RD Calculator
Calculate maturity amount for your Recurring Deposit (monthly investment).
What is a Recurring Deposit (RD)?
A Recurring Deposit (RD) is a type of term deposit offered by banks in India that allows you to invest a fixed amount every month for a predetermined period. At the end of the tenure, you receive the total amount deposited along with the accumulated interest. RDs are ideal for salaried individuals who want to save regularly with guaranteed returns without exposure to market risk.
How to Use This RD Calculator
1. Enter the monthly deposit amount in INR.
2. Enter the annual interest rate offered by your bank.
3. Enter the tenure in years.
4. Click "Calculate RD" to see the maturity amount, total investment and interest earned.
RD Formula
The maturity value of a Recurring Deposit is calculated using: M = P x [{(1 + r)n - 1} / r] x (1 + r), where P is the monthly installment, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of months. This formula accounts for monthly compounding of interest on each installment.
Frequently Asked Questions
What is the difference between RD and FD?
In an FD, you deposit a lump sum amount at once, while in an RD, you deposit a fixed amount every month. RDs are better suited for those who cannot invest a large sum upfront but want to build savings over time. FDs generally offer slightly higher interest rates than RDs.
Can I withdraw from my RD before maturity?
Yes, most banks allow premature withdrawal of RD, but a penalty (usually 0.5-1% reduction in interest rate) is applied. Some banks also allow partial withdrawal or offer a loan against RD. Check with your bank for specific terms.
Is RD interest taxable?
Yes, interest earned on RDs is taxable under "Income from Other Sources" as per your tax slab. TDS is deducted by the bank if the interest exceeds Rs 40,000 in a financial year (Rs 50,000 for senior citizens).
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