Axis Bank’s Recurring Deposit (RD)

Save through fixed monthly deposits over a fixed period. Total repayable amount, inclusive of interest depends on the instalment amount and the deposit period.

6 months only

• Tax at source is deducted as per the Income Tax regulations prevalent from time to time. TDS in respect of interest earned on fixed deposits, is deducted on the basis of the total interest projected on the aggregate of fixed deposits of the customer, for the financial year. If the total projected interest in a financial year crosses the TDS Threshold limit INR 40,000/- (INR 50,000/- for Senior Citizen) in a financial year.
  TDS is deducted proportionately from the existing fixed deposits at the time of interest application. This is in accordance with Section 194 A 3 (i) (a) of the Income Tax Act.
  
  For any further clarifications, please contact the base Branch.

• For Rupee Term Deposits of a contracted amount less than Rs. 5 Crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest rate shall be 1% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit, interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
• For Rupee Term Deposits of a contracted amount of Rs. 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
• There would be no premature withdrawal penalty on NRE Term Deposits.

• For Recurring Deposits opened on or after 9th August, 2016, in case of delay in payment of any instalment/s beyond the calendar month, the depositor/s shall be liable to pay a penalty at Rs. 10 per Rs. 1,000 per month for the period of delay.
• For Existing Recurring Deposit Customers, in case of delay in payment of any instalment/s beyond the calendar month, the depositor/s shall be liable to pay a penalty at the existing Business Prime Lending Rate +4% for the period of delay.
• Fraction of a month will be treated as full month for the purpose of calculating such penalty i.e. if the instalment due on 31.05.2011, is paid on 02.06.2011, the delay shall be treated as one month.