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Axis Bank Recurring Deposit Rate

Recurring deposit is a unique type of term deposit which is offered by all the banks in India. They enable the investor or account holder to deposit a fixed amount every month into their recurring deposit account. The amount so deposited earns interest rates as applicable. The interest rates are broadly similar to that of fixed deposits. Typically, the minimum amount of monthly instalments is Rs. 1000 every month. The term needs to be adjudged at the time of opening the RD account. The tenure can vary between 6 months and a maximum of 10 years.

While opening the RD account, the investor will be indicated the maturity value that will be paid out at the end of the tenure. This is basis the assumption that all the installments will be paid adequately on time. Any delay in payment of installment will lead to penalty in the form of reduced interest rates, there by leading to a differential in the maturity value indicated and the actual maturity value generated.

Axis Bank Recurring Deposit Scheme

Axis Bank Recurring Deposit Rate

The products and services offered by Axis Bank are customized to suit the requirements of the investors. The Axis Bank recurring deposit schemes help the account holder build savings through systematic deposits every month. In the recurring deposit, the amount deposited would earn a higher interest rate depending on the installment amount and deposit period. The minimum amount that can be deposited as monthly instalment is Rs. 500, there is no maximum limit applicable on the recurring deposit. The minimum term is 6 months, the maximum tenure allowed on recurring deposits is 10 years.

Features and Benefits of Investing in Axis Bank Recurring Deposit

There are many benefits that can be derived from investing in an Axis Bank recurring deposit schemes. Some of the key benefits derived by account holders are as listed below –

Axis Bank Recurring Deposit Rates

Build savings on a regular basis

There is a fixed amount that is being designated towards this investment portal on a regular basis. The corpus can be aligned to one of the key financial goals of the account holder. The installment amount, tenure and the interest rates are the key detriments of the total maturity value that is to be paid out.

Minimum tenure allowed is 6 months

Many individuals or account holders may not be able to commit towards long term investment schedules, the recurring deposits are allowed for a minimum tenure of 6 months. This allows the investors to conveniently opt for short term recurring deposit commitment. This is especially beneficial for individuals who are self-employed or professionals and do not have a regular source of income especially over the long haul.

Pre-mature withdrawal of deposit

Pre-mature withdrawal from the recurring deposit or term deposit is allowed in the case of Axis Bank recurring deposit, subject to certain penalty. However, there would be no premature withdrawal penalty on NRE term or recurring deposits

Delayed Payments

Customers who have opened the recurring deposit after 9th August 2016 are liable to pay a penalty of Rs. 10 for Rs. 1000 for delayed payments. The existing customers who have opened the account beyond the calendar month are liable to pay a penalty at the existing business prime lending rate + 4% for the delay.

Axis Bank Recurring Deposit Account Interest Rates

Axis Bank recurring deposit interest rate is similar to rates offered for fixed deposit accounts. Following is an overview of Axis Bank RD interest rates. For the latest and accurate RD interest rates in Axis Bank, the investor is advised to check with the bank directly.Axis Bank recurring deposit interest rates are effective from 11/12/2018 for Resident Customers

Interest rates on domestic deposits less than Rs.5 crores

SL.NO.PERIOD.INTEREST RATES (% P.A)
DEPOSITS BELOW RS.1 CROREDEPOSITS ABOVE RS.1 CRORE BUT BELOW RS. 5 CRORE
17 - 14 DAYS3.55.75
215 - 29 DAYS3.55.75
330 - 45 DAYS5.56.5
446 - 60 DAYS6.256.75
561 DAYS - < 3 MTHS6.257
63 MTHS - 4 MTHS6.257
74 MTHS - 5 MTHS6.257
85 MTHS - 6 MTHS6.257
96 MTHS - 7 MTHS6.257.5
107 MTHS - 8 MTHS6.257.5
118 MTHS - 9 MTHS6.257.5
129 MTHS - 10 MTHS7.17.5
1310 MTHS - 11 MTHS7.17.5
1411 MTHS - 1 YR7.17.5
151 YEAR - 1 YEAR 5 DAYS7.37.5
161 YEAR 5 DAYS - 1 YEAR 11 DAYS7.37.75
171 YEAR 11 DAYS - 13 MTHS7.37.5
1813 MTHS - 14MTHS7.37.7
1914 MTHS - 15 MTHS7.37.5
2015 MTHS - 16 MTHS7.37.5
2116 MTHS - 17 MTHS7.37.5
2217 MTHS - 18 MTHS7.37.75
2318 MTHS - 2 YRS7.37.5
242 YRS - 30 MTHS7.57.5
2530 MTHS - 3 YRS7.57.5
263 YRS - 5 YRS7.257.5
275 YRS - 10 YRS77

Interest rates on deposits – below Rs. 5 crores (Senior Citizens)

SL.NO. PERIODINTEREST RATES (% P.A)
DEPOSITS BELOW RS.1 CROREDEPOSITS ABOVE RS.1 CRORE BUT BELOW RS. 5 CRORE
17 - 14 DAYS3.55.75
215 - 29 DAYS3.55.75
330 - 45 DAYS5.56.5
446 - 60 DAYS6.256.75
561 DAYS - 3 MTHS6.257
63 MTHS - 4 MTHS6.257
74 MTHS - 5 MTHS6.257
85 MTHS - 6 MTHS6.257
96 MTHS - 7 MTHS77.75
107 MTHS - 8 MTHS77.75
118 MTHS - 9 MTHS77.75
129 MTHS - 10 MTHS7.357.75
1310 MTHS - 11 MTHS7.357.75
1411 MTHS - 1 YR7.357.75
151 YEAR - 1 YEAR 5 DAYS7.958.15
161 YEAR 5 DAYS - 1 YEAR 11 DAYS7.958.4
171 YEAR 11 DAYS - 13 MTHS7.958.15
1813 MTHS - 14MTHS88.35
1914 MTHS - 15 MTHS7.958.15
2015 MTHS - 16 MTHS7.958.15
2116 MTHS - 17 MTHS7.958.15
2217 MTHS - 18 MTHS7.958.4
2318 MTHS - 2 YRS7.958.15
242 YRS - 30 MTHS8.158.15
2530 MTHS - 3 YRS88
263 YRS - 5 YRS7.758
275 YRS - 10 YRS7.57.5

There is another variant of deposit interest rate and that is called deposit ‘plus’ which does not allow pre-mature withdrawals.

Frequently asked questions: Axis Bank Recurring Deposit

1. Who can open an RD account with Axis Bank?

Following are the people who can open and RD account with Axis Bank.

  • All Indian residents
  • Members of Hindu Undivided Families (HUF)
  • Private and public limited companies
  • Trusts and societies

2. What is the minimum amount required to open an RD account with Axis Bank?

The minimum amount required for opening an RD account with Axis Bank is Rs. 500.

3. What is the minimum and maximum period of deposit allowed under RD accounts with Axis Bank?

The minimum tenure for recurring deposit is 6 months and 10 years under RD accounts with Axis Bank.

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