Axis Bank Recurring Deposit Interest Rates
Introduction
Ronit is excited to start his investing journey. He now has a stable job and a source of income. He has heard that recurring deposits are the best investments to begin with as they are risk-free and secured. After researching a lot, he was still confused about which bank offers the best rd interest rates. After using the rd calculator, he finally got a bank that gave him desired returns. He found that apparently, axis bank rd interest rates are suitable to his needs. He used the axis rd calculator to find out the results.
Are you too confused about which bank offers the best rd interest rates? Keep reading this post to find out the recurring deposits of Axis Bank 2022 and learn about the axis bank rd calculator.
What is a Recurring Deposit?
Recurring deposits are the best kind of investments for people who are scared of risks in the financial market and those who have a stable source of income and desire to invest a portion of it to get returns on investment. In recurring deposits, money is deposited in instalments over time, and when the investment matures, you get returns along with the principal. Recurring deposits are very safe in comparison to highly risky mutual funds. The tenure of recurring deposits in Axis Bank starts from as early as 9 months to as late as 10 years. Longer the tenure, the higher the returns.
Axis Bank RD Interest Rates 2022
Following are the axis bank rd interest rates. Some of these rd rates are the country’s best rd interest rates.
- For a tenure of 9 months – 11 months 44 days, the regular deposit rate for the general public is 4.40%, and for the senior citizens, it is 4.65%.
- For a tenure of 1 year 5 days – 1 year 10 days, the recurring deposit rate for the general public is 5.10%, and for the senior citizens, it is 5.75%.
- For a tenure of 1 year 11 days – 1 year 29 days, the regular deposit rate for the general public is 5.10%, and for the senior citizens, it is 5.75%.
- For a tenure of 1 year – 1 year 4 days, the recurring deposit rate for the general public is 5.15%, and for the senior citizens, it is 5.80%.
- For a tenure of 11 months, 25 days – 364 days, the recurring deposit rate for the general public is 5.10%, and for the senior citizens, it is 5.75%.
- For a tenure of 13 months – 13 months 29 days, the recurring deposit rate for the general public is 5.10%, and for the senior citizens, it is 5.75%.
- For a tenure of 14 months – 14 months 29 days, the recurring deposit rate for the general public is 5.10%, and for the senior citizens, it is 5.75%.
- For a tenure of 17 months – 17 months 29 days, the recurring deposit rate for the general public is 5.10%, and for senior citizens, it is 5.75%.
- For a tenure of 18 months – 1 year 364 days, the recurring deposit rate for the general public is 5.25%, and for the senior citizens, it is 5.90%.
- For a tenure of 2 years – 29 months 29 days, the recurring deposit rate for the general public is 5.40%, and for the senior citizens, it is 6.05%.
- For a tenure of 3 years – 4 years 364 days, the recurring deposit rate for the general public is 5.40%, and for the senior citizens, it is 5.90%.
- For a tenure of 30 months – 3 years, the recurring deposit rate for the general public is 5.40%, and for the senior citizens, it is 5.90%.
- For a tenure of 5 years – 10 years, the recurring deposit rate for the general public is 5.75%, and for the senior citizens, it is 6.50%.
How to calculate Axis Bank RD Interest Rates at home
These rates can be calculated in two ways, by using the rd calculator formula or the axis bank rd calculator online.
The rd interest rates offered by Axis Bank are compounded every 4 months, i.e. each quarter.
The formula for the calculation of the maturity value is –
A= P x (1+R/N) ^ (Nt)
In this formula,
Maturity value is represented by A
Recurring Deposit is represented by P
The number of times the interest is compounded is represented by N
The rate of interest is represented by R
Tenure is represented by T
Or another simple way to calculate the profits upon maturity quickly and easily is by using an online axis rd calculator, which can be accessed on various websites. On opening the portal, just put in the required basic details like amount, tenure, and rate of interest and evaluate the interest with one click.
Conclusion
Recurring deposits are among the safest and secure market tools available for investment. Axis Bank gives some of the best RD interest rates on some of the given tenure. If you want to calculate your interest, then you can use the axis bank rd calculator online to use the rd calculator formula. Choose your plan wisely and start investing today!
FAQs:
Does Axis Bank charge tax on the compounded interest on the deposits?
Not just Axis Bank, banks generally charge taxes upon the recurring deposits. The interest earned under a recurring deposit is taxable under the Income Tax Act of 1961. If in a given financial year, the projected interest crosses Rs. 1000 then tax deducted at the TDS source is deducted accordingly, which will be 10% if the PAN details are provided and 20% in case they are not shared.
Is Axis Bank RD worth investing in?
As mentioned in the blog, Axis Bank RD interest rates are one of the best interest rates in the financial market, and it also gives good returns on investment. The rd interest rates of this bank are also the best competitive rates in the market. It is important to choose a plan that caters to your need and understand the process beforehand before investing in any RD scheme.
