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BOB RD Calculator

If you are a customer of Bank of Baroda (BoB) then you can open a recurring deposit (RD) account. You can invest for a certain period of time by depositing a said amount on a monthly basis. Once the investment tenure comes to an end, you will earn a maturity amount which will help you take care of your future financial requirements.

However, before you open a RD account at BoB, you must use an RD calculator to determine the amount you must deposit for a tenure on which you will earn a suitable interest which will help you take care of your financial needs once your account attains maturity.

We will have a look at BoB RD Calculator in detail.

How to use BOB RD Calculator?

Given below are the steps you will have to follow to use BoB RD Calculator:

  • There are various third-party websites which offer the RD calculator facility to its customers. You can visit any one of these websites to avail the facility.
  • Enter the amount you wish to deposit.
  • Enter the investment tenure.
  • Enter the interest rate you will earn on your deposit amount based on the tenure and the amount you will deposit. For example, if you will deposit a sum of Rs.100 every month for 10 years, then the interest you will earn will be at the rate of 5.30%.
  • Once you have entered all the values, you will be able to view the maturity amount you will receive at the end of the investment period.

Calculating interest on BoB RD calculator

Given below is the formula applied to determine the maturity amount you will earn:

M =R[(1+i)n – 1]/1-(1+i)(-1/3) where

  • M = Maturity value
  • R = Monthly deposits to be paid
  • n= Tenure during which the deposit is to be made
  • i= Interest Rate

Advantages of using the BoB RD Calculator

Some of the advantages of using the BoB RD calcualator are given below:

  • The BoB RD calculator is accurate.
  • You can use it any number of times.
  • You can use it anytime and anywhere.
  • It is a very convenient tool as you can decide the amount you must deposit for a certain period of time to earn a maturity amount which will help you take care of your financial requirements.

Components of Bank of Baroda RD Calculator

  • Amount deposited: This is the amount you will have to deposits on a monthly basis if you open a BoB RD account. You can deposit a minimum of Rs.50 if you reside in a rural area on a monthly basis, and Rs.100 if you stay in an urban area. Based on your needs, you can deposit an amount in the multiple of 100s into your RD account every month.
  • Tenure: You can choose the tenure during which you will continue to deposit an amount to your account on a monthly basis. The maximum tenure that you can choose is up to 10 years.
  • Rate of interest: Depending on the amount you deposit and the tenure chosen by you, you will earn an interest on your deposit. Once your investment tenure comes to an end, you can either withdraw the maturity amount or reinvest it. The maximum interest rate offered by the bank is 5.30% if your amount deposited is below Rs.2 crore.

BOB RD Calculator FAQs

  1. Is it free to use BoB RD Calculator?
  2. Yes, it is free to use BoB RD Calculator.

  3. Is nomination facility available if I open a BoB RD account?
  4. Yes, the nomination facility is available.

  5. Will I be penalised if I close my BoB RD account early?
  6. Yes, you will have to pay a penalty if you close your BoB RD account early.

  7. Is it mandatory to have a savings account at BoB to open a RD account?
  8. Yes, you must be an account holder at BoB if you wish to open an RD account.

  9. Is loan against RD facility available?
  10. Yes, you can avail up to 95% of recurring deposit amount as loan.

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