Indian Overseas Bank RD 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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Indian Overseas Bank RD Calculator
All you need to know about Indian Overseas Bank RD Calculator
A Recurring Deposit (RD) is a reliable savings instrument offered by many banks, including the Indian Overseas Bank. It allows individuals to invest a fixed amount monthly and earn interest over a defined tenure. To simplify financial planning, the Indian Overseas Bank RD Calculator is an effective tool that calculates the maturity amount and interest earned on recurring deposits.
Features of the Indian Overseas Bank RD Calculator
The Indian Overseas Bank RD Calculator is an online utility designed to make RD calculations easy and precise. Here are its key features:
- User-Friendly: Input details like monthly deposit, tenure, and interest rate to get instant results.
- Accurate Results: The tool uses the compound interest formula to provide precise estimates for maturity value and interest earned.
- Financial Planning Aid: It allows users to evaluate different deposit amounts and tenures for better investment decisions.
- Free Access: The Indian Overseas Bank Recurring Deposit Calculator is available for free on smallcase.
Formula to Calculate Recurring Deposit Maturity
The maturity amount for recurring deposits is calculated using the following formula:
M = P x {(1 + r/n)^(nt) – 1} / (1 – (1 + r/n)^-n)
Where:
- M = Maturity amount
- P = Monthly installment (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 Calculation with the smallcase Indian Overseas Bank RD Calculator
Let’s calculate returns using the Indian Overseas Bank 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 Indian Overseas Bank Recurring Deposit Calculator simplifies this calculation, delivering results instantly.
How to Use the smallcase Indian Overseas Bank RD Calculator
To use the Indian Overseas Bank RD Interest Rates Calculator offered by smallcase, follow these steps:
Step 1: Visit the smallcase Indian Overseas Bank Recurring Deposit Interest Rate Calculator and enter the amount you plan to invest in the IOB RD scheme.
Step 2: Adjust the slider to set the applicable or expected IOB RD Interest Rate.
Step 3: Specify the tenure of your investment in the RD.
Step 4: Calculate: Click the ‘Calculate’ button to get an estimate of your maturity value and interest earned.
Benefits of the Indian Overseas Bank RD Calculator
Using the Indian Overseas Bank Recurring Deposit Calculator offers multiple advantages:
- Quick and Accurate: Avoids manual errors and calculates returns instantly.
- Easy Comparison: Compare maturity values for different tenures and deposit amounts.
- Helps Financial Planning: Enables smarter savings strategies by estimating returns accurately based on the Indian Overseas Bank RD Interest Rates.
- Free Tool: The IOB RD Interest Rates Calculator is free to use and accessible online.
Indian Overseas Bank RD Interest Rates
As of November 2024, here are the Indian Overseas Bank RD Interest Rates for different tenures:
- 180-269 Days: 5.75%
- 270 Days to <1 Year: 5.75%
- 1 Year to <2 Years (Except 444 Days): 7.10%
- 444 Days: 7.30%
- 2 Years to <3 Years: 6.80%
- 3 Years and Above: 6.50%
Senior citizens are offered an additional 0.50% on the applicable IOB Recurring Deposit Interest Rate.
To Wrap it Up
The Indian Overseas Bank RD Calculator is a must-have tool for individuals planning to invest in recurring deposits. It simplifies the process of calculating returns and helps users leverage the competitive Indian Overseas Bank RD Interest Rates to achieve their financial goals.
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Frequently Asked Questions
What is the minimum deposit amount for an Indian Overseas Bank RD?
The minimum monthly deposit is ₹50, in multiples of ₹5.
Do senior citizens get higher IOB RD interest rates?
Yes, senior citizens enjoy an additional 0.50% on the applicable IOB Recurring Deposit Interest Rate.
Can I withdraw my recurring deposit prematurely?
Yes, premature withdrawal is allowed, but penalties may apply.
Is it possible to take a loan against my Indian Overseas Bank RD?
Yes, you can take loans up to 90% of the principal and accrued interest.
How does the IOB RD Calculator calculate interest?
The calculator uses quarterly compounding based on the applicable Indian Overseas Bank Recurring Deposit Interest Rate.
What happens on the maturity of the RD?
Upon maturity, the principal and interest are credited to your linked account or reinvested as per your preference.
Is the nomination facility available for IOB recurring deposits?
Yes, one nominee can be assigned per account
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