Bank of Baroda RD (Recurring Deposit) Calculator
Calculate the returns on your recurring deposit investment
Goal Amount
Expected Return (P.A)
Time Period
Summary
To achieve a goal amount of ₹15,00,000 in 10 year(s), and at 5% inflation, you would need to invest ₹9,20,869 at a 10% rate of return.
Summary
To achieve a goal amount of ₹15,00,000 in 10 year(s), and at 5% inflation, you would need to invest ₹9,20,869 at a 10% rate of return.
Total Investment Breakup
Lumpsum Investment
Interest Earned
Total Investment
| Year | Investment Amount (₹) |
Wealth Gained (₹) |
Expected Amount (₹) |
|---|
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Bank of Baroda RD (Recurring Deposit) Calculator
Bank of Baroda RD (Recurring Deposit) Calculator: Calculate Maturity & Interest Instantly
Recurring Deposits (RDs) are a savings option for those looking to grow their funds steadily. The Bank of Baroda RD Calculator simplifies estimating returns on RD in Bank of Baroda, making financial planning seamless and efficient.
What is the Bank of Baroda RD Calculator?
The Bank of Baroda Recurring Deposit Calculator is a digital tool that helps customers calculate the maturity amount and interest earned on their recurring deposit in BOB. The BOB RD calculator provides quick and accurate results by entering a few details, such as deposit amount, tenure, and interest rate.
Formula to Calculate Recurring Deposit Maturity Amount
The Bank of Baroda RD interest calculator or the BOB RD investment calculator uses this formula to calculate the maturity amount of RD in BOB:
M = P x {(1 + r/n)^(nt) – 1} / (1 – (1 + r/n)^-n)
Where:
- M = Maturity amount
- P = Monthly instalment (amount deposited every month)
- r = Annual interest rate (in decimal form, e.g., 7% = 0.07)
- n = Number of compounding periods in a year (e.g., quarterly = 4, monthly = 12)
- t = Total duration of RD in years
Example of a Calculation with the BOB RD Calculator
Here is the calculation of maturity amount on recurring deposits using the BOB RD calculator:
- Monthly Deposit (P): Rs. 5,000
- Tenure: 2 years (24 months)
- Annual Interest Rate: 6%
- Quarterly Interest Rate (i): 6% ÷ 4 = 1.5% = 0.015
- Total Quarters (n): 24 ÷ 3 = 8
Using the formula, the maturity amount comes to approximately Rs. 1,25,000. The Bank of Baroda Recurring Deposit Calculator simplifies this calculation, delivering results instantly.
How to Use the Bank of Baroda RD Calculator on smallcase?
Follow this step-to-step guide on how to use the BOB RD calculator:
- Open the BOB RD calculator online.
- Adjust the inflation rate:
- You can use the BOB RD calculator in two ways:
Case 1 – If You Know the BOB RD Investment Amount
In this scenario, you need to provide 3 key inputs:
- Your investment amount
- Expected RD rate of interest in BOB
- Time period
Once you enter these details, you can get an estimate of the potential returns that you will get after the completion of your investment tenure on the BOB RD.
Case 2 – If You Know Your BOB Goal Amount
In this scenario, you will need to provide:
- Goal amount
- Expected return
- Time period
Once you input these details, you can get an estimate of how much amount you need to invest to reach your goal through the BOB recurring deposit calculator.
Features of Bank of Baroda RD Calculator
The Bank of Baroda RD interest calculator offers the following features:
- Ease of Use: The RD calculator Bank of Baroda has a simple interface for quick calculations.
- Customisable Inputs: Modify monthly deposit, tenure, inflation and the RD interest rates in Bank of Baroda to view varying scenarios.
- Accurate Results: The Bank of Baroda recurring deposit interest rate calculator estimates both the maturity amount and interest earned.
- Supports Financial Planning: Allows users to plan their savings effectively.
The BOB RD calculator is ideal for comparing the bank’s multiple savings plans.
Bank of Baroda RD Interest Rates
The RD interest rate BOB as of November 2024 are:
| Tenure | General Public | Senior Citizens |
| 6 months | 5.6% | 6.1% |
| 1 year | 6.85% | 7.35% |
| 2 years to <3 years | 7.15% | 7.65% |
| 5 years to 10 years | 6.5% | 7.5% |
The recurring deposit BOB interest rates may vary, so it’s best to refer to the official website for the latest details.
Benefits of Using Bank of Baroda RD Calculator
- Accuracy: Eliminates errors in manual calculations.
- Time Efficiency: Instant results with minimal inputs.
- Customisable: Adjust variables to compare different saving scenarios.
- Financial Planning Tool: Helps align savings with future financial goals.
By using the BOB RD calculator, customers can evaluate the impact of varying Bank of Baroda RD rates on their investments.
To Wrap It Up…
The Bank of Baroda RD calculator by smallcase can be a useful tool for anyone considering recurring deposits. Whether you want to explore different Bank of Baroda RD rates or estimate returns with ease, this tool ensures accuracy and efficiency. Use the BOB RD calculator to make informed decisions and maximise your savings potential.
Disclaimers
The results provided by this calculator are for illustrative purposes only and are based on the inputs provided by the user, including the investment amount, expected rate of return, and the investment time period.
The calculator assumes a constant rate of return and does not account for market fluctuations. Therefore, the actual future value of the investment may differ from the estimated value.
smallcase makes no representations or warranties regarding the accuracy of the calculator’s results and is not responsible for any errors, omissions, or inaccuracies. The calculator does not consider taxes, fees, or other factors that may affect investment performance.
This calculator and the results generated are not intended as a solicitation to invest or as a recommendation for any particular investment product. Users are encouraged to consult with a qualified financial advisor before making any investment decisions.
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Frequently Asked Questions
What is the purpose of the Bank of Baroda RD calculator?
The Bank of Baroda recurring deposit calculator helps users compute maturity amounts and interest earned based on deposits, tenure, and the RD interest rate in Bank of Baroda.
What is the minimum monthly deposit for a Bank of Baroda RD?
The minimum monthly deposit is Rs. 50 for rural/semi-urban areas and Rs. 100 for metro/urban areas. However, visit the official BOB website for the latest details.
Are loans available against BOB RD accounts?
Yes, Bank of Baroda offers loans up to 95% of the deposit amount on BOB RD accounts. However, for the latest details on BOB RD schemes, visit the official website of Bank of Baroda.
What is the penalty for premature withdrawal of an RD?
A penalty of 1% on the applicable or contracted RD interest rate in BOB is charged for premature withdrawals. However, for the exact details, please visit the official BOB website.
How does the Bank of Baroda RD interest calculator differ from manual calculations?
The BOB RD calculator provides accurate results instantly, eliminating human errors and saving time. However, the results are solely based on your inputs and do not account for any extra charges.
What are the current BOB RD account interest rates?
The Bank of Baroda RD rates range from 5.6% to 7.15% for general customers, with higher rates for senior citizens. For the latest RD rates, visit the official website for Bank of Baroda.
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