Bank of Maharashtra RD Maturity Calculator 2025
You can use online RD calculators to determine the maturity value and the interest earned, as manual calculation may seem difficult for a beginner. Here are more details about the Bank of Maharashtra RD calculators.
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Bank of Maharashtra is the public sector lender in India, headquartered in Pune, with the largest number of branches in Maharashtra than any other nationalized bank. The bank offers various services, including a recurring deposit (RD) scheme.
Input Components Required for Bank of Maharashtra RD Calculator
The following are the components required by the Bank of Maharashtra RD calculator to determine the interest earned and the total amount after maturity:
- Investment tenure - The investment period is to be mentioned in months, which is essential for the calculation of the recurring deposit interest and the final amount.
- Rate of interest per annum - Keep a track of the ongoing rate of interest on RD that varies from one bank to another and enter it on the RD calculator to determine the maturity value.
- The amount deposited monthly - For calculating RD value, it is essential to enter the amount that you wish to deposit every month for a specific duration.
Formula to Calculate Recurring Deposit
The following is the formula to calculate the maturity value of a recurring deposit scheme:
A= P x (1 + r/100)^nt
Where,
A: Net amount at the end of the RD tenure
P: Principal amount on which the interest will be compounded
r: Rate of interest per annum
n: number of times interest is compounded per annum
t: number of years
Output of Bank of Maharashtra Recurring Deposit Interest Rate Calculator
The following are the components that will be displayed by the Bank of Maharashtra RD interest rate calculator as output:
- Maturity Amount - The calculator will display the maturity value after the full tenure of the recurring deposit scheme.
- Interest Earned - The user also gets an idea of the total interest that will be earned by them for the specific RD scheme for the given tenure and deposit amount.
- Total Deposited Amount - The full amount deposited for the entire RD tenure is also displayed, excluding the interest earned.
FAQs on Bank of Maharashtra RD Calculator
- What is the investment tenure offered by Bank of Maharashtra recurring deposit scheme?
The recurring deposit investment tenure offered by Bank of Maharashtra ranges between six months to 120 months.
- What is the limit of TDS in RD?
The threshold limit of TDS is Rs.40,000 over which TDS will be imposed on the interest earned on RDs by the general public. While the limit is up to Rs.50,000 for the senior citizens customers.
- Can I adjust TDS in the RD calculator?
No, you cannot adjust the TDS on the RD calculator as the RD calculator does not have this feature as TDS is non-uniform for financial institutions.
- Can I change the monthly deposit amount for an RD?
No, you cannot change the monthly deposit amount for an RD once the recurring deposit scheme has been initiated. The standing instructions provided before starting this scheme are non-reversible after the scheme is in a running condition.
- Is there any maximum and minimum amount for depositing in an RD scheme?
Yes, there is a minimum requirement of deposit amount that starts from rs.100, but there is no upper cap limit for RD deposit amount per month. You can deposit any amount monthly depending on your financial condition.
- Does RD interest attract TDS?
Yes, RD interest above Rs.10,000 attracts TDS at a rate of 10%. For non-taxable income, customers need to submit form 15G or 15H to the bank depending upon the type of customer, either non-senior citizen or senior citizen.
- Can I stop my RD before maturity?
Yes, you can stop your recurring deposit scheme before maturity. The interest earned will be calculated till the date of closing the deposit scheme and penalty may charge depending upon the policy of the bank or the financial institution.
- Do I need to pay any fees to use online RD calculators?
No, you do not need to pay any fees for using an online RD calculator. Various online platforms are available in the market that offer this service of RD calculator at free of cost to the users.
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