This is the online RD or Recurring Deposit Calculator. using this you calculate the Recurring deposit amounts, Interest, and Expected Maturity amounts.
What is RD?
The Full form of RD is a recurring deposit. This is a 6 month to 10 years depositing investment plan with a higher interest rate.
Using this account you have to invest a specific amount in every money at least for 6 months and a maximum for 10 years.
This investment is a higher return plan. almost double than saving accounts. mostly all the banks provide these depositing facilities.
you have to deposit a minimum of 500 Indian Rupees to every month after ending of the investment period, you can withdraw your money with high interest.
If Any requirement while locking period of your money then money can be withdrawn but there is some penalty you have to pay on your interest amount. your principal amount will always safe. the penalty will be applied to your interest-earning.
Benefits of RD
If you are a salaried person then this will help you to save a certain amount for your future, you can pay a certain amount of your salaries to the Recurring deposit for a long period of time. so that after the maturity you will get a good amount of interest-earning.
but if you put the same amount to the savings account then the interest amount is less. after some years later not much money you will get.
If you want higher interest than saving but fearing for penalties then here are my suggestions for your:
- you can open a recurring deposit account, and deposit a specific amount of money every month. if you need money for any reason pay the fine. but fine can be 1% or 2% depending on the banks. you can ask them before opening your accounts.
- so just think if you get 7% to 8% interest, then if you pay 2% fine from your interest amount, still your percentage of interest will be almost 6%. which is much higher than saving accounts interest rates. so in this way you can invest in the recurring accounts.
What is RD Calculator?
Use this calcualtor that help you to calcualte your total deposite, interest and maturity amounts.
some people don’t know how to calculate and some people don’t know the formula. also, who knows the formula they don’t want to waste time to calculate manually that why you can use this calculator to save your time. just put the number and immediately get the result.
How to use this RD calculator?
All the options discussing below
- Monthly Installment amount: Put the Monthly installment money. this amount of money will pay regularly every month for a specific period of time.
- % of Interest: The percentage of interest you are expecting or your banks will give you.
- Month (Investment Period): the period of time you will stay invested. put the time in a month. 12 means 1 year.24 means 2 years’ time period.
- Total Deposit: the total amount that you have invested by depositing the specific amount every month. this is the calculation of your principle money.
- Interest: the interest amount that you will get after the ending of the period base on the principle amounts.
- Expected Maturity Amount: the expended amount. you will get after in the maturity period. this is the total principal and interest amount. that you will get in the future.
Why use this online Recurring deposit calculator?
This RD Calculator is showing the interest amount and total principal amount and maturity periods total return amounts. that why you can use Online CalC.