Axis Bank RD Interest Rates 2024

Updated on April 23, 2024 , 5207 views

Axis Bank offers RD scheme to customers as product to build your savings on a regular Basis. The Recurring deposit of Axis bank offers total repayable amount, inclusive of interest that depends on the deposit amount and the tenure.

A recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.

A user willing to open an RD account with Axis Bank can choose any amount and term according to your convenience.

Axis RD Interest Rates 2024

Axis RD Interest Rates on Domestic Deposits for Senior Citizens- Less than Rs 2 Cr.

Period	Regular Interest Rates (%)	Senior Citizen Interest Rates (%)
9 months – 11 months 24 days	4.40%	4.65%
1 year 5 days – 1 year 10 days	5.10%	5.75%
1 year 11 days – 12 months 29 days	5.10%	5.75%
1 year – 1 year 4 days	5.15%	5.80%
11 months 25 days – 364 days	5.15%	5.40%
13 months – 13 months 29 days	5.10%	5.75%
14 months – 16 months 29 days	5.10%	5.75%
17 months – 17 months 29 days	5.10%	5.75%
18 months – 1 year 364 days	5.25%	5.90%
2 years – 29 months 29 days	5.40%	6.05%
3 years – 4 years 364 days	5.40%	5.90%
30 months – 3 years	5.40%	5.90%
5 years – 10 years	5.50%	6.00%

Note: Rates are subject to change without any prior notice.

Ready to Invest?
Talk to our investment specialist

Axis Bank RD Account Features

Some of the key features of Axis Bank recurring deposit account are:

Investment Amount

The RD account of axis bank offers monthly installments of minimum INR 500 and above in multiples of INR 500 thereof.

Tenure

The minimum one can opt is of six months and the maximum is of 10 years.

Save Regularly

As the Axis RD account offers monthly deposits it helps in building your savings through fixed installments.

Axis eDGE Rewards

One can earn up to 300 Axis eDGE reward points on opening a recurring deposit with Axis bank of INR 2000 or more.

Documents Required to Open Axis Bank RD Account

1. Proof of Identity

Passport
PAN Card
Driving license
Voter ID card
Government ID card
Photo ration card
Senior citizen ID card

2. Address proof

Passport
Electricity bill
Telephone bill
Bank statement with Cheque
Certificate/ ID card issued by Post Office

Axis RD Calculator

A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.

Illustration-

RD Calculator	INR
Monthly Deposit Amount	500
RD in month	60
Rate of Interest	7%
RD Maturity Amount	INR 35,966
Interest Earned	INR 5,966

Why Investing in SIP is Beneficial?

Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic basis - daily, weekly, monthly or quarterly.
You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500.
SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors.
SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc.
Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns.
To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges.

Best Performing SIPs to Invest 2024

Here's a list of best performing equity SIPs for an investment horizon of five years and above

Fund	NAV	Net Assets (Cr)	Min SIP Investment	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2023 (%)
IDFC Infrastructure Fund Growth	₹46.686 ↑ 0.49	₹1,043	100	18.1	48.7	82.4	37.5	25.4	50.3
Franklin Build India Fund Growth	₹128.785 ↑ 1.68	₹2,191	500	14.3	42.6	78	38.8	24.8	51.1
Motilal Oswal Multicap 35 Fund Growth	₹49.8641 ↑ 0.14	₹9,660	500	10.2	30.3	56.3	17.6	14.2	31
L&T India Value Fund Growth	₹95.3712 ↑ 1.16	₹11,431	500	10.4	31.5	55.7	28.5	21.7	39.4
L&T Emerging Businesses Fund Growth	₹74.6662 ↑ 0.52	₹13,401	500	6.2	24.3	52.9	34.1	25.1	46.1
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 25 Apr 24

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.