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What can an RD calculator do for you?
An RD (Recurring Deposit) calculator is a tool that helps you calibrate the maturity amount and the interest earned on an amount invested in the recurring deposit scheme. It is a simple and convenient way to calculate the maturity value of your RD investment based on the amount, interest rate, and tenure.
Top Bank's Best RD Interest Rates in India
| Bank | General Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| SBI RD Interest Rates | 4.40% – 5.50% | 4.90% – 6.20% |
| ICICI RD Interest Rates | 3.50% – 5.50% | 4.00% – 6.30% |
| HDFC RD Interest Rates | 4.40% – 5.50% | 4.90% – 6.25% |
| Kotak Bank RD Interest Rates | 4.30% – 5.20% | 4.80% – 5.70% |
| Axis Bank RD Interest Rates | 4.40% – 5.75% | 4.65% – 6.50% |
| BOB RD Interest Rates | 4.30% – 5.25% | 4.80% – 5.75% |
| IDFC First Bank | 6.75% – 7.25% | 6.75% – 7.25% |
| PNB | 4.40% – 5.30% | 4.90% – 6.05% |
| IDBI Bank | 7.00% – 7.15% | 7.50% –7.65% |
| Citibank | 2.75% – 3.00% | 3.25% – 4.00% |
| Canara Bank | 4.45% – 5.25% | 4.95% –5.75% |
| Indian Bank | 6.25% – 6.30% | 6.75% – 6.80% |
| Indian Overseas Bank | 4.90% – 5.20% | 5.40% – 5.70% |
| Union Bank of India | 4.40% – 5.60% | 4.40% – 5.60% |
| Yes Bank | 5.00% – 6.50% | 5.50% – 7.25% |
| Bank of Maharashtra | 4.00% – 4.90% | 4.50% – 4.40% |
| Bank of India | 4.30% – 5.05% | 4.80% – 5.50% |
| Central Bank of India | 4.20% – 5.00% | 4.20% – 5.00% |
| Punjab and Sind Bank | 4.45% – 5.25% | 4.95% – 5.75% |
| UCO Bank | 4.70% – 5.00% | 4.90% – 5.00% |
| South Indian Bank | 4.10% – 5.65% | 4.00% – 6.15% |
| Bandhan Bank | 4.50% – 5.00% | 5.25% – 5.75% |
| AU Small Finance Bank | 4.00% – 6.00% | 4.50% – 6.50% |
| Post Office RD Interest Rate | 5.80% – 5.80% | 5.80% – 5.80% |
| Ujjivan Small Finance Bank | 4.75% – 6.50% | 5.25% – 7.00% |
| Equitas Small Finance Bank | 6.25% – 6.50% | 6.75% – 7.00% |
| Jana Small Finance Bank | 5.50% – 6.75% | 6.00% – 7.25% |
| ESAF Small Finance Bank | 5.00% – 6.00% | 5.50% – 6.50% |
| Lakshmi Vilas Bank | 2.75% – 6.00% | 2.75% – 6.50% |
| RBL Bank | 4.50% – 6.30% | 5.00% – 6.80% |
| Karur Vysya Bank | 4.00% –5.35% | 4.50% – 5.50% |
| IndusInd Bank | 5.50% – 6.00% | 6.00% – 6.50% |
How to Use Vakilsearch RD Calculator
Vakilsearch RD calculator is a user-friendly tool that helps you calculate the maturity amount and interest earned on your RD investment. You can use the following steps to use the Vakilsearch RD calculator:
Enter the monthly instalment amount
Enter the RD tenure in months
Feed the interest rate showed by your bank
Click on the 'Calculate' button to get the maturity amount and interest earned
Formula to determine RD maturity Calculation
M = R [(1 + i)n - 1] / (1 - (1 + i)-1/3)
Where,
M = Maturity amount
R = Monthly instalment amount
i = Interest rate/400
n = Number of quarters
Benefits of Using a RD Calculator for Interest Calculating
Simple to Use: Vakilsearch RD calculator is very simple to use. All you have to do is enter the required value in the corresponding field, enter the RD rate and overall amount of investment. When you press the calculate button, the calculator determines the maturity amount accurately and without error
Premature withdrawals in theTime-Saving: Using Vakilsearch RD calculator online saves a lot of money. It can perform complex calculations in seconds. It saves the investor the trouble of performing manual calculations recurring deposit is easy. However, in most cases, there will be some cost involved with the same.
Accuracy: If you enter the provided information accurately the outputs will be on point with zero errors. By using the Vakilsearch RD deposit calculator one can prevent manual errors to a greater extent
Future Preparation: The calculator allows investors to plan their future with great precision because it returns the exact value of their investment
Comparison: By using the RD deposit calculator one can easily compare the outcomes available from different banks and financial institutions. You can effectively calculate the overall amount at the end of the tenure using the RD maturity calculator from Vakilsearch. The user can use the RD calculator multiple times with different tenovers and different interest rates
It Is Free to Use: Vakilsearch RD interest calculator is free to use, and the investor can use it multiple times.
Tax Benefits on RD
RD investments do not offer any tax benefits. The interest earned on RD investments is fully taxable under the income tax laws.
Process to Use the RD Calculator Online
The process to use the RD Calculator online is as follows:
Go to the RD calculator tool on your bank's website or a trusted financial website
Enter the monthly instalment amount, tenure, and interest rate offered by the bank
Click on the 'Calculate' button to get the maturity amount and interest earned
You can also compare the RD interest rates of various banks and choose the best scheme that suits your investment goals.
Criteria for Recurring Deposit Eligibility (RD)
Any individual above the age of 18
Any minor under the guardianship of a parent or legal guardian who is under the age of 10
Any corporation, company, sole proprietorship, or commercial enterprise
Any type of government organisation.
FAQs on RD Calculator
Yes, TDS (Tax Deducted at Source) is applicable on the interest earned from RD if it exceeds ₹40,000 for individuals and HUFs (Hindu Undivided Families) and ₹50,000 for senior citizens.
The minimum amount required to start a Recurring Deposit (RD) account varies from bank to bank. It can range from as low as ₹100 to as high as ₹10,000.
Yes, it is possible to break an RD before its maturity. However, banks may charge a penalty for premature withdrawal, and the interest rate paid on the amount withdrawn may also be lower than the original interest rate.
The tenure or duration of an RD can vary from 6 months to 10 years, depending on the bank and the type of RD account.
The RD amount is calculated based on the deposit amount, interest rate, and tenure of the RD account. The deposit amount is divided by the number of months in the tenure, and interest is calculated on the resulting monthly amount.
The maturity amount in an RD is calculated based on the deposit amount, interest rate, and tenure of the RD account. The interest is compounded at regular intervals, and the final maturity amount is the sum of the deposit amount and the accumulated interest.
RD can be a good investment option for people who want to save a fixed amount of money every month and earn a fixed return on it. However, the interest rate on RD is generally lower than other investment options such as mutual funds or stocks.
To open an RD account, you can visit the nearest branch of a bank that offers RD accounts and submit the required documents such as identity proof, address proof, and a photograph. You can also open an RD account online through the bank's website or mobile app.
RD interest is calculated based on the deposit amount, interest rate, and tenure of the RD account. The claim is normally compounded on a quarterly basis.
FD (Fixed Deposit) is generally considered to be a better investment option than RD as the interest rate on FD is higher, and the tenure can be longer. However, RD can be a good option for people who cannot afford to invest a lump sum amount at once and want to save a fixed amount every month.
