28 January 2011

Axis Bank Recurring Deposits

Power of compounding
Are you considering saving money a bit at a time?
Axis Bank's Recurring Deposit scheme will allow you with an opportunity to build up your savings through regular monthly deposits of fixed sum over a fixed period of time.

  • Recurring deposits are accepted in equal monthly installments of minimum Rs 1,000 and above in multiples of Rs 500 thereafter.
  • Recurring Deposit accounts can be opened for a minimum period of 12 months and in multiples of 12 months thereafter, upto a maximum of 120 months.
  • The amount of installment once fixed, cannot be changed .
  • Installment for any calendar month is to be paid on or before the last working day of the month. Where there is delay in payment of installment, one can regularise the account by paying the defaulted installment together with a penalty (at present it is @ PLR plus 4 % for the period of delay).Fraction of a month will be treated as full month for the purpose of calculating the penalty.
  • The total amount repayable to a depositor, inclusive of interest, depends on the amount of monthly installments and the period of deposit.

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