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  • Recurring Deposit (RD) Interest Calculator

    Recurring Deposit is one of the most popularly procured investment schemes in India, by its citizens. This is especially popular among those from the salaried classes as this scheme is easy to procure, affordable and does not require a large amount of deposit. This investment option is provided by almost all banks in India such as Punjab National Bank, State Bank of India, ICICI Bank, IDBI Bank, HDFC Bank, Corporation Bank, Bank of Baroda and so on.

    Under this scheme, customers will have to invest a set amount(subject to a minimum requirement) every month and the can avail a fixed rate of interest from the bank (rates are predetermined), until the period of maturity. At the end of this scheme, customers will receive the maturity amount, which is a sum of their deposit along with the payable interest.

    This scheme is highly advantageous for those who do not have a large amount of money to invest but still wish to invest a certain amount and earn guaranteed returns. This is also a safe investment as there is no chance of the customer losing the money that they have invested.

    Unique Features of a Recurring deposit Scheme, Are As Follows:

    • Customers will have to deposit a fixed amount each month.
    • Tenure or time periods of a Recurring Deposit Scheme is in multiples of 3 months.
    • Interest rate is determined annually.
    • Compounding is done after every quarter and not every month as many believe.

    What is RD Calculator?

    A Recurring Deposit Calculator as the name suggests, is used to find out the maturity value of the recurring deposit. There is a simple formula that is provided with which interest on a Recurring Deposit investment can be calculated. However, there are a few aspects that customers must keep in mind prior to calculating the interest.

    Customers must look at each month’s installment as a separate deposit. Compounding only happens at the end of every financial quarter and not every month. Each monthly deposit will earn a different amount of interest. The amount procured at maturity is the total of enhanced value of each month’s deposit.

    Formula for Calculating Interest on Recurring Deposit

    As mentioned previously, compound interest on a Recurring Deposit amount is only added after the first quarter. Financial Quarters in a year are determined as follows -

    • Quarter 1 is from April to June
    • Quarter 2 is from July to September
    • Quarter 3 is from October to December
    • Quarter 4 is from January to March

    Compounding occurs only after every quarter, hence until then a simple interest calculation will be applicable. For example, in case an individual avails a Recurring Deposit scheme in the month of February, the amount will only provide a simple interest until the month of March, after which interest will be compounded.

    The formula used for Simple Interest is -

    I=Prt

    I stands for Interest

    P stands for Principal

    R is annual interest rate applicable(in decimal)

    T is the tenure or time period of the scheme

    The formula used for calculating Recurring Deposit Interest, provided by the Indian Bank Association, is as follows-

    M =R [ (1+i)n – 1]

    ——————–

    1- (1+i) -?

    M stands for Maturity value

    R stands for Monthly Installment

    i stands for rate of interest divided by 400

    n stands for number of quarters

    By using the above formulas, in case a depositor invests Rs.1,000 in the month of January, using the simple and compound interest formulas provided, he/she will have Rs.12,801.90 as maturity amount at the end of the year at 12% rate of interest.

    In another example, Sheela has procured a Recurring Deposit Scheme for a period of 30 months wherein she invests Rs.10,000 per month. The applicable rate of interest is 5% per annum.

    The amount she receives upon maturity will be Rs.3,20,095 and the amount of interest that has been included in the maturity value is Rs.20,095.

    How Can One Calculate RD Interest Online?

    Customers can easily calculate the interest applicable and maturity amount that can be procured from a Recurring Deposit scheme by using the formulas mentioned above.

    However, customers can also calculate the same online by visiting the website of the bank that they have procured their Recurring Deposit scheme from or most other banks, such as ICICI Bank, SBI Bank and so on. These banks generally have an online calculator which can be used to calculate interest.

    How to Calculate Compound Interest on Recurring Deposit?

    When it comes to Recurring Deposits, interest amount is compounded every quarter. This is then added up and the final amount that customers receive can be determined. The formula used to calculate compound interest is as follows-

    A = P (1 + r/n) ^ nt

    Where

    A represents final amount procured

    P represents principal or the amount that has been invested initially

    r represents annual interest rate, counted in decimal

    n represents the number of times that interest has been compounded per year

    t represents tenure of the scheme

    By using the above formula, the compound interest can be calculated.

