You can open a recurring deposit (RD) account at Kotak Mahindra Bank where you will be offered an interest rate of up to 5.10% on your deposits. If you hold a bank account at Kotak Mahindra Bank and want to maximise your savings, then opening an RD account is a very good option.
However, before you open an RD account, you must use the RD calculator tool which you can find on the official website of the bank. There are various third-party websites available who offer this tool to their customers. You can use an RD calculator to determine the amount you must deposit in order to earn a maturity amount which will help you take care of your future needs once the investment tenure comes to an end.
Know more about Recurring Deposit
We will find out more about Kotal RD Calculator below.
Components of Kotak RD Calculator
The components of Kotak RD Calculator are:
- Deposit amount: This is the amount you will deposit on a monthly basis throughout the investment period. Based on your deposit, your final maturity amount will be determined.
- Tenure: This is the time period during which you will continue to deposit a sum of money in to your RD account. The bank in return will help you earn interest on the amount deposited by you. Your tenure will decide the rate of interest the bank will offer you on your deposit amount.
- Interest Rate: The bank will offer you a rate of interest depending on the amount deposited by you on a monthly basis and the tenure chosen by you.
How to use Kotak RD Calculator?
Given below are the steps you will have to follow to use Kotak RD Calculator:
- Visit the official website of the bank where you will find the calculator tool under ‘Recurring Deposit’ section.
- You will have to choose whether you are a normal citizen or a senior citizen.
- Enter the amount you would look to deposit on a monthly basis.
- Enter the tenure during which you will regularly deposit the said amount to your RD account.
- As you enter the tenure of your choice, the interest rate offered by the bank will also adjust accordingly. For example, if you choose your investment tenure to be 10 years, then the interest rate offered by the bank will be 4.50% and 5% if you are a senior citizen.
- Once you have entered all the necessary values, you will be able to view the maturity amount you will be able to earn at the end of the tenure.
Calculating interest on Kotak 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 Kotak RD calculator
Some of the advantages of using Kotak RD calculator are:
- This is a convenient tool and allows you to decide the amount you must deposit to earn the maturity amount which will help you take care of your future needs.
- The RD calculator is accurate.
- You can use a Kotak RD calculator anytime anywhere.
- You can use the calculator any number of times.
Kotak RD Calculator FAQs
- Is it free to use Kotak RD calculator?
- Is the rate of interest same for senior citizens?
- Are there any third-party websites who offer RD calculator facility?
- Is it mandatory to open a savings account with the bank to open an RD account?
- What is the maximum tenure offered if I open a Kotak RD account?
- What is the maximum amount I can deposit on a monthly basis?
Yes, you will not be charged anything for using Kotak RD calculator.
Yes, senior citizens will earn 0.50% extra on their deposits.
Yes, there are various third-party websites available online who offer the RD calculator facility.
Yes, you must have a savings account with the bank if you wish to open an RD account.
The maximum tenure offered is 10 years if you wish to open a Kotak RD account.
The maximum amount that you can deposit on a monthly basis is Rs.10 lakh.
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
RD Article Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes