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Recurring Deposit Calculator
If you are looking to generate considerable savings with small regular deposits, a recurring deposit is the most suitable investment. Like fixed deposits, RDs are also risk-free and offer interest rates similar to a fixed deposit. With IDFC FIRST Bank, you receive one of the highest interest rates on an RD and a comprehensive calculator tool to plan your recurring deposit investment effortlessly.Read More
An IDFC FIRST Bank Recurring Deposit (RD) calculator is an easy-to-use financial tool that helps you precisely calculate the returns earned on your RD and the total interest earned during the investment period. All you need is to enter your investment tenure and the deposit amount to know your maturity amount. Read Less
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Bigyan Choudhury -
Ramesh Chandra Das "My close relatives & friends have been banking with IDFC FIRST Bank since its inception in Odisha. I can easily conclude that we all are extremely pleased with the excellent customer service provided to Senior citizens which are in line with the RBI s current instructions. I recommend people to switch to IDFC FIRST Bank."
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Mahesh Chandra Dash "I became a part of IDFC First Bank as a privileged customer during the pandemic in July 2020. In this short span of time, I’m truly overwhelmed with the kind of service rendered by the whole team. Overall, the performance of IDFC FIRST Bank with respect to the rate of interest, pro-active team response, personalized offering service to the less privileged is really impressive."
Features and Benefits of Recurring Deposit
Features of Recurring Deposit
RDs are an attractive investment scheme due to their excellent features. Some of these features are listed below:
- RDs inculcate the habit of saving, allowing investors to invest every month. The invested amount earns an attractive interest rate, which entices investors to save more
- RD interest rates can help you fight inflation. The interest rate is even more for senior citizens
- RD schemes are generally flexible. You can begin investing in IDFC FIRST Bank RD with an amount as low as ₹100 per month
- Auto-debit feature is also available in RD accounts
Benefits of using IDFC FIRST Bank’s RD Calculator
Our recurring deposit calculator gives you an indicative figure of interest earned and maturity amount of your RD, including the returns you’ll earn. The key benefits of using our RD calculator online include:
- It saves time and effort by calculating your maturity value based on few inputs
- The recurring deposit interest calculator is easy to use and understand
- Future planning is easier with the RD calculator. Choose the monthly investment amount and investment time horizon based on your desired maturity value
How does an RD Calculator work?
An RD calculator helps calculate the interest earned on the amount invested in an RD. It is based on the compound interest formula:
A = P*(1+R/N) ^ (Nt)
Where: A = Maturity Amount; P = Principal; N = Compounding Frequency; R = RD interest rate in percentage; t = Tenure.
Note: The formula cannot be directly used to calculate the RD maturity amount.
How can an RD calculator help?
Recurring deposits can help you build significant savings over a period of time by offering interest on your funds. The interest calculation, however, involves an extensive calculation process which is quite time-consuming if done manually. The automated RD calculator tool from IDFC FIRST Bank helps you dodge the hassles of manual calculation by precisely determining your maturity amount, based on your investment tenure and deposit amounts.
With our recurring deposit calculator, you can also adjust the deposit amount and choose a tenure of your choice to find the maturity amount. It helps you plan your recurring deposit efficiently and accurately without hassles.
How is RD Interest Calculated?
RD interest rates can be calculated manually or by using the recurring deposit calculator. It is better to use the RD maturity calculator as it does everything for you. The RD interest calculator uses the maturity value formula to compound interest quarterly.
How to use IDFC FIRST Bank’s RD Calculator?
Our recurring deposit calculator is simple, quick, and easy to use. Enter the monthly investment amount and the number of months you’re investing it. Once you enter these details in the recurring deposit interest calculator, it calculates your maturity amount as per the applicable interest rate. You can change data inputs, and the RD calculator will automatically give the revised maturity value.
Disclaimer
IDFC FIRST Bank does not guarantee accuracy, completeness or correct sequence of any of the details provided therein and therefore, no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the user's own risk. The user should exercise due care and caution (including if necessary, obtaining of advice of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein.
IDFC FIRST Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against IDFC FIRST Bank.
Neither IDFC FIRST Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
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FAQs on RD Calculator
What is the maturity amount in RD?
The maturity value in RD is the amount you receive after your RD tenure has ended. It is calculated based on the instalment, tenure, and interest rate. The maturity value of RD is the aggregate sum of principal and the interest earned.
What happens if the RD instalment is not paid?
IDFC FIRST Bank does not levy penalty charges for missing monthly installments.
Is TDS applicable on RD?
As per Section 194A of Income Tax Act 1961, TDS shall be deducted at the rate of 10% when interest payable or reinvested on FD & RD per customer, across all Branches, is likely to exceed Rs. 50,000/- (or Rs. 1,00,000/- for Senior Citizens) in a Financial Year, unless otherwise exempt under law.
Can I break my RD prematurely?
Yes, it is possible to break your RD account prematurely. RD if prematurely closed, would be subject to ‘Premature Closure Penalty’ as prescribed by the Bank on the date of deposit. Please visit the nearest branch to know more.
How to use the RD calculator?
Recurring deposit calculator is a great online tool to automatically calculate the interest earned on savings in an RD account. You can use the RD calculator on our website by entering the monthly investment amount and the investment period. After you enter these details, you can see the interest you will earn upon maturity.
