AXIS Bank RD Rates

Axis Bank is the third-largest among Indian private sector banks. One of the earliest private sector banks of the new generation, Axis bank offers clients and customers recurring deposit investments with several relevant and flexible options. A recurring deposit is a special kind of deposit that one can open in a post office or at a bank. RD investments are recommended due to the benefits and the reduced risk of debt traps.

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Here's everything you need to know about Axis Bank's recurring deposit.

Axis Bank RD Interest Rates 2022 Table

Tenure Senior Interest Rates General Citizen Interest Rates
Nine months - Eleven months 24 days 4.65% 4.40%
One year 5 days - One year 10 days 5.75% 5.10%
One year 11 days - Twelve months 29 days 5.75% 5.10%
One year - One year 4 days 5.75% 5.15%
Eleven months 25 days 364 days 5.75% 5.10%
Thirteen months - Thirteen months 29 days 5.75% 5.10%
Fourteen months - Sixteen months 29 days 5.75% 5.10%
Seventeen months - 17 months 29 days 5.75% 5.10%
Eighteen months - One year 364 days 5.90% 5.25%
Two years twenty-nine months 29 days 6.05% 5.40%
Three years - Four years 364 days 5.90% 5.40%
Thirteen months - Three years 5.90% 5.40% 
Five years - Ten years 6.50% 5.75%

Disclaimer: RD Interest rates are subject to change with time. Policybazaar does not endorse, rate, or recommend any particular company or product. The investment risk in the investment portfolio is borne by the policyholder. 

Features of Axis RD

  • The minimum deposit amount to open a recurring deposit account in Axis Bank is Rs.500 only.

  • The tenure can be as short as six months and as long as years.

  • The TDS (Tax Deducted at Source) on the interest rate—is deducted as per the existing rules depending upon the time of opening of the respective account.

  • Axis eDGE rewards can be earned upon opening an account.

Types of RD in Axis Bank

Currently, the bank offers only one recurring deposit scheme, which will allow you to build savings over a fixed duration of time through recurring monthly deposits. A higher interest rate can be earned, depending upon the deposit amount and tenure.  

How to Open an RD with Axis Bank?

You can open an RD with Axis Bank online through net banking, mobile banking, or offline by visiting a local bank branch. Below are step-by-step instructions to quickly open a recurring deposit account.

  1. Though A Local Branch:

    The simplest method to open for RD is to visit the local Axis Bank branch. A bank representative will guide you through the entire process.

  2. Net Banking:

    • Visit the official Axis Bank Site and choose login.

    • Now, select open a recurring deposit.

    • Fill out the form carefully with the required depositor and nominee details. 

    • Upon confirmation, the deposit amount is deducted from the savings account. After this, you will receive a receipt via email, post, or physical mail.

  3. Mobile Banking:

    • First, download the official mobile app of Axis Bank.

    • Then select the "Open RD" option. 

    • Fill out the form carefully with the required depositor and nominee details. 

    • Upon confirmation, the deposit amount is deducted from the savings account. After this, you will receive a confirmation email or a physical statement.

Benefits of Having an Axis Bank RD

  • Axis RD helps you to build savings through a recurring monthly deposit.

  • A short minimum tenure.

  • The bank offers the facility to encash term deposits prematurely.

  • A nomination facility is provided for RD accounts.

  • You can earn higher interest rates based on the number of monthly installments and deposit duration.

Tax Benefits on Axis Bank Recurring Deposit

  • The bank deducts applicable tax as per the current income tax regulations.

  • If the interest earned on FD and RD exceeds Rs.40,000 per financial year across all branches, the tax is deducted from the existing RD/FD account balance. For Senior Citizens, the set limit per financial year is Rs.50,000. 

  • If your basic income is below the set limit, you can request the bank to exempt tax deductions by submitting Form 15G/15H.

  • The tax benefit is subject to changes in tax laws.

Eligibility Criteria to Open an Axis Bank RD

The following are eligible for the Axis Bank RD account:

  • Indian citizens or Hindu Undivided Families 

  • NRIs via NRO and NRE accounts.

  • Minors under parental guardianship.

Documents Required

An individual requires the following documents to open an RD account with Axis Bank:

  • A document like an Aadhaar card, Passport, driving license, PAN card, etc., can serve as identity proof.

  • Documents like passport, telephone bills, electricity bills, etc., serve as address proof.

Premature Withdrawal of Axis Bank RD

Axis bank allows premature withdrawal of recurring deposits but might charge penalties according to banking norms. The bank will charge Rs.10 per Rs.1000 as a penalty on late monthly installments. Even though premature withdrawal is allowed, the partial withdrawal of RD in the axis bank is not applicable.

FAQ's

  • Can I open an RD account online with Axis Bank?

    Yes. You can open an RD account online through net banking or mobile banking.
  • What minimum deposit amount is required to open an RD account with Axis Bank?

    A minimum amount of Rs.500 must be deposited to open an Axis Bank recurring deposit.
  • Does the bank allow partial withdrawal of recurring deposits?

    The bank does not allow partial withdrawal of the deposit amount. However, premature withdrawal is allowed.
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