Recurring DepositsPower of compounding
Are you considering saving money a bit at a time?
Axis Bank's Recurring Deposit scheme will allow you with an opportunity to build up your savings through regular monthly deposits of fixed sum over a fixed period of time.
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- Recurring deposits are accepted in equal monthly installments of minimum Rs 1,000 and above in multiples of Rs 500 thereafter.
- The fixed number of installments for which a depositor can opt are 12, 24, 36, 39, 48, 60, 63, 72, 84, 96, 108 and 120 months.
- Transfer of Accounts - a recurring deposit account can be transferred from one office of the Bank to another branch.
- The amount of installment once fixed, cannot be changed .
- Installment for any calendar month is to be paid on or before the last working day of the month. Where there is delay in payment of installment, one can regularise the account by paying the defaulted installment together with a penalty (at present it is @ PLR plus 4 % for the period of delay).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 amount of monthly installments and the period of deposit.
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For further information, please contact the nearest branch. For further information, please contact the nearest branch. |
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