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Union Bank RD Calculator

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.

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

  1. Will I have to pay anything to use an RD calculator?
  2. No, this facility is free to use and you don’t have to pay anything to use the calculator.

  3. What is the minimum amount I will have to deposit on opening a Union Bank RD account?
  4. The minimum amount you will have to deposit is Rs.50.

  5. Is nomination facility available?
  6. Yes, nomination facility is available.

  7. Do senior citizens earn any benefits on opening a Union Bank RD account?
  8. Yes, senior citizens will earn 0.5% more interest rate on the amount deposited.

  9. How can I apply for an RD scheme?
  10. 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.

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