Axis Bank Recurring Deposits

Build your savings Rupee by Rupee through regular monthly deposits

Axis Bank’s Recurring Deposit (RD)

Saving money does not have to be complicated. With Axis Bank’s Recurring Deposit, you can make saving rewarding and get closer to your dreams with every deposit.

A Recurring Deposit (RD) account is a type of savings plan where you deposit a fixed amount of money every month for a specified period. It helps you build savings over time with regular deposits and offers guaranteed returns. Plus, the power of compounding ensures that your money grows faster, and you achieve your financial goals.

Recurring Deposits Calculator

Type of Customer

Normal

Senior Citizen

Monthly Installment

500 10 Lakh

Tenure

Rate of Interest*

Maturity Date

RD Maturity Details

Maturity Value

Aggregate Interest Amount

Open RD Now

Axis Bank’s Recurring Deposit interest rate (compounded quarterly) gives you the advantage of earning a higher rate of return on your systematic monthly deposits and gain with the benefit of compounding. Open an RD account today! Once you open a bank RD the interest will remain the same for the tenure you have opted for.
Remember a bank RD/FD can securely generate wealth and add to your financial security and well-being.

Amount and Interest

Features and benefits of our Recurring Deposit Account

Build your savings on a regular basis

Save through fixed monthly deposits over a fixed period. The 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

Axis Bank automatically deducts TDS as per the tax regulations if your interest earnings on your Recurring Account go above the standard TDS exemption limit, i.e., ₹40,000, in a financial year.
For senior citizens, this limit is ₹50,000 so that you can enjoy your golden years worry-free while making the most of your retirement savings.

Facility to encash Term Deposits prematurely

For Rupee Term Deposits less than ₹5 crores (including Flexi Deposits), opened or renewed on or after May 1, 2014, the interest rate shall be 1% below the card rate (applicable on the deposit date) or the contracted rate, whichever is lower.

For Rupee Term Deposits closed within 14 days of booking, the interest rate shall be the rate applicable for the period the deposit was held or the contracted rate, whichever is lower.

For Rupee Term Deposits of ₹5 crores or above, the interest rate shall be 1% below the card rate (applicable for the period the deposit was held) or the contracted rate, whichever is lower.

For Rupee Term Deposits closed within 14 days of booking, the interest rate shall be 1% below the card rate (applicable for the period the deposit was held) or the contracted rate, whichever is lower.

For NRE Term Deposits, no premature withdrawal penalty will be applied.

Avoid delayed payments

For Recurring Accounts opened on or after August 9, 2016, a penalty for default of ₹10 per ₹1,000 per month will be charged on delay in payment of any instalment/s beyond the calendar month.

For existing Recurring Deposit customers, a late payment penalty at the existing Business Prime Lending Rate +4% (for the period of delay) will be charged on delay in payment of any instalment/s beyond the calendar month.

For penalty calculations, a fraction of a month will be considered as a full month. For example- An instalment due on May 31, 2024, but paid on June 3, 2024, will incur a 1-month delay penalty.

STEP 1

Visit our Internet Banking login page.

STEP 2

Enter the necessary details, including login ID/customer ID and password, to log in.

STEP 3

Once logged in, select the deposit option from the main menu.

STEP 4

Click on the “Create Recurring Deposit” option.

STEP 5

Fill in the required fields with accurate information and enter nominee details.

STEP 6

On confirmation, the selected amount will be debited instantly from your Axis Bank Savings Account and your Recurring Deposit Account will be created immediately. Then, you will receive a web receipt for a successful Recurring Deposit booking.
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Note: The deposit's value date for opening and the interest rate applicable will be as per the date of request i.e., the date of debit.

Recurring Deposit FAQs

What is a Recurring Deposit?

A Recurring Deposit is a type of Term Deposit in which an individual deposits a fixed amount at regular intervals for a specified tenure and, in return, earns interest on it. This type of deposit also comes with an auto-debit facility.

Axis Bank’s Recurring Deposit Accounts is an attractive choice for those who are committed to saving regularly and wish to earn a steady and significantly higher return on their investment.

Is the interest earned on my Recurring Deposit taxable?

The interest earned on your Recurring Deposit is only taxable when your total interest earnings in a financial year exceeds ₹40,000 (₹50,000 in case you are a senior citizen).

Can we deposit a different amount every month in RD?

No, depositing a different amount every month is not allowed in an RD Account. In a standard Recurring Deposit, you are required to deposit a fixed amount on a regular basis (particularly monthly) for a predetermined deposit tenure.

What are the rules of Recurring Deposits?

The rules of Recurring Deposits, also called Recurring Accounts, are as follows:

A fixed amount must be deposited at a regular time interval.
The minimum monthly instalment is ₹500, while the maximum runs into multiples of ₹500 with no upper limit.
The minimum tenure is 6 months, and the maximum tenure is 10 years.
TDS is applicable if the interest earned goes above ₹40,000 (for senior citizens- ₹50,000).
Missed or delayed deposits and premature withdrawals will incur penalties.

Can I break RD anytime?

Yes, you can break RD anytime. However, breaking an RD Account before its maturity date may result in a penalty that will be deducted from the principal amount of your RD.

The penalty amount depends on the bank’s policies and the RD scheme.

What are the interest rates of a Recurring Deposit?

The interest rates of a Recurring Deposit vary depending on tenure and deposit amount. Check Axis Bank’s Recurring Deposits interest rates before depositing.

To get a more accurate idea, we recommend you use our Recurring Deposit Interest Calculator. It is super handy and will give you a breakdown of the interest rate and maturity amount according to your unique needs.

A recurring deposit which is
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