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Axis Bank’s Recurring Deposit (RD)
Axis Bank's Recurring Deposit helps you build your savings through systematic deposits, every month. Earn a higher interest rate depending on the amount of instalment and the deposit period, on your Recurring Deposit. Open a Recurring Deposit online with minimum monthly instalments of Rs. 500 while the maximum can run into multiples thereof with no maximum limit. Earn interest for a minimum tenure of 6 months or a maximum of 10 years on your Recurring Deposit.
Features and Benefits
Build your savings on a regular basis
Save through fixed monthly deposits over a fixed period. Total repayable amount, inclusive of interest depends on the instalment amount and the deposit period.
Enjoy benefits with a Short Minimum Tenure
6 months only
Stay compliant with prevalent tax laws
Tax at source is deducted as per the Income Tax regulations prevalent from time to time. TDS in respect of interest earned on fixed deposits, is deducted on the basis of the total interest projected on the aggregate of fixed deposits of the customer, for the financial year. If the total projected interest in a financial year crosses the TDS Threshold limit INR 40,000/- (INR 50,000/- for Senior Citizen) in a financial year.
Read MoreFacility to encash Term Deposits prematurely
- For Rupee Term Deposits of a contracted amount less than Rs. 5 Crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest rate shall be 1% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit, interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
Avoid delayed payments
- For Recurring Deposits opened on or after 9th August, 2016, in case of delay in payment of any instalment/s beyond the calendar month, the depositor/s shall be liable to pay a penalty at Rs. 10 per Rs. 1,000 per month for the period of delay.
Stay compliant with prevalent tax laws
Tax at source is deducted as per the Income Tax regulations prevalent from time to time. TDS in respect of interest earned on fixed deposits, is deducted on the basis of the total interest projected on the aggregate of fixed deposits of the customer, for the financial year. If the total projected interest in a financial year crosses the TDS Threshold limit INR 40,000/- (INR 50,000/- for Senior Citizen) in a financial year.
TDS is deducted proportionately from the existing fixed deposits at the time of interest application. This is in accordance with Section 194 A 3 (i) (a) of the Income Tax Act.
For any further clarifications, please contact the base Branch.
Facility to encash Term Deposits prematurely
Avoid delayed payments
Eligibility
Axis Bank has specific eligibility criteria for individuals and various entities who wish to open a Fixed Deposit account. The required documentation varies based on the applicant's category, be it an individual or a specific type of entity
Interest Rates and Charges
Axis Bank’s Recurring Deposit interest rate gives you the advantage of earning a higher rate of return on your systematic monthly deposits and gain with the benefit of compounding.
How to Apply
Internet Banking
You can book a Recurring Deposit through any of the below mentioned channels:
Step 1
Login to Internet Banking and select the deposit option. Click here For login Internet Banking to login.
Step 2
Click on Create Recurring Deposit
Step 3
Fill in the required account and nominee details
Step 4
On confirmation, the selected amount will be debited from your savings account and your Recurring Deposit will be created instantly. You will get a web receipt of the Recurring Deposit booked instantly. The value date for opening of the deposit and the rate applicable will be as per the date of request i.e. the day on which the savings account is debited.
Step 5
Post creation, the Recurring Deposit Advice will be mailed to your registered e-mail ID if you are registered for an e-statement and if not registered for e-statements, physical advice will be dispatched to your communication address. You will be able to also view the Recurring Deposit advice in Internet Banking after one working day of deposit booking.
Mobile Banking
Step 1
Login in to Mobile Banking and select the deposit option
Step 2
Select Open RD
Step 3
Fill in the required account and nominee details
Step 4
On confirmation, the selected amount will be debited from your savings account and your Recurring Deposit will be created instantly. You will get a web receipt of the Recurring Deposit booked instantly. The value date for opening of the deposit and the rate applicable will be as per the date of request i.e. the day on which the savings account is debited.
Step 5
Post creation, the Recurring Deposit Advice will be mailed to your registered e-mail id if you are registered for e-statement and if not registered for e-statements, Physical advice will be dispatched to your communication address. . You will be able to also view the Recurring Deposit advice in Internet Banking after one working day of deposit booking.
Branch
Customer can visit their nearest Axis Bank branch to open Recurring Deposit.
Important Links
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Axis Bank’s Recurring Deposit (RD) calculate
Fixed deposit calculator will help you calculate how much rate of interest you can earn by investing in a Fixed Deposit for a fixed tenure. Simply provide the following information, and you can easily calculate FD interests. Lorem, ipsum dolor sit amet consectetur adipisicing elit. Saepe, voluptatum?
₹
5K
1.99Cr
- Days
Rate of Interest*7.10%
Date of Fixed Deposit31 Jan 2024
Maturity Date31 July 2025
Maturity Value
3050
Frequently Asked Questions
Starting 01 April 2022, the minimum balance in your Axis Bank Easy Access Savings Account should be ₹12,000 for metro and urban locations, ₹5,000 for Semi Urban and ₹2,500 for Rural.
Starting 01 April 2022, the minimum balance in your Axis Bank Easy Access Savings Account should be ₹12,000 for metro and urban locations, ₹5,000 for Semi Urban and ₹2,500 for Rural.
While there is an initial deposit requirement and a monthly average balance limit on your Axis Bank savings account, there is no upper limit on how much you can deposit to your account.
The interest rates as per the existing norms and regulations are calculated on the daily account balance, and the cumulative interest earned on balance is paid out to the easy access savings account on a quarterly basis. For latest interest rates, please click here.
The interest on an easy access savings account is earned on the daily account balance and is paid out on a quarterly basis.
The Average Monthly Balance of an easy access savings account is calculated by taking the daily closing balance in the account for a given month. The average is then divided by the total number of days in the month. The formula for the same is: Average Monthly Balance = (Sum of all daily closing balances) / (No. of days in a month)
The Axis Bank Easy Access Savings Account allows you to maintain a monthly average balance requirement of ₹ 12,000 if you are carrying out online banking from a metro city. The minimum opening deposit in your account will be ₹ 16,000.
With an easy access savings account, you can easily make your payments for your utility bills online, access your funds from anywhere and at any time and enjoy a number of value-added benefits, services and discounts on your online purchases. An easy access savings account saves you from the hassle of handling cash payments.
To deposit money into your easy access savings account, you can fill in the deposit slip with details like your name, account number, date, and amount of money to be deposited and submit it to your bank. Once account is opened you can credit your account via Online mode of payments as well.
The interest earned on your account balance is credited to your easy access savings account on a quarterly basis.
You can receive your easy access savings account statement on a monthly basis. You can choose to receive the e-statement of your account or opt for the physical statements.
In a few easy steps, you can complete the video KYC (Know Your Customer) verification of your Axis Bank Easy Access Savings Account:
- You will need your PAN card and Aadhar card for verification.
- Fill in your personal details on the online form.
- Update your account with initial funding of ₹ 16,000.
- Get your KYC verified on a video call from our officials.
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