Nainital Bank RD Calculator
Nainital Bank founded in 1922 is a subsidiary of the Bank of Baroda. The bank offers several financial services and one of them is Recurring Deposits (RD).
A recurring deposit is a safe investment option and offers lucrative returns. If you are looking forward to availing recurring deposit facility at Nainital Bank, then you can use the RD calculator to calculate returns.
Benefits of Using Nainital Bank RD Calculator:
- Easy calculation - Using an online RD calculator makes it easy to calculate accurate returns.
- Quick results - Doing RD calculations manually would be time consuming. However, you can use an online calculator and get instant results.
- Free of cost - There is zero cost involved in using an online RD calculator.
- Easy comparison - Using an online RD calculator makes it easy for you to compare different rates of interest and tenure.
- Error-free - There are chances of getting an error while doing calculation manually. However, an online RD calculator gives error-free results.
- Easily accessible - An online RD calculator can be accessed from anywhere and can be used on mobile, tablet, laptop or desktop.
Factors that will affect Nainital Bank’s Rate of Interest and Maturity Amount for Recurring Deposits:
The following factors will have an impact on Nainital Bank’s RD interest rate:
- Tenure of the RD - The period for which you are investing in an RD will have a direct impact on the maturity amount. This happens because the rate of interest varies for different tenures.
- Age of the depositor - Senior citizens get an additional rate of interest of up to 0.50% on their RD, as compared to general depositors.
- Reverse repo rate - Reverse repo rate is the rate of interest at which the Reserve Bank of India borrows money from commercial banks like the Nainital Bank. This factor influences the rate of interest offered by the commercial banks on RD.
Features of Nainital Bank Recurring Deposit:
The features of Nainital Bank recurring deposit are as follows:
- Nainital Bank accepts deposit amount as small as Rs.100 for RD.
- The bank allows minimum deposit tenure of 12 months.
- The penalty on delayed RD installment is minimal.
- RD investments are exempt from tax.
- The nomination facility is available on Nainital Bank’s RD.
- Minimum balance (monthly) earns you a quarterly compounded interest.
- Loan facility is available on RD, depending on the tenure of RD investment.
Nainital Bank Customer Support:
You can reach Nainital Bank’s customer support on 1800 180 4031. This service is available 24x7.
FAQs on Nainital Bank RD Calculator
- What is the minimum amount required for investing in an RD at Nainital Bank?
Nainital Bank accepts deposits of as small as Rs.100 for investing in an RD.
- What is the minimum tenure of investing in an RD at Nainital Bank?
At Nainital Bank, you need to invest for a minimum of 12 months in an RD.
- Does Nainital Bank provide nomination facility on RD?
Yes, you can avail yourself of a nomination facility on RD at Nainital Bank.
- Can I avail myself of a loan against RD at Nainital Bank?
Yes, you can avail yourself of a loan against RD at Nainital Bank.
- Will I get a tax exemption on RD investment at Nainital Bank?
Yes, you will get a tax exemption on RD investment at Nainital Bank.
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