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If you have invested or are going to invest in Recurring Deposit, then RD Calculator becomes essential for your financial planning. This Calculator provides individuals with a comprehensive understanding of their potential returns, allowing for informed decisions regarding their investment strategies. This tool simplifies the complex calculation and gives RD investors projection of their RD earnings over time. RD calculator needs deposit amount, tenure, and interest rate for the best calculation results.
RD or Recurring Deposits are an investment tool which allows investors to make regular monthly payments and save money for the long term. Investors can choose the tenure of the deposit and the minimum monthly payment they wish to make according to their convenience. RD schemes are generally more flexible than FD schemes and are generally preferred by those who want to start an account for the purpose of saving money and building a rainy-day fund.
ClearTax Recurring Deposit Calculator is very simple and easy to use. You can follow the below steps to find the maturity amount of your RD:
You can recalculate your RD maturity amount anytime by changing the inputs.
Interest on RD is compounded quarterly, in most banks. The formula for this is :
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
In this,
M = Maturity Value
R = Monthly Installment
n = Number of quarters
I = Rate of interest/400
So, if you invest in RD and put in Rs. 5,000 per month for a year, at the interest rate of 8%, your total value will be calculated as:
R = 5000
n = 4 (one year has four quarters)
I = 8.00/400
M = Rs. 62, 647 in one year
Have a query?
RD Calculator - Calculate Recurring Deposit Maturity Amount
