• Recurring Deposit
  • Axis Bank RD Interest Rates
Axis Bank RD Interest Rates

Axis Bank RD Interest Rates

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Axis Bank RD Interest Rates Feb 2024

TenureNormal Citizen RD RateSenior Citizen RD Rate
3 Months to 6 Months4.75%4.75%
6 Months to 9 Months5.75%6.00%
9 Months to 1 Year6.00%6.25%
1 Year to 2 Years7.10%7.85%
2 Years to 3 Years7.00%7.75%
3 Years to 5 Years7.00%7.75%
5 Years to 10 Years7.00%7.75%

Note: All interest rates shown above are as on 1st November 2023

Axis Bank RD Scheme Details

Tenure
6 Months - 10 Years
Public Interest Rates
4.75% to 7.10%
Senior Citizen Interest Rates
4.75% to 7.85%
Minimum Deposit Amount
Rs. 500
Premature Withdrawal
1%
Highest Rates for Public
7.10%
Highest Rates for Senior Citizen
7.85%

Axis Bank Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 7.00%For 5 years with interest of 7.00%
₹ 50,0001,51,7472,54,384
₹ 1 lakh3,03,4935,08,767
₹ 2 lakh6,06,98710,17,534
₹ 5 lakh15,17,46625,43,835
₹ 10 lakh30,34,93350,87,670

Compare Axis Bank vs Punjab National Bank Recurring Deposit

vs
Punjab National Bank
Axis Bank
Axis Bank
Maturity Amount3,03,4933,02,621
Total Investment Amount3,00,0003,00,000
Total Interest Gained3,4932,621

Compare RD Interest Rates of Other Banks

Bank NameRD Interest Rates
Punjab National Bank
Punjab National Bank
4.40% to 6.50%
City Union Bank
City Union Bank
5.75% to 6.50%
BOI Bank
BOI Bank
4.50% to 6.50%
Canara Bank
Canara Bank
5.25% to 6.90%
Indian Bank
Indian Bank
3.50% to 6.70%
BOB Bank
BOB Bank
4.50% to 7.05%
Central Bank of India
Central Bank of India
4.50% to 6.75%
Karur Vysya Bank
Karur Vysya Bank
6.00% to 7.00%
Union Bank of India
Union Bank of India
4.30% to 6.70%
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank
5.75% to 7.00%
Karnataka Bank
Karnataka Bank
5.25% to 7.00%
Dhanlaxmi Bank
Dhanlaxmi Bank
6.50% to 6.75%
South Indian Bank
South Indian Bank
4.50% to 6.50%
Federal Bank
Federal Bank
5.00% to 7.30%
Bank of Maharashtra
Bank of Maharashtra
4.50% to 6.00%
Indian Overseas Bank
Indian Overseas Bank
4.50% to 6.80%
UCO Bank
UCO Bank
4.50% to 6.50%
RBL Bank
RBL Bank
4.75% to 7.50%
State Bank of India
State Bank of India
4.50% to 7.00%
IDBI Bank
IDBI Bank
4.50% to 6.80%
HDFC Bank
HDFC Bank
4.50% to 7.10%
ICICI Bank
ICICI Bank
4.75% to 7.00%
Indusind Bank
Indusind Bank
4.75% to 7.50%
Kotak Mahindra Bank
Kotak Mahindra Bank
4.00% to 7.10%
Yes Bank
Yes Bank
5.00% to 7.75%
Bandhan Bank
Bandhan Bank
4.50% to 7.25%
IDFC First Bank
IDFC First Bank
5.00% to 7.50%
Equitas Small Finance Bank
Equitas Small Finance Bank
7.25% to 8.20%
Capital Small Finance Bank
Capital Small Finance Bank
4.75% to 7.15%
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank
4.75% to 7.50%
Fincare Small Finance Bank
Fincare Small Finance Bank
5.75% to 8.25%
ESAF Small Finance Bank
ESAF Small Finance Bank
5.25% to 8.50%
North East Small Finance Bank
North East Small Finance Bank
4.00% to 7.50%
Suryoday Small Finance Bank
Suryoday Small Finance Bank
5.00% to 8.50%
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank
6.50% to 8.00%
Jana Small Finance Bank
Jana Small Finance Bank
4.00% to 8.50%
DBS Bank
DBS Bank
3.00% to 7.50%
Post Office
Post Office
6.90% to 7.50%

Frequently Asked Questions

What is the current interest rate of RD in Axis Bank?

