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SBI RD Calculator

You can open a recurring deposit account with State Bank of India (SBI) if you hold an account with the lender. You have to deposit a certain sum of money for a certain period of times. Once the deposit period is over, you can withdraw the money for your future needs. Based on the deposits made, you can earn interest on it. The maximum interest rate which you can earn on your deposits is 5.70%.

However, before opening an RD account, you must calculate the maturity amount you will stand to earn based on your deposit amount. In order to calculate this, you can use an RD calculator offered by SBI. We will know more about SBI RD Calculator.

Components of SBI RD Calculator

The components of SBI RD Calculator are given below:

  • Deposit amount: You will have to enter the amount you wish to deposit on a monthly basis.
  • Tenure: You will have to choose a tenure during which you will deposit the amount to your RD account.
  • Interest Rate: Based on your tenure, the bank will provide you with an interest rate which you will earn on the deposits made by you. Once the tenure comes to an end, the interest rate earned on your total deposit will determine the maturity amount you will earn.

How can you use SBI RD Calculator?

Given below are the steps you will have to follow while using SBI RD Calculator:

  • There are various third-party websites who offer RD Calculator facility to its customers. You can visit any one of these websites to use the tool.
  • Enter the amount you wish to deposit on a monthly basis.
  • Enter the tenure during which you will continue to make deposits.
  • Enter the interest rate.
  • Click on ‘Calculate’.
  • You will be able to view the maturity amount you are likely to earn. You can enter different deposit amount, tenure, and interest rate to determine the maturity amount you feel will be suitable for you to take care of your financial needs.

Calculating interest on SBI RD

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 SBI RD calculator:

Some of the advantages of using SBI RD calculator are given below:

  • It is a convenient tool to calculate the maturity amount you will earn based on your deposit.
  • RD Calculator is accurate.
  • You can use the calculator anywhere, anytime.
  • You can use it any number of times to calculate the maturity amount depending on the deposit amount and interest rate.

SBI RD Calculator FAQs

  1. Will I have to pay anything to use SBI RD Calculator?
  2. No, SBI RD Calculator is free of cost. You won’t be required to pay anything to use the tool.

  3. Is the interest rate same for senior citizens?
  4. No, senior citizens earn 0.5% more than the one offered to an individual by SBI.

  5. Is it mandatory to have a bank account with the bank to open an RD account?
  6. Yes, you must be a primary bank holder with SBI to open an RD account.

  7. What is the minimum amount I can deposit?
  8. The minimum amount you can deposit is Rs.100.

  9. What is the maximum tenure offered if I open an SBI RD account?
  10. The maximum tenure for which you can deposit to your SBI RD account is 10 years.

Recurring Deposit by Banks
Recurring Deposit by other Institutions

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