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# Axis Bank RD Calculator

Monthly investment
Rate of interest (p.a)
%
Time period
Years
 Invested amount ₹ Est. returns ₹ Total value ₹
Total investment
Total interest
RD ALTERNATIVE

## Axis RD Calculator

Recurring deposits are investment options akin to fixed deposits that allow individuals to park a fixed portion of their income into the account each month to earn interest at the rate offered by respective financial institutions. Compared to other investment options like Mutual Funds, equity and equity derivatives, these investment options are stable and help individuals to build a saving corpus over the tenure.

Axis Bank, India’s 4th largest bank according to market capitalisation, offers attractive interest rates on the systematic recurring deposits, depending on the instalment amount and deposit tenure. Recurring Deposit is a profitable avenue for investors looking to invest a percentage of their income and avail fixed returns.

Furthermore, individuals can also avail an Axis Bank RD calculator to calculate their returns from the investment and make sound financial decisions regarding them.

## How can an Axis Bank Recurring Deposit Calculator be Beneficial?

The interest offered on Axis Bank recurring deposits is compounded quarterly and enables investors to earn higher returns on their systematic deposit amount, than what is earned from other recurring deposit accounts.

The recurring deposit accounts of Axis Banks attract interest at the rate of 7.6%. Investors can then avail an RD maturity amount calculated in accordance with the following parameters –

• Amount deposited.
• Tenure.
• Interest compounding frequency.
• TDS rate and its applicability.

By using an Axis Bank RD calculator, investors can easily calculate their returns from the investment without hassles. Following are a few benefits of using this calculator –

• It enables individuals to determine the right tenure to realise their investment goals.
• It allows individuals to calculate their returns more accurately compared to the more cumbersome process of manual calculations.
• Axis Bank RD calculator helps investors make better long and short term financial decisions.

## Axis Recurring Deposit Calculator Formula?

With the RD calculator for Axis bank, the interest amount is compounded quarterly and is calculated by using the following formula –

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

Where M is the maturity amount, R denotes the monthly instalment amount, n is the number of quarters in the tenure, i is the rate of interest/400.

For example, if a person decides to invest in an RD and with Rs. 1000 per month for one year, at the interest rate of 7.6%, the total maturity value can be calculated as follows –

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

M = Rs. 56,187 (approx.)

The maturity amount depends on the different rates of interest offered by the bank on its recurring deposit schemes. Following is a table illustrating the RD rates offered by Axis bank –

 Tenure RD Interest Rates for General Citizens RD Interest Rates for Senior Citizens 9 months – 11 months 24 days 4.40% 4.65% 1 year 5 days – 1 year 10 days 5.10% 5.75% 1 year 11 days – 12 months 29 days 5.10% 5.75% 1 year – 1 year 4 days 5.10% 5.75% 11 months 25 days – 364 days 5.10% 5.75% 13 months – 13 months 29 days 5.10% 5.75% 14 months – 16 months 29 days 5.10% 5.75% 17 months – 17 months 29 days 5.10% 5.75% 18 months – 1 year 364 days 5.25% 5.90% 2 years – 29 months 29 days 5.40% 6.05% 3 years – 4 years 364 days 5.40% 5.90% 30 months – 3 years 5.40% 5.90% 5 years – 10 years 5.75% 6.50%

The above-stated rates may vary according to the Banks volition.

## Benefits of Using Groww Recurring Deposit Calculator Axis Bank

Using the RD calculator for Axis bank from Groww can provide investors with several benefits, viz. –

• The calculator can be accessed 24×7 and according to the convenience of investors.
• It can help in more efficient planning.
• It can also help calculate the maturity amount receivable after TDS deduction.

Thus, with these benefits of the calculator, individuals can suitably plan their recurring deposit investment to maximise the returns from it and accumulate a substantial savings corpus from it.

## Axis Bank RD Calculator - FAQs

### Q1.What is the minimum monthly amount for an RD investment?

To invest with Axis Bank, investors have to deposit a minimum amount of Rs. 500. There is no maximum limit of investment for this scheme.

### Q2.What is the maximum and minimum tenure for an RD account?

The minimum tenure for an RD is 6 months while the maximum tenure can be extended up to 10 years.

### Q3.Do senior citizens receive any benefits from Axis bank RD?

Yes, senior citizens can enjoy an additional 0.5% on viable interest rates on their RD accounts.

### Q4.What is the maximum interest offered by Axis Bank on its RD?

Investors can earn a maximum 5.75% interest rate on their RD account from Axis Bank.