The current highest Axis Bank RD rates for general citizen range from 4.75% to 7.10% and for senior citizen it ranges from 4.75% to 7.85% today 2024-02-26

How to open rd account in Axis Bank?

Axis Bank RD account can be opened with a minimum deposit of Rs. 500 with tenure ranging 6 Months - 10 Years. Axis Bank recurring deposit account can be opened online or by visiting Axis Bank branches with any ID proof like PAN card, Aadhar card, voter ID, or driving licence etc.

How to close rd in Axis Bank?

You can close your RD a/c online through "Close A/c" tab or by visiting the branch, this may cost you a penalty. The current premature closer penalty in Axis Bank RD is 1%.

How to calculate maturity and interest in Axis Bank recurring deposit ?

The maturity amount in Axis Bank recurring deposit account can be calculated by using A = P x(1 + R / N) ^ (NT) formula.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the Axis Bank for 5 years and planed to invest INR 50,000.The current Axis Bank RD interest rate for 5 year is 7.00%.So using the above formula the maturity amount will be - Rs. 35,96,640.

What is Axis Bank RD interest rates for 1 year in 2024 ?

The Axis Bank recurring deposit for 12 months or 1 year is 7.85% for senior citizen and 7.10% for others.

Calculate Axis Bank Returns

36
3.2 %

1,00,000

Total Investment

0

Wealth Gained

0

Maturity Amount

Invest in SIP to earn ₹37,83,253 moreExplore Best SIP Plans

About Axis Bank Recurring Deposit

Axis Bank RDs are investments that allow investors to save small amounts regularly. The bank has a tenure of 6 months to 10 years, and the interest rates vary with the tenure. 

Axis Bank RD rates for regular citizen range between 5.75% to 7.26% p.a.. For senior citizens, Axis RD rates range between 6% to 8.01% p.a. . Estimate the returns from Axis Bank RD investment using the Axis Bank recurring deposit calculator. The RD rates of Axis Bank are higher than their saving account rates. Furthermore, the Axis Bank RD rate of interest differs based on the investor’s age, investment tenure, RBI policies and economic conditions in the country.

The interest that the recurring deposit earns is taxable as per the investor’s income tax slab rates. Also, one has to show this interest income under the head ‘Income from Other Sources’ during their tax filing. Moreover, if the interest income exceeds INR 40,000 (INR 50,000 for senior citizens) the bank deducts a TDS of 10%. Furthermore, if the investor furnishes the PAN card details, the TDS of 10% is applicable; if not, 20% TDS rate is deducted by the bank. 

Axis Bank Recurring Deposits Features

  • Tenure: The Axis Bank recurring deposit tenure ranges between 6 months to 120 months, in multiples of 3 months
  • Minimum and Maximum Deposit Amount: The minimum amount of investment in Axis Bank RD is INR 500, and in its multiples thereafter. However, there is no limit on maximum investment.
  • Tax and TDS: Axis Bank RDs do not qualify for tax saving. The interest income that one earns from Axis Bank RDs is taxable as per the individual’s respective income tax slab rates. Moreover, Axis Bank deducts a TDS of 10% if the interest income per annum exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% TDS is applicable only when PAN details are presented; else the bank deducts TDS at 20%.
    One can determine whether Axis Bank RD interest income is above or below the TDS threshold limit using the Axis Bank RD Calculator. Also, investors can calculate their income tax liability using Scripbox’s Income Tax Calculator.
  • Premature withdrawal: Axis Bank allows investors to prematurely withdraw their recurring deposits. However, Axis Bank charges a penalty at an interest of 1% less than the applicable interest rate. 
  • Nomination Facility: Depositors can nominate beneficiaries for their Axis Bank RDs.
  • Convenience: Opening and managing recurring deposit investments are easy and also convenient through Axis Bank’s online portal.

