Axis RD Interest Rates 2023: Check RD Rates
Axis RD Interest Rates 2023: Check RD Rates
May 10, 2023
5 Minutes
Axis Bank RD Interest Rates 2023 - A Lucrative Investment Option
Axis Bank, a trusted name in the banking sector, offers a lucrative investment avenue through its Recurring Deposit (RD) accounts. With flexible tenures ranging from 6 months to 120 months (10 years) and attractive interest rates, Axis Bank RDs cater to diverse investment needs. The RD interest rates for 2023, with an additional 0.50% for senior citizens, make it a compelling choice.
2023 Axis Bank RD Interest Rates:
9 months – 11 months 24 days: 4.40% p.a. (General), 4.65% p.a. (Senior Citizen)
1 year 5 days – 1 year 10 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
1 year 11 days – 12 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
1 year – 1 year 4 days: 5.15% p.a. (General), 5.75% p.a. (Senior Citizen)
11 months 25 days – 364 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
13 months – 13 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
14 months – 16 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
17 months – 17 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
18 months – 1 year 364 days: 5.25% p.a. (General), 5.90% p.a. (Senior Citizen)
2 years – 29 months 29 days: 5.40% p.a. (General), 6.05% p.a. (Senior Citizen)
3 years – 4 years 364 days: 5.40% p.a. (General), 5.90% p.a. (Senior Citizen)
30 months – 3 years: 5.40% p.a. (General), 5.90% p.a. (Senior Citizen)
5 years – 10 years: 5.75% p.a. (General), 6.50% p.a. (Senior Citizen)
Minimum deposit: Rs. 500, with multiples of Rs. 10. Axis Bank allows premature withdrawal with a nominal penalty. TDS deduction is applicable, but partial withdrawal is not permitted.
Calculating Maturity Value:
Using the formula A = P x (1+R/N) ^ (Nt), where A is the maturity amount, P is the deposit amount, R is the interest rate, N is the compounding frequency, and T is the tenure, investors can project their returns. An example calculation reveals the simplicity and profitability of Axis Bank RDs.
How to Apply for Axis Bank RD:
Offline:
Visit a nearby Axis Bank branch with the necessary documents.
Internet Banking:
Log in to Axis Bank's official website and follow the prompts.
Mobile Banking:
Access the Axis Mobile application, select 'Open RD,' and confirm details.
Eligibility and Documents:
Indian residents, HUFs, and NRIs (through NRO and NRE accounts) are eligible. Minors can open accounts under parental guidance. Required documents include identity proof (Aadhaar, PAN, passport) and address proof (passport, utility bills).
Taxation and Withdrawal:
Axis Bank RDs are subject to taxation. TDS at 10% applies if interest exceeds Rs. 10,000. Premature withdrawal incurs a 1% penalty on applicable interest. Late payment penalties for delayed payments ensure financial discipline.
Conclusion:
Axis Bank RDs are a secure and rewarding investment choice, offering flexibility, attractive interest rates, and accessibility through various channels. Whether you prefer offline methods or the convenience of Internet and mobile banking, opening an Axis Bank RD account aligns with your financial goals. The simple yet effective calculation method empowers investors to estimate returns accurately. In a landscape of varied investment options, Axis Bank RDs stand out as a dependable avenue for wealth creation.
Axis Bank RD Interest Rates 2023 - A Lucrative Investment Option
Axis Bank, a trusted name in the banking sector, offers a lucrative investment avenue through its Recurring Deposit (RD) accounts. With flexible tenures ranging from 6 months to 120 months (10 years) and attractive interest rates, Axis Bank RDs cater to diverse investment needs. The RD interest rates for 2023, with an additional 0.50% for senior citizens, make it a compelling choice.
2023 Axis Bank RD Interest Rates:
9 months – 11 months 24 days: 4.40% p.a. (General), 4.65% p.a. (Senior Citizen)
1 year 5 days – 1 year 10 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
1 year 11 days – 12 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
1 year – 1 year 4 days: 5.15% p.a. (General), 5.75% p.a. (Senior Citizen)
11 months 25 days – 364 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
13 months – 13 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
14 months – 16 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
17 months – 17 months 29 days: 5.10% p.a. (General), 5.75% p.a. (Senior Citizen)
18 months – 1 year 364 days: 5.25% p.a. (General), 5.90% p.a. (Senior Citizen)
2 years – 29 months 29 days: 5.40% p.a. (General), 6.05% p.a. (Senior Citizen)
3 years – 4 years 364 days: 5.40% p.a. (General), 5.90% p.a. (Senior Citizen)
30 months – 3 years: 5.40% p.a. (General), 5.90% p.a. (Senior Citizen)
5 years – 10 years: 5.75% p.a. (General), 6.50% p.a. (Senior Citizen)
Minimum deposit: Rs. 500, with multiples of Rs. 10. Axis Bank allows premature withdrawal with a nominal penalty. TDS deduction is applicable, but partial withdrawal is not permitted.
Calculating Maturity Value:
Using the formula A = P x (1+R/N) ^ (Nt), where A is the maturity amount, P is the deposit amount, R is the interest rate, N is the compounding frequency, and T is the tenure, investors can project their returns. An example calculation reveals the simplicity and profitability of Axis Bank RDs.
How to Apply for Axis Bank RD:
Offline:
Visit a nearby Axis Bank branch with the necessary documents.
Internet Banking:
Log in to Axis Bank's official website and follow the prompts.
Mobile Banking:
Access the Axis Mobile application, select 'Open RD,' and confirm details.
Eligibility and Documents:
Indian residents, HUFs, and NRIs (through NRO and NRE accounts) are eligible. Minors can open accounts under parental guidance. Required documents include identity proof (Aadhaar, PAN, passport) and address proof (passport, utility bills).
Taxation and Withdrawal:
Axis Bank RDs are subject to taxation. TDS at 10% applies if interest exceeds Rs. 10,000. Premature withdrawal incurs a 1% penalty on applicable interest. Late payment penalties for delayed payments ensure financial discipline.
Conclusion:
Axis Bank RDs are a secure and rewarding investment choice, offering flexibility, attractive interest rates, and accessibility through various channels. Whether you prefer offline methods or the convenience of Internet and mobile banking, opening an Axis Bank RD account aligns with your financial goals. The simple yet effective calculation method empowers investors to estimate returns accurately. In a landscape of varied investment options, Axis Bank RDs stand out as a dependable avenue for wealth creation.
Author
Pluto Team
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