A Recurring Deposit (RD) calculator helps you estimate the maturity amount of your recurring deposit investment. By entering the monthly deposit amount, interest rate, and tenure, you can instantly calculate the maturity value and interest earned. This tool is essential for RD investment planning and goal-based savings.
The RD maturity amount is calculated using the formula:
M = R × [(1+i)n - 1] × (1+i) / i
Where:
A Recurring Deposit (RD) is a term deposit offered by banks that allows customers to deposit a fixed amount regularly (usually monthly) for a fixed tenure.
RD interest is compounded quarterly and calculated based on the monthly deposits and the applicable interest rate.
The minimum tenure for RD is typically 6 months, though it may vary among banks.
Yes, premature withdrawal is possible but may attract a penalty and lower interest rate.
Yes, RD interest is taxable as per your income tax slab rate.
Yes, NRIs can open RD accounts in rupees through their NRE or NRO accounts.
Missing an installment may incur a penalty, and some banks may close the account after multiple defaults.
Yes, most banks offer loans against RD deposits, typically up to 90% of the deposit value.
RD interest is typically compounded quarterly, though the frequency may vary among banks.
There is no maximum limit for RD investments, unlike Fixed Deposits which have certain restrictions.