Axis Bank RD Account Eligibility and Documents Required

Eligibility: Following are the eligibility criteria for opening an Axis Bank RD account

  • Resident Individuals, including minors
  • HUFs
  • Sole Proprietary firms
  • Companies
  • Associations and trusts
  • NRI’s

Deposit and account: One can open an Axis Bank recurring deposit account with a minimum investment of INR 500 and in multiples thereafter. However, there is no limit on the maximum investment amount for Axis Bank RD.

Documents Required:

  • PAN Card,
  • Aadhar Card,
  • Driving licence,
  • Government ID card,
  • Senior Citizen Card
  • Utility bills,
  • Passport,
  • Bank statement with cheque,
  • Certificate or ID card issued by the post office

Withdrawal: Axis Bank allows investors to prematurely withdraw their RD investment, however, with a penalty at an interest of 1% less than the applicable interest rate. 

Nomination: Axis Bank RDs have a nomination facility where the account holder can nominate beneficiaries.

Types of Axis Bank Recurring Deposit Schemes

Axis Bank offers the following recurring deposit schemes:

Recurring Deposits

  • Tenure: 6 months – 120 months (in multiples of 3 months)
  • Minimum Deposit Amount: INR 500, and in multiples thereafter.
  • Maximum Deposit Amount: No limit
  • Tax Deducted at Source: Applicable
  • Nomination Facility: Available
  • Premature closure: Available, however, with a penalty of 1% 
  • Penalty for late deposits:  If the instalment is delayed beyond the stipulated due date, then a penalty of INR 10 per INR 1000 per month is levied for the period of delay.

Conclusion

Axis Bank RDs are a good investment instrument for investors who can save small amounts of money regularly. Also, RDs are considered low-risk investment options as they offer investors guaranteed returns. However, one must consider the taxes they have to pay on the interest income of recurring deposits. Therefore, investors looking for guaranteed returns and understanding the tax liability on interest income can consider investing in RDs. 

Frequently Asked Questions


What are the limits on the minimum and maximum deposits?

The minimum deposit amount Axis Bank RD is INR 500 per month. And, there is no maximum amount of investment in Axis Bank RD.

Can I open a recurring deposit account for a minor?

Yes, one can open an Axis Bank RD account on behalf of a minor.

How to apply for Axis Bank RD?

One can open an Axis Bank RD account through offline and online modes. For online mode, one has to visit the Axis Bank website. And for offline mode, one has to visit the nearest branch of the Axis Bank.
To be able to invest in Axis Bank RD, one needs to have all valid documents. They need to have an Axis Bank RD application form, duly filled and signed and passport size photographs. For proof of identity, they need a PAN card, Aadhar card, voter ID, and driving licence and for proof of residence, they need an Aadhar card, utility bills, and driving licence. For age proof, they need a birth certificate, matriculation certificate, and PAN card.

Is it possible to renew an RD account?

Yes, it is possible to renew an Axis Bank RD account. However, the renewal is possible as per Axis Bank norms and rules.

What is the current highest axis rd interest rates?

The current highest axis bank rd rates range between 5.75% to 7.26% p.a. for normal citizen and 6% to 8.01% p.a. for senior citizens in India.

Resources

  1. Axis Mutual Funds
  2. Axis Fixed Deposit
  3. Axis Bank SIP Calculator
  4. Axis Bank FD Calculator
  5. Axis PPF Calculator