AXIS Bank RD Rates

Axis Bank recurring deposit interest rates are 5.75% to 7.10% p.a. for general citizens and 6.00% to 7.85% p.a. for senior citizens with minimum monthly instalments of Rs. 500. Axis Bank RD account can be opened for the duration of 6 months to 10 years. Let’s discuss Axis Bank RD Interest Rates in 2023:

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Axis Bank RD Interest Rates 2023 

The following table shows the Axis Bank RD account interest rates on deposits of up to Rs. 2 crores w.e.f. 18.05.2023:

Tenure RD Interest Rates for General Citizens  (in % p.a.) RD Interest Rates for Senior Citizens  (in % p.a.)
6 months to < 9 months 5.75% 6.00%
9 months to < 1 year 6.00% 6.25%
1 year to 1 year 4 days 6.75% 7.50%
1 year 5 days to < 13 months 6.80% 7.55%
13 months to < 2 years 7.10% 7.85%
2 years to < 30 months 7.05% 7.80%
30 months to 10 years 7.00% 7.75%

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. 

What are Axis Bank RD Interest Rates?

Axis Bank RD rates refer to the percentage of interest that Axis Bank offers customers on their Recurring Deposit (RD) investments.

  • You open an RD account with Axis Bank and deposit a fixed amount of money each month for a specific tenure

  • The bank calculates and pays you interest on your accumulated deposits

  • Higher interest rates result in higher returns, while lower interest rates yield low returns

What are the Features of Axis Bank Recurring Deposit Scheme?

The key features of RD in Axis Bank are listed in the table mentioned below:

Features Details
RD Instalment Frequency Monthly
Monthly Instalment Limit Rs. 500 – No Limit
Tenure 6 months – 10 years
Interest Compounded Quarterly
Nomination Facility Available
Advantage It helps you to save consistently
Axis eEDGE Rewards
  • Allows customers to earn reward points on various transactions and redeem them for a wide range of exciting rewards
  • Axis Bank customers are automatically enrolled in the eDGE Rewards program
Penalty on Delayed Payment Rs. 10 is levied for every Rs. 1,000 per month of the delayed period
Premature Withdrawal No penalty is charged on premature withdrawals after 15 months of RD if:
  • RD amount: Up to Rs. 5 crores
  • Tenure: Higher than 2 years
Taxation
  • Tax Deduction at Source (TDS) is levied as per the income tax regulations if the annual interest earned is higher than Rs. 40,000
  • According to Section 194 A 3(i) of the Income Tax Act, 1961

** You can use Axis Bank RD Calculator to estimate the maturity amount and interest earned on your recurring deposit.

What are the Benefits of Axis Bank RD Interest Rates?

Some of the advantages of Axis Bank Recurring Deposit Interest Rates are as follows:

  • Competitive Interest Rates

  • Flexible tenure options ranging from a few months to several years

  • Offers the convenience of automated debit from your savings account

  • Encourage disciplined savings as you commit to depositing a fixed amount every month

  • Provide stable returns, as they are not subject to market fluctuations

  • Axis Bank RDs offer a nomination facility, ensuring the protection of your savings and benefits your loved ones

What is the 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

What are the Documents Required for Axis Bank Recurring Deposit Scheme?

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

Particulars

Documents Required

Basic Documents
  • Account opening form
  • Passport-size Photographs

ID Proof
  • Aadhar Card
  • PAN Card
  • Voter ID Card
  • Passport
  • Driving License

Address Proof
  • Utility Bills (electricity/ telephone/ gas bills)
  • Bank Account Statements
  • Ration Card
  • Rent Agreement

Income Proof
  • Salary Slips
  • Income Tax Returns
  • Bank Statements

Age Proof
  • Birth Certificate
  • PAN Card
  • Passport
  • School/College Leaving Certificate

How to Apply for an RD in Axis Bank?

