You can open a recurring deposit(RD) account at Union Bank of India where you earn a rate of interest of up to 5.40%. You can open an account at Union Bank of India and invest in RD for a certain tenure after which you can earn a maturity amount which will help you take care of your future financial needs.
However, before opening an RD account, you must use the RD calculator to calculate the amount you must deposit for a specific tenure which can help you earn a maturity amount which will be substantial for you to take care of your financial requirements.
We will have a look at Union Bank RD Calculator
How to use Union Bank RD Calculator?
Given below are the steps you will have to follow to use Union Bank RD Calculator:
- There are various third-party websites who offer RD Calculator tool to its customers. You can visit any one of these websites.
- Choose whether you are a normal or a senior citizen.
- Enter the amount you would like to deposit on a monthly basis.
- Enter the investment tenure.
- Enter the interest rate you will earn based on the tenure entered by you.
- Once you have entered all the desired values, you will be able to view the maturity amount you will most likely earn at the end of the investment tenure.
Calculating interest on Union Bank 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 Union Bank RD calculator
Some of the advantages of using Union Bank RD calculator are:
- You can use the calculator any number of times.
- You can use a Union Bank RD calculator anytime anywhere.
- Union Bank RD calculator is accurate.
- The RD calculator tool is convenient to use as it helps you determine the amount you will have to deposit so that you earn a maturity amount which will help you take care of your future financial requirements.
Know more about Recurring Deposit
Components of Union Bank RD Calculator
The components of Union Bank RD Calculator are:
- Deposit amount: Enter the amount you wish to deposit on a monthly basis. Based on your deposit amount, the maturity amount you will be liable to earn will be decided.
- Tenure: Choose the tenure for which you would like to invest by depositing an amount on a monthly basis.
- Rate of interest: Based on the tenure chosen by you, the bank will help you earn a rate of interest on the amount deposited by you.
Union Bank RD Calculator FAQs
- Will I have to pay anything to use an RD calculator?
- What is the minimum amount I will have to deposit on opening a Union Bank RD account?
- Is nomination facility available?
- Do senior citizens earn any benefits on opening a Union Bank RD account?
- How can I apply for an RD scheme?
No, this facility is free to use and you don’t have to pay anything to use the calculator.
The minimum amount you will have to deposit is Rs.50.
Yes, nomination facility is available.
Yes, senior citizens will earn 0.5% more interest rate on the amount deposited.
You can open an RD scheme online or by visiting the nearest Union Bank of India branch where you can submit the necessary documents including the deposit amount.
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 Other 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
- Monthly Recurring Deposit
- Co-operative Bank Recurring Deposit
- City Union Bank Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit