in urban areas. Fixed deposits and recurring deposits can be opened for the child. Avail of a free ATM card for children below 10 with a daily withdrawal limit set at Rs. 1500. With this account, kids can avail of a VISA Classic Debit Card issued at a fee of Rs. 150 annually in urban areas.

      14th November 2015

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    Axis Bank RD Reviews

  • Page 1 of 3 1 2 3
    • Axis Bank Recurring Deposit
      "Good"
      AXIS BANK
      0.5 3.0/5 "Satisfactory"
      I got the Recurring deposit with the Axis bank and the interest rate is around 7.5% . Total tenure is for two years of time but I can withdraw it at anytime, also I am satisfied with their interest rate. Online services are working in good way and the response is also good one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Axis Bank Recurring Deposit
      "Rate should be increased"
      AXIS BANK
      0.5 3.0/5 "Satisfactory"
      I opened my Axis Recurring deposit through Online, I used to pay Rs.1000 every month for one year. But there is no much benefits on it, If I pay Rs. 12000 for 12 months, I will be getting only Rs.12495 rupees. Axis RD interest rate is very low. I wish them to give better offer to the customer.
      Was this review helpful? 18
      , bangalore
      Reviewed on Feb 01, 2017
    • Axis Bank Recurring Deposit
      "Convenient to Open or close RD"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      Through Mobile app I had downloaded recurring deposit account. Every month one particular amount gets debited from my account, Benefits would be same as other banks. But one major benefits in AXIS, To open or close the account it was very easy through online and there will be no additional charges for the discontinue of RD before the tenure.
      Was this review helpful? 6
      , ghaziabad
      Reviewed on Nov 23, 2016
    • Axis Bank Recurring Deposit
      "Good "
      AXIS BANK
      0.5 4.0/5 "Great!"
      The rate offered for the recurring deposit is around 12%.They follow the traditional rules so no flexibility offered for the customer.I get the details related to the recurring process from the online system.The overall process of recurring deposit is good.
      Was this review helpful? 8
      , bangalore
      Reviewed on Jun 13, 2016
    • Axis Bank Recurring Deposit
      "Fantastic"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I have the recurring deposit with the Axis bank and the interest rate was around 9.50%. Response is good with the and the interest will not be compounded, also the customer service is better one with the Axis bank.
      Was this review helpful? 10
      , pune
      Reviewed on Apr 04, 2016
    • Axis Bank Recurring Deposit
      "Satisfactory"
      AXIS BANK
      0.5 4.0/5 "Great!"
      I have taken my recurring deposit with Axis Bank. The services are good. They have a very good portal. I could open this account online. The rate of interest is average. There are no charges too. I did not face any hassles yet. Good experience overall.
      Was this review helpful? 5
      , indore
      Reviewed on Feb 22, 2016
    • Axis Bank Recurring Deposit
      "Good Services"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I hold a recurring deposit with Axis Bank. I been using this facility for the last three years. It is very convenient too. I can do it online. I do not have to visit the branch even to close the policy. The rate of interest is good. It was 8% and then it is 7%.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Feb 06, 2016
    • Axis Bank Recurring Deposit
      "Wonderful"
      AXIS BANK
      0.5 4.0/5 "Great!"
      I have the recurring deposit with the Axis bank. The rate of interest is around 7% to 8% per annum and the services are fine with them Axis bank and I cant say its bad. Its easy to tack the account in online. There are no issues with the Axis bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 16, 2015
    • Axis Bank Recurring Deposit
      "Very Good services"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I have recently opened a recurring deposit with Axis bank. It has just been five months. It was a process. They have good rate of interest. The services are very good from them. They respond well too. Overall a good experience.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Nov 23, 2015
    • Axis Bank Recurring Deposit
      "Axis is best for recurring deposit.."
      AXIS BANK
      0.5 4.0/5 "Great!"
      Earlier I had two recurring deposits which been closed and took it one recently. For recurring deposit the interest is more in Axis bank than other banks. Before taking the deposit compared with multiple banks where I found Axis bank as best.
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 19, 2015
    • Axis Bank Recurring Deposit
      "Nice RD"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      Axis bank RD is fine the interest rate offered by them was 8.9% its high when compared with others. It was initially 8.9% now it has got reduced to 8.75% . Its very easy to open the RD and all I did was I have downloaded the mobile application and after which I had placed a request for that.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 09, 2015
    • Axis Bank Recurring Deposit
      "Flexible Tenure!"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      Axis bank is offering 8.5% as interest rate for the Recurring deposit. I already completed around 5 RD account with them. The tenure period is very flexible for the RD account. Rather than reaching branch, I can open the RD account using the Internet banking facility.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Nov 04, 2015
    • Axis Bank Recurring Deposit
      "All is good"
      AXIS BANK
      0.5 3.0/5 "Satisfactory"
      I am holding a recurring deposit with Axis bank. I can directly go online and place a request for this RD. There is no need for me to visit the branch it is just a click away. It would hardly a day or two to open this deposit and nothing much to comment about it.
      Was this review helpful? 1
      , navi mumbai
      Reviewed on Nov 02, 2015
    • Axis Bank Recurring Deposit
      "Good for saving money "
      AXIS BANK
      0.5 4.0/5 "Great!"
      Triple advantage plan from Axis bank which depend upon the gold and the share market. If share increase the gold rate decrees and if gold increases share rate is decreased. Minimum amount to start the plan is Rs. 1000. No activation and maintenance.To activate we have to visit the branch.
      Was this review helpful? 1
      , vadodara
      Reviewed on Oct 12, 2015
    • Axis Bank Recurring Deposit
      "Good service"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit with the Axis bank. 8.5% is the rate of interest per annum and I set up the minimum lockin period for 2 years of time. Customer service and the responsiveness are fine with them and I am banking with them from the last one year of time.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 16, 2015
    • Axis Bank Recurring Deposit
      "Excellent"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I have the recurring deposit account with the Axis bank. Customer service is good with them and I have the good relationship with them. They used to resolve the issue within an hour of time. For every month they used to debit money from every month.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 09, 2015
    • Axis Bank Recurring Deposit
      "It is good.."
      AXIS BANK
      0.5 4.0/5 "Great!"
      Interest rate was more than 8% for the recurring deposit in Axis bank and ultimately I opened this on online. Using the net banking we can choose the mode of payment and the interest rate had accumulated on monthly basis as I selected that option. Axis bank is doing good.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 03, 2015
    • Axis Bank Recurring Deposit
      "Good Response!!"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      The recurring deposit from the Axis bank is good. It is my salary account and I am having this deposit for the past 2 years. The rate of interest given for this recurring deposit is 9.25%. There is no processing fee charged for this deposit from the second year. There is proper response from the bank offered everytime I visit this bank.
      Was this review helpful? 1
      , mundra
      Reviewed on Jul 28, 2015
    • Axis Bank Recurring Deposit
      "Good "
      AXIS BANK
      0.5 4.5/5 "Excellent!"
      Axis bank RD is good. I am using this card to invest in something . Once when the amount is matured I will transfer the amount to insurance. The rest I would retain with me. This was taken through an agent and this would be done through auto debit. I myself can change the maturity instructions online.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 22, 2015
    • Axis Bank Recurring Deposit
      "good"
      AXIS BANK
      0.5 4.0/5 "Great!"
      I got the recurring deposit with Axis bank.It was before a year.There was no locking period for me , as I am having the corporate account with them.When I require I can get that.Its the very good service.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jun 16, 2015
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