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IDBI Bank RD Calculator

IDBI Bank offers the IDBI Systematic Savings Plan (SSP) and IDBI Systematic Savings Plan Plus (SSP Plus) which can be availed by a customer to save on a recurring basis. This plan allows you to start saving a recurring amount starting at as low as Rs.100 and going up to Rs.2 crore per month. This amount will be deducted from your savings bank account directly on a monthly basis and deposited to your recurring deposit account.

To find out the best tenure and deposit amount that you should avail to get the most out of your recurring deposit account, you can use the IDBI Bank RD Calculator.

Why should I use the IDBI Bank RD Calculator?

There are a number of benefits of using the IDBI Bank Recurring Deposit Calculator. Some of them are as follows:

  • It is free to use.
  • It provides a clear picture of the plan.
  • It helps you understand the module of your pre-planned savings.
  • It will help you calculate without making any errors.
  • Get instant results and compare with other products to find out the best option for yourself.

How to use the IDBI Bank RD Calculator?

The IDBI Bank RD Calculator can be found on the official website of the bank. You can use the calculator by following the steps mentioned below:

Step 1: Visit the official website of the bank at www.idbibank.in.

Step 2: Navigate to the Calculator option under the ‘Home’ option from the main menu.

Step 3: From the ‘Type of Calculator’ option, click on the drop-down box and select the ‘SSP RD Calculator’.

Step 4: Fill in the designated fields with the following: ‘Amount’, ‘Period (No. of instalments), and ‘Rate of interest’.

Step 5: To find out the maturity amount on the basis of the details provided by you, click on the ‘Calculate Maturity Amount’ button or else click on the ‘Calculate Instalment Amount’.

Calculation of Compound Interest on IDBI Bank Recurring Deposit

You can also manually calculate the maturity amount of your IDBI Bank Recurring Deposit account. The interest on the recurring deposit is calculated on the basis of compound interest. You can use the formula mentioned below for the same:

M = R [(1+i) n – 1]/1 - (1+i) (-1/3)

Wherein,

  • M = Maturity amount
  • R = Monthly deposits to be paid
  • n= Tenure during which the deposit is to be made
  • i= Rate of interest/4

IDBI Bank Recurring Deposit Interest Rates for General Public

Period of Investment for Recurring Deposit (SSP & SSP Plus) Interest Rate (per annum)
1 year 5.20%
More than 1 year to 2 years 5.30%
More than 2 years to less than 3 years 5.30%
3 years and more to less than 5 years 5.30%
5 years 5.30%
More than 5 years to 7 years 5.30%
More than 7 years to 10 years 5.30%

The rates of interest mentioned above are applicable for deposits of less than Rs.2 crore (w.e.f. 14 August 2020).

IDBI Bank Recurring Deposit Interest Rates for Senior Citizens

Period of Investment for Recurring Deposit (SSP & SSP Plus) Interest Rate (per annum)
1 year 5.70%
More than 1 year to 2 years 5.80%
More than 2 years to less than 3 years 5.80%
3 years and more to less than 5 years 5.90%
5 years 5.90%
More than 5 years to 7 years 5.90%
More than 7 years to 10 years 5.80%

The rates of interest mentioned above are applicable for deposits of less than Rs.2 crore (w.e.f. 14 August 2020).

IDBI Bank RD Calculator FAQs

1) Is there a fee for executing standard instructions for recurring deposit accounts with IDBI Bank?

A: No, there are no charges for the execution of standard instructions in regard to recurring deposit accounts with IDBI Bank.

2) What are the extra benefits offered by the IDBI Bank Systematic Savings Plan Plus (SSP Plus) recurring deposit scheme?

A: The IDBI Bank Systematic Savings Plan Plus (SSP Plus) recurring deposit scheme offers the regular savings along with a complimentary insurance coverage and added reward points.

3) What is the insurance coverage available on the IDBI Bank Systematic Savings Plan Plus (SSP Plus) recurring deposit scheme?

A: Under the IDBI Bank Systematic Savings Plan Plus (SSP Plus) recurring deposit scheme, you can avail a complimentary personal insurance (accidental) cover of up to Rs.5 lakh.

4) Who is eligible for the IDBI Bank Systematic Savings Plan Plus (SSP Plus) recurring deposit scheme?

A: Individuals and HUFs are eligible to avail the IDBI Bank Systematic Savings Plan Plus (SSP Plus) recurring deposit scheme.

5) What is the minimum eligible instalment amount for the IDBI Bank Systematic Savings Plan Plus (SSP Plus) recurring deposit scheme?

A: The minimum eligible instalment amount for the SSP Plus scheme is Rs.5,000 and so on. However, the instalments should be in the multiples of Rs.100.

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