Advantages Of Axis Bank Recurring Deposit

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Recurring Deposit:
A Recurring Deposit (RD) is a special type of deposit that works similar to a Fixed Deposit (FD) in which monthly or quarterly deposits are made that is fixed for a specific period of time. This is a great way of saving a considerable amount of money for people who do not have a big chunk of money at their disposal to invest in FD or in other types of investment plans.

A good example of an RD explains it clearly – Ramu wants to invest a sum of Rs. 50,000 in a FD but he does not have the whole amount in-hand at the moment. In this situation, Ramu decides to opt for a RD and deposit a sum of Rs. 5,000 every month for 10 months. This way he can successfully save Rs. 50,000 and even get interest on it. RD was designed to benefit the middle-class and lower section of the society who usually cannot invest in FD. It gives them an opportunity to build good savings for future needs.

Axis Bank Recurring Deposit:
Axis Bank recurring deposit scheme comes with its several advantages. Individuals can invest a minimum monthly sum of Rs. 500 and more in the multiples of Rs. 500. There is no maximum limit on RD with Axis Bank. The minimum tenure for Axis Bank RD is 6 months whereas the maximum tenure is 10 years. The total deposit amount inclusive of monthly payments and interest depends on the amount of
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After logging in, they have to click on the ‘Create Recurring Account’ option. This is an instant account creation service so you have to be careful. In this option, you have to fill in all the required information such as amount, tenure, and nominee details. After confirming, the account will be created at once and the amount will be deducted from your savings/current account. A Fixed Deposit Advice will be emailed to your registered email address. Individuals, who do not have a registered email ID, will get a physical Fixed Deposit Advice by
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