AXIS Bank Recurring Deposit

AXIS Bank Recurring Deposit Features & Interest Rate – 2019

Formerly known as UTI Bank, AXIS Bank Limited is one of the highly reputed banks in India and is the third largest private sector bank in India.

Offering financial services to customer segments including Large and Mid-Sized Corporates, MSME, Agriculture and Retail Businesses, AXIS Bank has grown globally in recent years.

Along with Corporate Banking, AXIS Bank also offers Personal Banking solutions for individuals including Savings Account and Term Deposit plans.

AXIS Bank’s Recurring Deposit is ideal to build up your savings with regular fixed monthly deposits for a certain period of time. Opening an RD account offers identical interest rates that you get from a Fixed Deposit account at AXIS Bank.

Features & Benefits of AXIS Bank Recurring Deposit Account:

Below are the salient features of the RD scheme offered by AXIS Bank:

• Recurring deposits are accepted in equal monthly instalments of minimum Rs 1,000 and above in multiples of Rs 500 thereafter.
• Recurring Deposit accounts can be opened for a minimum period of 12 months and in multiples of 12 months thereafter, up to a maximum of 120 months.
• The amount of instalment once fixed, cannot be changed.
• Instalment for any calendar month is to be paid on or before the last working day of the month. Where there is a delay in payment of instalment, one can regularize the account by paying the defaulted instalment together with a penalty (at present it is @ PLR plus 4 % for the period of delay). The fraction of a month will be treated as full month for the purpose of calculating the penalty.
• The total amount repayable to a depositor, inclusive of interest, depends on the number of monthly instalments and the period of deposit.

AXIS Bank RD Interest Rates February 2019:

Below tables show the interest rates applicable on Recurring Deposit accounts at AXIS Bank as per the period of investment:

• Deposits Less Than Rs. 1 Crores (w.e.f. 9 February 2019)

PERIOD	INTEREST RATES (% P.A.) on Deposits
1 Year	7.30%
2 Years to 3 Years	7.50%
3 Years to 5 Years	7.25%
5 Years to 10 Years	7.25%

• Deposits Less Than 1 Crores for Senior Citizens (w.e.f. 9 February 2019)

PERIOD	INTEREST RATES (% P.A.) on Deposits
1 Year	7.95%
2 Years to 3 Years	8.15%
3 Years to 5 Years	7.75%
5 Years to 10 Years	7.75%

• Deposits – Rs. 5 Crores and Above (w.e.f. 9 February 2019)

PERIOD	INTEREST RATES (% P.A.) on Deposits
1 Year	7.50%
3-5 Years	7.50%
3 Years to 10 Years	7.00%

Table updated: 17 February 2019

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Source: http://www.axisbank.com/download/Interest-Rates-on-Domestic-Deposits.pdf