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Recurring Deposit Calculator

Calculate the maturity amount and interest on your Recurring Deposit.

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Recurring Deposit (RD) Calculator

If you are looking at options to save and invest some portion of hard-earned money every month but want fixed and secured returns, a bank Recurring Deposit (RD) is a worthwhile avenue.

A bank RD is a form of term deposit (popularly known as a fixed deposit) that facilitates you to invest every month steadily, regularly and systematically, whereby you can address certain financial goals. Furthermore, a bank RD can help you address liquidity needs provided the tenure and the investment amount are thoughtfully selected.

From a diversification point of view as well, it is wise to invest some portion in a bank RD every month, even though your risk profile may influence you to deploy your hard-earned money in market-linked investment avenues.

A bank RD too you can create wealth, provided you do the following:

  • Open an RD account when the interest rates are high
  • Invest regularly and do not delay depositing your instalment sum (be disciplined)
  • Select the amount and the tenure of your bank RD thoughtfully
  • Do not stop investing in the RD account and prematurely close it
  • Keep renewing your RD or at the end of the tenure make a fixed deposit of the maturity proceeds

Axis Bank’s RD calculator will help you ascertain the quantum of interest you can earn over the tenure of the RD and the maturity proceeds.

Type of Customer

Normal
Senior Citizen
500 10 Lakh

Tenure

YY
MM

Rate of Interest*

Maturity Date

RD Maturity Details

Maturity Value
Aggregate Interest Amount
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  • Axis Bank’s Recurring Deposit interest rate (compounded quarterly) gives you the advantage of earning a higher rate of return on your systematic monthly deposits and gain with the benefit of compounding. Open an RD account today! Once you open a bank RD the interest will remain the same for the tenure you have opted for.
  • Remember a bank RD/FD can securely generate wealth and add to your financial security and well-being.

Amount and Interest

Frequently Asked Questions

  • What is the minimum and maximum tenure to open a bank RD?

    The minimum tenure to open a bank RD account with Axis Bank is 6 months, while the maximum is 10 years.

  • What is the minimum monthly instalment needed to invest in bank RD?

    The minimum monthly instalment for a recurring deposit with Axis Bank is Rs 500 while the maximum can run into multiples thereof with no upper limit.

  • What if I delay paying my monthly instalment of the bank RD?

    Ideally, you should not delay paying the monthly instalment of the bank RD. But in case you do, for delayed payment of any instalment beyond the calendar month, you as a depositor, are liable to pay a penalty of Rs 10 per Rs 1,000 per month for the period of delay.

    Do note that the fraction of month will be considered as a full month for the purpose of the penalty.

  • Is the interest earned on bank RD taxed and how?

    Yes, the interest earned on bank fixed deposit is taxable under the Income Tax Act, 1961.

    The interest earned on RDs is taxed as per one’s income tax slab on an accrual basis. However, the bank first deducts tax at source (TDS). TDS with respect to interest earned on your bank RD is deducted based on the total interest projected on the aggregate of your bank RD for the financial year.

    The rate for TDS (Tax Deduction at Source) is 10% if PAN is furnished; and if not, TDS is 20%. No surcharge or cess is levied over and above this basic rate.

    If the total projected interest in a financial year crosses the threshold limit, which is currently Rs 10,000 for non-senior citizens, TDS is deducted proportionately from the existing fixed deposits at the time of interest application. For senior citizens (60 years and above), the union budget 2018 has increased the exemption of interest income on deposits with banks (includes fixed deposits) and post offices from Rs 10,000 to Rs 50,000.

    In case, you have no other income apart from interest income, in order to avoid TDS, you can submit a declaration under Section 197A of the Income Tax Act in Form 15-G (for general or non-senior citizens) or Form 15-H (for senior citizens), as applicable.

  • How do I open a bank RD account?

    You can open the bank RD account with Axis Bank in either of the following ways:

    • Internet Banking login to the Internet Banking and select the deposit option > Click on Create Recurring Fixed Deposit > Fill in the required account and nominee details > On confirmation, the selected amount will be debited from your savings account and your RD account will be instantly created > After the RD account is created, ‘Recurring Fixed Deposit Advice’ will be mailed to your registered e-mail ID. Further, you will also be able to also view the ‘Recurring Fixed Deposit Advice’ on Internet Banking after one working day of deposit booking.
    • Mobile Banking Login to Mobile Banking and select the deposit option > select open RD > Fill in the required account and nominee details > On confirmation, the selected amount will be debited from your savings account and your RD account will be instantly created > After the RD account is created, ‘Recurring Fixed Deposit Advice’ will be mailed to your registered e-mail ID. You will also be able to also view the ‘Recurring Fixed Deposit Advice’ on Mobile Banking after one working day of deposit booking.
    • Not suitable for long term wealth creation or the investors with high risk appetite like young investors in their 20s or 30s
    • By visiting the nearest Axis Bank branch and of the representatives will guide you through the process.

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