Union Bank 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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Union Bank RD (Recurring Deposit) Calculator
Union Bank RD (Recurring Deposit) Calculator: Explore RD Interest Rates & Maturity Estimates
A Recurring Deposit (RD) is a reliable savings instrument, allowing you to invest fixed monthly amounts and earn interest over time. The Union Bank of India RD Calculator offered by smallcase is a user-friendly tool designed to help you estimate your savings and maturity amount accurately. Combined with competitive Union Bank RD interest rates, this tool can support better financial planning.
What is the Union Bank of India RD Calculator?
The Union Bank of India RD Calculator is an online financial tool that provides quick and accurate estimations for your RD maturity amount. Whether you want to explore Union Bank RD rates or assess your investment based on the RD interest rate in Union Bank of India, this calculator can be an essential resource.
Features of the Union Bank RD Calculator
- Convenience: You can access the smallcase UBI RD Calculator online easily.
- Customisation: Adjust deposit amounts, tenures, and applicable UBI recurring deposit interest rates to explore multiple scenarios in only a few seconds.
- Accurate Estimations: Calculate returns based on current Union Bank RD rates.
- Time-Saving: Quickly evaluate returns without manual calculations.
Formula to Calculate Recurring Deposit Maturity
The formula used in the Union Bank RD Interest Calculator is based on compound interest, ensuring accurate projections:
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
Suppose you deposit Rs. 5,000 monthly for 2 years at an annual UBI recurring deposit interest rate of 6.5%.
- Monthly deposit (R): Rs. 5,000
- Annual interest rate: 6.5%
- Quarterly interest rate (i): 6.5 / 400 = 0.01625
- Number of quarters (n): 2 years × 4 = 8
Using the Union Bank RD Calculator formula, the maturity amount comes to approximately Rs. 1,26,749.
How to Use the smallcase Union Bank RD Calculator?
An RD calculator uses a simple formula to determine the maturity amount and interest earned on a Recurring Deposit (RD) investment. By entering the principal amount, tenure, and interest rate, the calculator provides details such as the monthly deposit, total deposit, interest earned, and maturity amount.
The Union Bank of India RD calculator (UBI RD calculator) offered by smallcase has a simple and user-friendly interface. Here’s a quick guide on how to use the smallcase UBI RD calculator:
Step 1: Add the amount you wish to invest in a Union Bank of India RD.
Step 2: Adjust the slider to select your expected rate of return.
Step 3: Enter the investment tenure for the Union Bank of India RD.
The smallcase UBI RD Calculator will deliver precise results in just a few seconds!
Union Bank RD Interest Rates
The RD interest rates in Union Bank of India as of November 2024 are:
| Tenure | Interest Rate (General) | Interest Rate (Senior Citizens) |
| 181 days to less than 1 year | 4.40% | 4.90% |
| 1 year | 5.00% | 5.50% |
| 1 year 1 day to 2 years | 5.10% | 5.60% |
| 2 years 1 day to 3 years | 5.30% | 5.80% |
| 3 years 1 day to 5 years | 5.40% | 5.90% |
| 5 years 1 day to 10 years | 5.50% | 6.00% |
Note: The RD interest rate Union Bank of India offers is subject to periodic changes. Check the latest rates before investing in an RD.
Recurring Deposit in Union Bank of India: Key Highlights
- Low Minimum Deposit: Start with as little as Rs. 50 per month.
- Flexible Tenure: Choose RD terms ranging from 6 months to 10 years.
- Senior Citizen Benefits: Earn an additional 0.50% on UBI recurring deposit interest rate.
Benefits of the Union Bank RD Calculator
- Precision: Leverage the Union Bank RD interest calculator for accurate results.
- Comparison: Analyze different tenures and Union Bank RD schemes to find the best fit for your goals.
- Efficiency: Instantly compute returns with ease.
- Informed Decisions: Utilise clear insights into RD interest rates in Union Bank of India for sound financial planning.
To Wrap It Up...
The Union Bank of India RD Calculator is a powerful tool for anyone investing in a recurring deposit. Evaluating potential returns based on the current Union Bank RD interest rate helps you make well-informed decisions. Whether you’re a new saver or an experienced investor, the smallcase RD calculator Union Bank can simplify your financial planning!
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Frequently Asked Questions
What is the minimum deposit for a recurring deposit in Union Bank of India?
The minimum monthly deposit is Rs. 50. This amount is subject to changes.
Can I modify my monthly deposit amount in an ongoing RD scheme?
No, the deposit amount is fixed throughout the tenure of the Union Bank RD scheme.
How is the maturity amount calculated in the smallcase UBI RD Calculator?
It uses the compound interest formula based on the monthly deposit, tenure, and applicable Union Bank RD rates.
Are there penalties for delayed payments?
Yes, delayed payments attract a nominal penalty in Union Bank RD schemes.
What are the current RD interest rates in Union Bank of India?
As of now, Union Bank RD interest rates range from 4.40% to 5.50% for general customers and 4.90% to 6.00% for senior citizens.
Can senior citizens use the smallcase Union Bank RD interest calculator?
Yes, senior citizens can use the calculator to factor in their additional interest benefits.
Is TDS applicable on RD interest earnings?
Yes, TDS is applicable if interest earnings exceed Rs. 10,000 in a financial year.
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