A Recurring Deposit (RD) is a savings scheme by banks and post offices, wherein you save a fixed amount monthly and get interest on it. It aids in the development of a saving habit as well as giving reasonable returns
Use this RD Calculator to easily find out your maturity amount and total interest earned.
To get started with the Recurring Deposit Calculator at CalcNow.in, just follow these simple steps::
Suppose you invest ₹2,000 per month for 3 years at an annual interest rate of 7%:
Total Deposit = ₹72,000
Interest Earned = ₹9,547
Maturity Amount = ₹81,547
1. What is an RD Calculator?
An RD Calculator is a handy tool that lets you figure out how much you'll earn in total and the maturity amount from your monthly recurring deposit investments.
2. Is this calculator suitable for Post Office RD schemes?
Absolutely! You can use it for both bank and Post Office recurring deposits by simply entering the appropriate interest rate..
3. Is the interest compounded monthly or quarterly?
Typically, the interest for a recurring deposit (RD) is compounded quarterly. This calculator is set to use quarterly compounding by default..
4. What is the minimum duration for an RD?
When it comes to recurring deposits (RDs), most banks typically offer terms that start at 6 months and can go all the way up to 10 years. .
5. Do banks deduct TDS on RD interest?
Yes, banks do deduct TDS on the interest earned from your Recurring Deposit (RD) if the total interest for the financial year goes over ₹40,000 (or ₹50,000 for senior citizens). Just keep in mind that this is in line with the Income Tax rules..
6. Can I withdraw RD before maturity?
You can usually withdraw from a Recurring Deposit (RD) before it matures at most banks, but keep in mind that this might come with a penalty or a reduced interest rate..
7. Does this calculator consider taxes?
No, this calculator only provides pre-tax values. If you want to figure out the post-tax maturity, you'll need to do a little math based on your tax bracket.