Recurring Deposit is a special kind of deposit that is similar to making Fixed Deposits of an amount in installments. In this post, I will discuss the features and benefits of the Axis Bank Recurring Deposit Account.
Recurring Deposit account offered by post offices and banks in India. In this, deposits of a certain amount are made for a specific period. Here we will take a look at how to apply for Axis Bank RD Account online.
Table of Contents
Axis Bank Recurring Deposit Account
This account helps you build your savings through regular monthly deposits in a disciplined manner. The amount deposited in this would earn a higher interest rate depending on the installment amount and the deposit period.
You can open RD account online in Axis Bank with a minimum monthly installments of Rs.500. There is no maximum limit applicable. The minimum tenure is 6 months and the maximum tenure is 10 years.
Axis Bank RD Account – Features & Benefits
Axis Bank’s recurring deposit account comes with several features and benefits. Features and Benefits are explained below:
1. Build your savings rupee by rupee on a regular basis. You can save through regular monthly deposits.
2. You can enjoy the flexibility of tenure and choose the period that suits your needs.
3. The shortest minimum tenure is 6 months only.
4. The maximum tenure is 10 years (120 months).
5. You can open with a minimum monthly installment of Rs.500.
6. There is no maximum limit applicable on the account.
7. Facility to withdraw money before maturity.
8. A penalty of Rs.10 per Rs.1,000 per month for the period of delay.
Axis Bank Recurring Deposit Interest Rates
Axis Bank RD Account Interest Rate is the most attractive for the shortest tenure of 6 months to a maximum of 10 years. For the latest Axis Recurring Deposit Interest Rate, click here.
How to apply for Recurring Account in Axis Bank?
The following are the online and offline channels through which you can apply.
1. Through internet banking
2. Using mobile banking
3. Visiting Axis Bank branch
Online Recurring Deposit through Internet Banking
You can open an online RD Account through internet banking in 5 simple steps:
1. Login to Axis Internet Banking.
2. Select the deposit option to open RD Account online.
3. Click on the “Create Recurring Fixed Deposit” option.
4. Enter the required details.
5. On confirmation, the chosen amount debited from your savings account. Your account will be created instantly. You will get a web receipt of the same.
6. The date for the opening and the Axis Bank Recurring Account Interest Rate applicable will be as per the date of request.
7. Once the online RD account is created, the Recurring Fixed Deposit Advice will be sent to your email Id if you are registered for an e-statement. Physical advice will be sent at your communication address if you are not registered for e-statements. After one working day, you can also view the RD advice in Net Banking.
Apply using Mobile Banking
Here are the 5 steps through which you can apply online through mobile banking:
1. Login into Axis Mobile Banking and select the deposit option.
2. Select the “Open RD” option.
3. Next enter the required details.
4. On confirmation, the amount debited from your savings account. Your account will be created instantly. For this, you will get a web receipt instantly.
5. The date for the opening and the interest rate applicable will be as per the day on which the amount is debited from your account.
6. After creation, a Recurring Fixed Deposit Advice will be emailed to you if you are registered for e-statement. If you are not registered for e-statements then physical advice will be dispatched to your address. You also view this Recurring Fixed Deposit advice in Internet Banking after one working day.
Apply by visiting Branch
You can simply visit your nearest Axis Bank branch to open an account. The representatives at the branch will guide you through the process.
Click here for Account opening form.
Also Read: How to invest in Direct Mutual Funds in India?
Also Read: National Savings Certificate (NSC)
Final Thoughts
I hope now you can open an online Recurring Deposit Account in axis bank. RD Account Axis Bank helps you build your savings through systematic deposits, every month. This way you can build your savings Rupee by Rupee through regular monthly deposits.
Note: This post was originally published on May 31, 2019 and has been completely updated for accuracy and comprehensiveness.
Related post: How to check Axis Bank account balance?
Related post: How to activate Axis Bank Internet Banking online?
I created and RD last month using axis bank netbanking.
No instalment has been deducted this month even after due date has passed. Any idea What might be the issue?