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  • Recurring Deposit (RD) Interest Calculator

    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
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    RD Interest Calculator Reviews

  • Page 1 of 48 1 2 3 4 5
    • SBI Recurring Deposit
      "Good"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have my car loan with SBI 3 years . The loan amount was5 lakhs and the rate of interest was 9.8% which was satisfactory .The customer service and responses was good . The pre closure is after 1 year and the processing fee was 1100. My overall experience was good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 20, 2017
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have most of my banking products with HDFC bank. As I'm an employee as well as I liked HDFC bank's services I decided to start a reccurring deposit for my future savings with HDFC bank itself. If we book recurring deposit through online then we will get offers some like free deal, provogue bags or watches, vouchers. Annually I pay Rs. 3000 and I get an interest of 7.75%.
      Was this review helpful? 0
      , jammu
      Reviewed on Nov 20, 2017
    • ICICI Bank Recurring Deposit
      "Great banking service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      It was almost seven years now with the ICICI bank on recurring deposit. The website was very good where I can get my statement. Android app could be better. I pay monthly around 8K via online banking. I like them for the service since I maintained my saving and salary account. The things could have been better with respective of email intimation.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 18, 2017
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      As I'm a long time customer with State bank of India for around 12 years and as I liked their banking services so I started a recurring deposit with State bank of India 5 years ago. I pay Rs. 3000 monthly and keep on renewing it after every year when the tenure ends.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 18, 2017
    • IDBI Recurring Deposit
      "Average service"
      IDBI BANK
      0.5 3.0/5 "Satisfactory"
      I have a savings account with IDBI bank for the past 5 years. As a long time customer with IDBI bank I trusted them and invested some money recurring deposit with IDBI itself. I renew this recurring deposit account every year. I get a interest of 7% which is very less.
      Was this review helpful? 0
      , delhi
      Reviewed on Nov 17, 2017
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      As I have a savings account with State Bank of India I started a recurring deposit account with them. But I'm really not sure about the interest rates they provide me but it's good for both my RD accounts in this State bank of India as well as the other bank IOC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 17, 2017
    • Kotak Recurring Deposit
      "Satisfactory & happy"
      KOTAK MAHINDRA BANK
      0.5 4.5/5 "Excellent!"
      They are giving 6% interest rate for the Recurring Deposit. It was a very good service with Kotak. The request has been placed online. I have chosen Kotak because they are giving more benefits and high potentials. The customer service and response is good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 16, 2017
    • SBI Recurring Deposit
      "Excellent in service , hike in interest rate"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have invested in recurring deposit and the return value is good based on the pre tax which was levied and it was levied based on certain circumstances. I would like to say that the customer service is good one with them, also I really dont have any issues on it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • Tamilnad Mercantile Bank Recurring Deposit
      "Excellent "
      TAMILNAD MERCANTILE BANK
      0.5 4.5/5 "Excellent!"
      The rate of interest is higher for RD with Tamilnad Mercantile Bank compared to others, I will get a good return. I pay 2000rupees per month.The statements will be sent out to my mobile number or email address . For the maturity period they will inform the customer 1 week before. Manager will call the customer directly. There is no compulsion for the customer it is based up on their own interest. It is a tenure of 7 years.
      Was this review helpful? 0
      , madurai
      Reviewed on Nov 13, 2017
    • HDFC Bank Recurring Deposit
      "Secure Deposit"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a recurring deposit with HDFC bank. The total tenure for this deposit is for 60 months. They have given a rate of interest of 7.90% and now its lowered to 6.75 percentage. Monthly from my HDFC savings account they will deduct that amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 08, 2017
    • Vijaya Bank Recurring Deposit
      "Excellent"
      VIJAYA BANK
      0.5 5.0/5 "Blown Away!"
      I had a recurring deposit from Vijaya Bank and the process for that was also good. I have no hassles with the bank as they have always been proper in their response to the customer. The benefits of this account is also fine and I no longer use the account. I have closed it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 06, 2017
    • ICICI Bank Recurring Deposit
      "Excellent service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I never find any difficulty with my ICICI requiring deposit service I am using ICICI mobile application so the every transaction will be done through online so I don't need to contact their branch or their staffs their mobile application is very easy to use and user friendly it was totally a good experience with ICICI.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 01, 2017
    • Syndicate Bank Recurring Deposit
      "Good Service"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      As I have a savings account with SYNDICATE BANK I started a recurring deposit account also with them. I have been holding this recurring deposit account for the past 8 months. I pay Rs. 500 for this recurring deposit account. I get an interest of around 8%.
      Was this review helpful? 0
      , guntur
      Reviewed on Oct 31, 2017
    • SBI Recurring Deposit
      "Not a good investment"
      STATE BANK OF INDIA
      0.5 2.0/5 "Expected more"
      I created this Recurring Depoist account some time back and the return I got was little disappointing. I had paid Rs.10000 every month and was expecting a 7.25% Interest. But at the end, after the cut of all taxes I recieved only 4.5% profit, which for me is pure waste of investment.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Oct 29, 2017
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have my salary account with HDFC bank so I thought of holding a Recurring deposit account with them as their services are good. Now I have been holding a Recurring deposit account with them for the past 1 year. I remember for the last 6 months I'm paying between Rs. 1000 to Rs. 2000 monthly. They give me 5.25% as interest.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 28, 2017
    • HDFC Bank Recurring Deposit
      "Good Saving"
      HDFC BANK
      0.5 4.0/5 "Great!"
      Holding Recurring deposit account with HDFC, I used to pay Rs. 3000 on every month, it has tenure of one year, But the interest rate is very low like the banks norms. I think HDFC Is providing 6% of interest for the RD account, I am using it only for the investment purpose.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 25, 2017
    • HDFC Bank Recurring Deposit
      "Very good account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC Bank is my corporate account and my salary account is with HDFC. The reason why I had chosen HDFC for the Recurring Deposit was because of the interest rate which is 6% and it is the best and we have to pay monthly 1200 . This Recurring Deposit request was placed online. I can also view my maturity instructions online
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • HDFC Bank Recurring Deposit
      "Good Saving"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      Generally invest Rs.10,000 on monthly average in my HDFC recurring deposit account. It has the tenure of two years, after maturity period I would get the amount around 30,000 and above. I am satisfied with them, online transaction is easy to make the payment.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 13, 2017
    • ICICI Bank Recurring Deposit
      "Good saving and convenient saving"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      ICICI recurring deposit is very convenient to access through online, I opened RD through netbanking it was simple. Currently I am investing Rs.5000 for a year , I get 6.9% of interest per annum. I am could do the liquidity through online, but there was some charge applicable around Rs.300.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 12, 2017
    • Axis Bank Recurring Deposit
      "Average Service"
      AXIS BANK
      0.5 3.5/5 "Pretty good"
      As I'm holding my salary account with AXIS Bank I decided to maintain a Recurring Deposit account with them. Now I have this account for the past 1 year. They offer me 7 to 8% interest. The funds did not auto debited from my salary account to this RD account. Every month I had to visit the bank. After 4 months then this problem got rectified. The interests can be improved.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 09, 2017
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