Axis Bank RD Calculator helps you accurately and conveniently in planning your financial future: Recurring Deposit calculator allows you to make wise financial decisions regardless of your level of experience as an investor or your level of savings. 

What is the Axis Bank RD Calculator?

A recurring deposit is the best option to save and invest your hard-earned money as it offers fixed and secured returns. Axis Bank’s RD is a type of term deposit that helps investing each month systematically to meet your financial goals. 

It is also a good option if you carefully plan the tenure and amount to meet all your liquidity needs. Hence, investing in Axis Bank’s RD is the best way to save and invest money. You can use the RD Axis Bank calculator to determine how much you can make. It will help you understand how much you must invest to meet your financial goals.

How Does Axis Bank RD Calculator Work?

The RD interest calculator Axis Bank uses a simple formula to provide the amount you will receive on maturity and the interest earned on your RD investment. Moreover, the Axis Bank RD interest rates calculator is the easiest way to plan your recurring deposit investment. 

It is an accurate tool that helps you calculate and understand your interest earned and the total maturity amount you will get from an x investment amount. You can tailor your investment strategy to maximize returns by considering the different elements that affect RD earnings, such as tenure, interest rate, and investment.

What is the Axis Bank RD Calculator Formula?

If you use an Axis Bank calculator RD to determine your maturity amount, you would not have to do any calculations. However, knowing what formula the Axis Bank recurring deposit calculator uses is a good idea for understanding how it is calculated.

The Axis Bank RD calculator calculates the interest amount compounded quarterly using the below formula:

M = R[(1+i)^n-1]/{1-(1+i)^(-1/3)}

In this formula, 

M = the amount you will receive on maturity

R = monthly installments towards your investment

N = number of quarters in your tenure

I = rate of interest/400

Calculating Interest on Axis Bank RD

Using the example below, let’s understand how to calculate RD interest in Axis Bank.

Mohan decided to invest Rs. 1000 a month in the Axis Bank RD at an interest rate of 7.65%; the below will be the amount he will receive at maturity.

M = 1000 [(1+7.6/400)^(48-1)/ [1-(1+7.6/400)^(-1/3)]

Thus, according to the Axis Bank RD calculator 2024, he will receive approximately Rs. 56,187 at maturity.

How to Use Axis Bank RD Calculator?

It is very easy to use the RD Axis Bank calculator. You need to enter a couple of details, and in no time, the RD interest calculator Axis Bank will give you the amount you will receive at maturity. Below are the details you must have when using the Axis Bank RD interest rates calculator.

• Monthly deposit amount
• Interest rate
• Tenure

Once you enter the above details, you will get the amount.

Benefits of Using a Axis Bank RD Calculator

Here are the benefits of using Axis Bank calculator RD:

• You can access the Axis Bank recurring deposit calculator anytime and anywhere.
• It is a great tool that can help you in effective planning.
• This Axis Bank RD calculator can also assist you with calculating the maturity amount after TDS deductions.

How to Open an RD Account in Axis Bank?

You can open an RD account at Axis Bank through internet banking and a mobile app and go to the branch. Let’s understand how to open an RD account using the first two methods.

#1. Internet Banking

• Login to your Axis Internet Banking.
• Select deposit and click to begin.
• Choose the Create recurring deposit option.
• Fill out the details and also mention the nominee.
• Once confirmed, the amount will automatically start deducting as specified as the account is created. You will also receive a web receipt of the account instantly. The interest rate and deposit value will be according to the rates on the opening date request.
• You will also receive the recurring deposit advice on your email or physical address as registered. 

#2. Mobile Banking

• Login to your Axis mobile banking.
• Select the deposit option.
• Choose the open RD option.
• Fill out the details and also mention the nominee.
• Once confirmed, the amount will automatically start deducting as specified as the account is created. You will also receive a web receipt of the account instantly. The interest rate and deposit value will be according to the rates on the opening date request.
• You will also receive the recurring deposit advice on your email or physical address as registered. 

How to Close an RD Account in Axis Bank Through Online?

For closing an RD account in Axis Bank, you can follow the below process:

#1. Internet Banking 

• Choose the FD/RD option.
• Choose the services option.
• Click on the close/partially withdraw option.
• Click on FD to be closed.
• Enter the net secure code and click on submit.

#2. Mobile App

• Choose the FD/RD option.
• Select on the FD.
• Select the Close Fixed Deposit option.
• Enter your mPIN and click on submit.

Documents Required to Open an RD Account in Axis Bank

Here are the documents you need to open your Axis Bank RD account.

• Identity proof:
  • PAN card
  • Aadhar card
  • Driving license
  • Passport
  • Ration card
• Address proof:
  • Electricity bill
  • Passport
  • Telephone bill

Features of Axis Bank Recurring Deposit Scheme

Listed below are some features of Axis Bank's recurring deposit scheme:

• Rs. 500 is the minimum amount that you can invest in Axis Bank RD.
• There is no limit to the maximum amount you wish to invest.
• The minimum tenure period is six months.
• The maximum tenure period is ten years.
• If an account is formed after December 15, 2020, and is closed within 15 months of the booking or renewal of that RD, there is no premature withdrawal penalty for deposits under Rs 5 crore and for tenures longer than two years.
• A penalty of Rs 10 per Rs 1,000 per month is assessed for RDs opened on or after August 9, 2016, if any RD installment is not paid on time.