You can open an Axis Bank Recurring Deposit Account through the following modes:

  1. Internet Banking

    Step 1: Log in to the Axis Bank Internet banking account

    Step 2: Click on the "Deposit" section

    Step 3: Select the "Create Recurring Fixed Deposit" tab

    Step 4: Fill in the application form with all the relevant details of the account holder and the nominee

    Step 5: Upon confirmation of the application, the selected premium amount gets debited from your savings account

    The RD document will be available for you instantly  to download

  2. Mobile Banking

    Step 1: Download and install the Axis Bank mobile banking app from the Google Play Store or Apple App Store

    Step 2: log in using your credentials (customer ID and password)

    Step 3: Navigate to the "Accounts" or "Deposits" section within the app

    Step 4: Click on the option "Create RD Account"

    Step 5: Select the type of RD account you want to open, such as "Normal RD" or "Tax Saver RD"

    Step 6: Decide the tenure and monthly instalment amount for your RD account

    Step 7: Provide any additional information or documents requested by the bank

    Step 8: Accept the terms and conditions and submit the application form

    Step 9: Pay the initial deposit amount as required by the bank

    Once your RD account is successfully opened, you will receive a confirmation from the bank

  3. Bank Branch

    Step 1: Visit the Axis Bank branch nearest to you

    Step 2: Approach the customer service desk to provide you with the necessary application form

    Step 3: Fill out the RD application form with accurate details for the following:

    • Your name

    • Contact details

    • Address

    • PAN (Permanent Account Number)

    Step 4: Choose the tenure or duration for your RD account

    Step 5: Determine the monthly installment amount you wish to contribute toward your RD account

    Step 6: Specify the source of funds from your savings account in Axis Bank or another bank account

    Step 7: Submit the filled application form along with any required documents to the bank representative

    Step 8: Pay the initial deposit amount as required by the bank

    Once your RD account is successfully opened, you will receive a confirmation from the bank

FAQ's

  • What is the RD interest rate in Axis Bank?

    The key Axis Bank RD rates in 2023 are as follows:
    Tenure Senior Interest Rates General Citizen Interest Rates
    6 months < 9 months 5.75% 6.00%
    9 months < 1 year 6.00% 6.25%
    1 year to 1 year 24 days 6.80% 7.55%
    1 year 25 days < 13 months 7.10% 7.85%
    13 months < 2 years 7.15% 7.90%
    2 years < 30 months 7.20% 7.95%
    30 months < 10 years 7.00% 7.75%

  • Which bank is giving the highest interest on RD?

    The highest RD interest rates offered by top banks in 2023 are listed below:
    Bank Name General RD Interest Rates (in % p.a.) Senior Citizen Interest Rates (in % p.a.)
    SBI RD Interest Rates 6.50% – 7.00% 7.00% – 7.50%
    ICICI RD Interest Rates 4.75% – 7.10% 5.25% – 7.60%
    HDFC RD Interest Rates 4.50% – 7.10% 5.00% – 7.60%
    Axis Bank RD Interest Rates 5.75% - 7.20% 6.00% – 7.95%
    BOB RD Interest Rates 4.50% – 6.75% 4.80% – 5.75%
    Canara Bank 6.25% – 7.25% 6.75% –7.75%

  • What is RD means in Axis Bank?

    RD stands for Recurring Deposit in Axis Bank. It is a type of deposit account that allows customers to deposit a fixed amount of money regularly (typically monthly) for a predetermined period. The deposited amount earns interest at a specified rate set by the bank. At the end of the tenure, the customer receives the principal amount and accumulated interest.

  • What is the minimum and maximum duration to open RD? 

    The minimum and maximum duration to open an RD bank account with Axis Bank is 6 months and 10 years, respectively.

  • What is the minimum monthly instalment required to invest in RD? 

    The minimum monthly instalment required to invest in Axis Bank RD is Rs. 500. 

  • How can I open an Axis Bank RD account? 

    You can easily open an RD account with Axis Bank in the following ways: 

    • Internet Banking 

    • Mobile Banking

    • Visiting Axis Bank Branch

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