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Save money while enjoying a higher interest rate with Axis Bank Recurring Deposits. Axis Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Axis Bank Senior Citizen RD Interest Rates are higher.
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.
About 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.
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 –
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
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
There is another variant of deposit interest rate and that is called deposit ‘plus’ which does not allow pre-mature withdrawals.
1. Who can open an RD account with Axis Bank?
Following are the people who can open and RD account with Axis Bank.
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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