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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RD Calculator
All you need to know about RD Calculator - Recurring Deposit Calculator
A Recurring Deposit (RD) is a popular investment option provided by banks and financial institutions. It allows you to deposit a fixed amount regularly for a predetermined period, helping you save and earn interest on your contributions.
An RD calculator simplifies forecasting the maturity amount, and interest earned, and provides a clear picture of your investment growth, aiding you in effective financial planning
What is an RD Calculator?
An RD return calculator, also known as a recurring deposit calculator, is a valuable financial tool that assists you in estimating the maturity amount and interest accrued on your recurring deposit.
The smallcase RD rate calculator performs the necessary computations to give you an approximate maturity value and interest earned by inputting variables such as the monthly instalment, interest rate, tenure, and compounding frequency.
How Can an RD Calculator Help You?
A bank RD Calculator is a useful tool for managing your investments in recurring deposits. Here’s how it benefits you:
- Estimate Maturity Amount: With just a few details, such as the monthly deposit, interest rate, and tenure, the yearly recurring deposit calculator provides an estimate of the maturity amount on maturity after the tenure is completed.
- Calculate Interest Earned: Curious about how much interest you’ll earn? The RD interest rate calculator does the math, giving you a clear picture of your investment’s growth over the deposit period.
- Compare Different Options: If you are considering multiple RD options, the RD maturity calculator online allows you to compare the potential returns of each one, aiding you in making a well-informed choice based on the projected outcomes.
Formula for Calculating RD Return
The calculation of the RD maturity amount involves three variables. These are plugged into a standard recurring deposit formula by an RD Deposit calculator to determine the precise maturity amount.
The RD maturity is calculated by using the formula for RD calculation, mentioned below
A = P*(1+R/N)^(Nt)
| A | Final Amount (Including both principal and compound interest) |
| P | Monthly Installment (Initial investment) |
| r | Annual Interest Rate (expressed as a decimal) |
| n | Number of times interest is compounded per year |
| t | Number of years the money is invested for |
The variables symbolise essential elements in this equation.
Now, let’s understand how to calculate RD interest with an example of the RD calculation:
Suppose you deposit Rs. 5,000 every month in a recurring deposit with a compound interest rate of 6% per annum for 1 year. Now, by putting the values in the RD calculator formula, the calculated maturity amount would be Rs. 65,774 (5,000 x (1 + 0.06/4)^(4 x 1)).
How to Use the smallcase RD Calculator?
Follow this step-by-step guide on how to use smallcase calculator:
Step 1: Enter the amount you wish to invest in an RD.
Step 2: Slide the bar to the expected rate of return that you wish to have
Step 3: Enter the time period for which you are going to invest in an RD
At last, the smallcase RD returns calculator will show accurate results within a few seconds.
Advantages of Using the Yearly RD Calculator
-
- Plan Your Investments: The RD interest calculator allows you to experiment with various values to plan your investments. You can adjust the monthly deposit, tenure, or interest rate until you find the optimal combination.
- Understand the Impact of Compounding: The recurring deposit interest rate calculator considers compounding, giving you a clear understanding of how it influences your investment’s growth.
- Time-Saving: Calculating the maturity amount and interest manually can be time-consuming and prone to errors. The smallcase recurring calculator provides instant results, saving you time and effort.
- Goal Setting: The smallcase recurring interest calculator helps you set specific financial goals and determines the required monthly deposit and tenure to achieve those goals.
In conclusion, an RD Interest Calculator is a valuable tool that enables you to make well-informed investment choices, efficiently manage your finances, and optimise the returns on your recurring deposit investments.
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Frequently Asked Questions
Is TDS applicable on RD?
Yes, TDS (Tax Deducted at Source) is applicable on RD interest income. If the total interest earned on RD exceeds Rs. 10,000 in a financial year, the bank deducts TDS at the rate of 10%. However, if your total income is below the taxable limit, you can submit Form 15G/15H to the bank to avoid a TDS deduction.
What is the minimum amount to start a recurring deposit account?
The minimum amount required to start an RD account varies from bank to bank. Generally, it can be as low as Rs. 100 or Rs. 500. Different banks have different rules and regulations regarding the minimum deposit for RD accounts.
Can I break my RD prematurely?
Yes, you can break your RD prematurely. However, there might be a penalty for doing so, and the interest earned on the RD may be lower than the promised rate. The penalty and conditions for premature withdrawal depend on the bank’s policies and the duration for which the RD was held.
What are the minimum and maximum tenures to open a bank RD?
The minimum and maximum tenures for a bank RD can vary depending on the bank’s policies. Generally, the minimum tenure can be 6 months, and the maximum tenure can go up to 10 years. Some banks may offer even longer tenures for RD accounts, allowing customers to choose a tenure that suits their financial goals.
How is Recurring Deposit interest calculated?
RD Calculator uses compound interest formula for calculating RD returns. The interest is compounded on a quarterly basis, which means it is calculated every three months.
How are RDs taxed?
TDS with respect to interest earned on your bank RD is deducted based on the total interest projected on the aggregate of your bank RD for the financial year. If PAN is furnished, the rate for TDS (Tax Deduction at Source) is 10%. If not, TDS is 20%
How to use the smallcase recurring deposit interest calculator online?
Step 1:
Enter the amount you wish to invest in an RD.
Step 2:
Slide the bar to the expected rate of return that you wish to have
Step 3:
Enter the time period for which you are going to invest in the RD.
You will be able to view the estimated maturity amount.
Can I withdraw RD at any time?
For early withdrawals from the Axis Bank RD account, a penalty is imposed, which equals 1% less than either the prevailing interest rates or the contracted rate, whichever is lower. However, there is no penalty for withdrawals made within 14 days of opening the RD account.
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