    For example,

    Ajay has made an initial investment of Rs.1 lakh for a period of 5 years. The interest rate applicable is 8%. By using the above formula, the final amount that he will get is Rs.1.5 lakh.

    Difference between Simple Interest and Compound Interest

    The cost of borrowing money is known as interest, wherein the borrower pays a certain amount of fee to the lender. This is generally expressed in the form of a percentage and is either compounded or simple. Simple interest is calculated only on the basis of the principal amount of the loan whereas compound interest takes into consideration both the principal amount and the interest that is accumulated.

    Simple interest is determined by multiplying the interest rate, number of periods in that loan with the principal amount.

    The formula for this is -

    I=Prt

    I stands for Interest

    P stands for Principal

    R is annual interest rate applicable(in decimal)

    T is the tenure or time period of the scheme

    Compound interest is determined by multiplying principal amount into 1, added to the yearly rate of interest raised to the number of years minus 1. Unlike simple interest, compound interest is accrued on the principal amount and also the accumulated interest of previous periods.

    The formula used to calculate Compound Interest is -

    A = P (1 + r/n) ^ nt

    Where

    A represents final amount procured

    P represents principal or the amount that has been invested initially

    r represents annual interest rate, counted in decimal

    n represents the number of times that interest has been compounded per year

    t represents tenure of the scheme

    TDS on Interest from Recurring Deposit

    Until the May of 2015, banks did not deduct tax on the Recurring Deposit interest. However, from the 1st of June, 2015, TDS or tax Deduction at Source was applicable on the interest accrued on a Recurring Deposit account.

    If the individual wishes to avoid having the tax deducted at source then they will have to submit Form 15H/15G or Exemption Certificate under Section 197 or any other applicable Tax Exemption Certificate with the bank. This tax exemption certificate or form will have to be provided every financial year for each Recurring Deposit held with the bank.

    Recurring Deposit - Sitemap
    Recurring Deposit by Banks
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    RD Interest Calculator Reviews

