Axis Bank RD Calculator
The Axis Bank RD Calculator is a helpful tool that allows users to calculate the maturity amount and interest earned on their Recurring Deposit investment. Axis Bank RDs are a safe and disciplined way to save regularly, and this calculator simplifies planning by showing how much your money will grow over time.
What is an Axis Bank Recurring Deposit?
A Recurring Deposit (RD) in Axis Bank is a savings option that lets you deposit a fixed amount monthly for a pre-decided period. You earn attractive interest that is compounded quarterly, and at maturity, you receive the total invested amount plus accumulated interest. Axis RDs are ideal for long-term financial goals like education, travel, or emergency funds.
How the Axis Bank RD Calculator Works
To use the Axis Bank RD Calculator, simply input the following:
- Monthly Deposit Amount
- Tenure (in months)
- Applicable Interest Rate
The calculator then displays:
- Total Investment: Sum of your monthly deposits
- Total Interest Earned: Based on compound interest
- Maturity Amount: Total amount you will receive at the end of the term
Axis Bank RD Interest Rates
Axis Bank offers competitive RD interest rates, ranging from 6.00% to 7.10% per annum depending on tenure and deposit amount. Senior citizens receive an additional interest rate benefit of up to 0.50%.
Example of RD Calculation
If you invest ₹3,000 per month for 2 years at 7% annual interest, compounded quarterly:
- Total Investment: ₹72,000
- Interest Earned: ₹5,400 (approx.)
- Maturity Amount: ₹77,400 (approx.)
Benefits of Axis Bank RD Calculator
- Quick maturity estimate without manual formulas
- Helps choose the right tenure and deposit value
- Transparent, reliable, and easy to use
- Available online 24/7
Features of Axis Bank RD Account
- Tenure: 6 months to 10 years
- Minimum deposit: ₹500 per month
- Quarterly compound interest
- Premature withdrawal available (with penalty)
- Loan facility up to 90% of RD value
Taxation on RD Interest
Interest from RDs is taxable as per your income tax slab. TDS is deducted if the total interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year. Make sure to declare RD interest in your ITR.
How to Open an RD in Axis Bank
- Log in to Axis Bank Internet Banking or mobile app
- Select ‘Recurring Deposit’ under deposits
- Enter amount, tenure, and other details
- Submit the request and the RD will be created instantly
Conclusion
The Axis Bank RD Calculator is a powerful tool to estimate your savings growth and plan financial goals effectively. Whether you’re saving for a short-term need or a long-term dream, Axis Bank’s RD schemes combined with this calculator ensure smart and hassle-free investing.
Visit Axis Bank to learn more and start your RD today.