  • Page 1 of 45 1 2 3 4 5
    • Kotak Recurring Deposit
      "Good "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I am having recurring deposit account with the Kotak mahindra bank and the interest rate is around 6.79%, which is not really okay. Total tenure is for one year of time. Customer service is good one with them and the response is also a good one. There is no option to withdraw the money in between the tenure.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Better "
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had closed the recurring deposit account with the HDFC bank and the services offered by them was exemplary. Rate of interest is a nominal one with them and the lock in period was around one year of time. There were no penalty charges absolutely for the premature withdrawal. On top of all that, Customer service provided by HDFC Bank is really fantastic.
      Was this review helpful? 1
      , pune
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Conveneint saving process"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring deposit interest rate is low, I should deposit the amount of Rs.5000 every month for RD account its for the period of 15 months. Initially HDFC were providing the interest rate of 6.9% now it got less . But I am sure they will be providing assured interest rate.
      Was this review helpful? 1
      , faridabad
      Reviewed on May 15, 2017
    • ICICI Bank Recurring Deposit
      "Safety locker"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I hold a recurring deposit with ICICI bank and I got it around 6 months ago. I get good benefits with this very good savings plan. It is flexible because when I need in money anytime, I can with draw and I can switch the amount to savings account, Which is helpful for the safety purposes. The rate of interest I am getting is nominal here.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 15, 2017
    • HDFC Bank Recurring Deposit
      "Services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had closed the recurring deposit account with the HDFC bank and I had it for a period of one year of time. Interest rate was very minimal at that time. Net banking facilities are nice one and also its easy to track the account, also its really pretty fast to open this HDFC account.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 10, 2017
    • ICICI Bank Recurring Deposit
      "Very good services in deposit"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the ICICI bank and the interest rate was around 7% per annum. Services were good and I would like to say for deposit ICICI bank is up to the mark. Its easy to track the account through online and mobile application.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 10, 2017
    • Bank of Baroda Recurring Deposit
      "Good Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      I had Recurring Deposit account with Bank of Baroda. RD period was one year and every month I used to pay 2500 rupees. The interest rate was around 6% which is the same like other banks I believe. At the end of the year, they were able to release the amount on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Recurring Deposit
      "Nice Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      Recently I invested in Recurring Deposit account with Bank of Baroda. The monthly payment was around 1000 rupees, therefore they did not deduct anything from my salary account. The tenure period is for five years. After five years, they would return my money 86000 rupees. Interest rate provided by them is very much nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 09, 2017
    • Dena Bank Recurring Deposit
      "Smooth services"
      DENA BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit at Dena bank and I would give them five stars on this experience. It was not a long process to get this account done and the rate of interest they offer on this facility is good. There are no charges as well. In all a nice experience.
      Was this review helpful? 1
      , mysore
      Reviewed on May 08, 2017
    • IDBI Recurring Deposit
      "Satisfactory Service"
      IDBI BANK
      0.5 4.0/5 "Great!"
      As my salary account is with IDBI bank, based on it I opened recurring deposit account. I had opened this for one year. They offered good interest rate for my RD account. I have ecs mode of payment as my salary account is with the same bank.
      Was this review helpful? 2
      , indore
      Reviewed on May 04, 2017
    • YES Bank Recurring Deposit
      "Delayed Response"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      The only problem with Yes bank is always they provide delayed response to the customers. I have recurring deposit account with them. Whenever I step in the bank, I have to wait for a long time to be addressed. I used to visit every month as I have to pay some amount for my RD account. Otherwise the services are good.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • Kotak Recurring Deposit
      "Better Response"
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      For my recurring deposit account , I pay thousand rupees every month for one year with Kotak mahindra. I will get some good amount at the end of the year with good interest. Customer service is not that much good but it is better. They are giving response whenever I approach them.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with State bank of India. The period is for one year and the deposit amount is for thirty five thousand. I am satisfied in opening RD account with SBI, because the interest rate is quite good with them than other banks.
      Was this review helpful? 5
      , indore
      Reviewed on May 04, 2017
    • Punjab National Bank Recurring Deposit
      "Satisfactory Service"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I had opened Recurring Deposit with Punjab National Bank. The loan amount is thirty five thousand and the tenure period is for one year. Every month I regularly depositing the money on a monthly basis. The customer service is quite satisfactory and there is no constrains with the bank on my FD. I am very much satisfied with PNB.
      Was this review helpful? 2
      , indore
      Reviewed on May 04, 2017
    • ICICI Bank Recurring Deposit
      "Amazing experience"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate with the ICICI bank for the recurring deposit was around 7% to 7.5% and am with them from the last five to six years of time. Minimum lock in period is nil and maximum is around ten years of time. There will be nil penalty for withdrawing the money duriong prematurity period. Netbanking services are fine with the ICICI bank.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 22, 2017
    • HDFC Bank Recurring Deposit
      "Good RD"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Even my HDFC RD is good. Even for this I got a call from HDFC bank I gave my confirmation for the same. They had deducted the amount from my savings account and every month it keeps deducting from my account. I do have access to online facilities too.
      Was this review helpful? 3
      , kolkata
      Reviewed on Apr 20, 2017
    • ICICI Bank Recurring Deposit
      "Best one"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with the Oriental bank of commerce and the interest rate is around 8.75% and its only for employee. There is no penalty charges and am having this account from the last two years of time and the tenure is around five years of time , also it can even open for seven days of time.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Apr 19, 2017
    • IDBI Recurring Deposit
      "Good. Can be more conveneint "
      IDBI BANK
      0.5 3.0/5 "Satisfactory"
      I had taken a recurring deposit with IDBI. To open this account I had an option to easily do it online. But at the time of closing it, it is a hectic process where I need to visit the bank and finish the formalities. There were no charges taken. The amount gets credited to my savings account without any delay.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 08, 2017
    • HDFC Bank Recurring Deposit
      "Best"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the recurring deposit account with the HDFC bank and its for the tenure of one year of time. Customer service is nominal one and the account got opened immediately and it was done by their branch staffs, also I mean to add that there were no hassle.
      Was this review helpful? 6
      , madurai
      Reviewed on Apr 04, 2017
    • HDFC Bank Recurring Deposit
      "Its Good Saving"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have opened HDFC recurring deposit by visiting the branch but there is an option in netbanking. I have been paying the monthly amount of Rs.1000 its for six month, next month its going to be over, I would be getting the amount Rs. 6100 on my account.
      Was this review helpful? 5
      , kozhikode
      Reviewed on Apr 04, 2017
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