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What Is the Equitas Small Finance Bank RD Calculator?
Recurring Deposits (RDs) are a popular investment choice amongst individuals looking to grow their savings steadily. This scheme allows you to deposit a predetermined amount of money every month, helping you build wealth in the long-term. You earn interest on the deposited amount, and your returns may vary depending on the tenure, investment amount and interest rate. If you have opened an RD account with Equitas Small Finance Bank, you can use the Angel One Equitas Small Finance Bank RD calculator to instantly calculate your returns.
The online Equitas Small Finance Bank RD calculator requires you to fill in certain essential details, such as the amount of the monthly deposit, the RD tenure, and the expected interest rate. Once done, the calculator analyses the data and instantly gives you the maturity amount and interest earned. Angel One RD calculators can aid individuals in planning their savings effectively and making informed financial decisions.
How Does an Equitas Bank RD Calculator Work?
The online Equitas Small Finance Bank RD calculator works on a mathematical formula using three basic inputs: the amount of RD, duration and interest rate. Simply enter the amount you want to save every month, along with the number of months and expected interest rate, and the calculator will calculate the total returns you will get at the end of the RD tenure.
What is Equitas RD Calculator Formula?
- M is the maturity value,
- R is the monthly deposit amount,
- i is the rate of interest/400
- n is the number of quarters
The Equitas Small Finance Bank RD calculator uses a formula for calculating the maturity amount and estimated returns of a recurring deposit. Here is the Equitas Small Finance Bank RD calculator formula:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
Where,
How To Use the Equitas Small Finance Bank RD Calculator Online?
The online Equitas Small Finance Bank RD calculator is an easy and convenient way to estimate the future value of your recurring deposit. Follow the steps stated below to use the calculator effectively:
- Enter the recurring deposit amount per month
- Enter the expected interest rate on the RD
- Enter the tenure of the RD in years
The calculator will then display the maturity value of your RD along with estimated returns at the end of the RD tenure. You can also change the inputs multiple times and calculate the expected returns on the RD with different inputs to make an informed financial decision.
Let us take an example to understand the calculations better. Suppose you open an RD with Equitas Small Finance Bank of Rs. 20,000 for 10 years at an interest rate of 10% p.a. The Angel One Equitas Small Finance Bank RD calculator will display Rs. 41,11,371 as the future value of the investment, the total invested amount as Rs. 24,00,000 and Rs. 17,11,371 estimated returns.
Benefits of Using an Equitas RD Calculator
Below are the benefits of using the Angel One Equitas Small Finance Bank RD calculator:
- Financial planning: You can use the Equitas Small Finance Bank RD calculator to experiment with different inputs, such as the monthly investment amounts, durations, and interest rates. This will help you assess the impact of investment, tenure, or interest rate on your returns and make strategic decisions for maximizing your savings.
- Time-saving: Manual calculations are time-consuming, cumbersome, and prone to errors. The Equitas Small Finance Bank RD calculator automates the entire process and saves your efforts and valuable time by providing instant results.
- Flexibility: The calculator allows you to change the inputs multiple times, enabling you to explore different investment options and find the most suitable Equitas Small Finance Bank RD plan that aligns with your financial goals.
- Free to use: The Equitas Small Finance Bank RD calculator allows you to estimate your returns without cost. You can use it multiple times, anytime, anywhere.
FAQs
What is the Equitas Small Finance Bank RD calculator?
The Equitas Small Finance Bank RD calculator is an online tool that allows you to estimate the maturity value of your recurring deposit easily and instantly, thereby aiding financial planning.
How to use the Equitas Small Finance Bank RD calculator online?
Using the Angel One online Equitas Small Finance Bank RD calculator is effortless and convenient. You simply have to provide the details of your RD investment, such as monthly RD amount, tenure, and expected interest rate, to get estimated future returns.
Is the online Equitas Small Finance Bank RD calculator free to use?
The online Equitas Small Finance Bank RD calculator is free to use, enabling you to make financial decisions without any charges or costs.
How is recurring deposit interest calculated?
RD returns can be calculated using the formula M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) ). However, using this formula manually can be too complex and thus lead to errors. You can alternatively use an online RD calculator to calculate your returns instantly and accurately based on the inputs given.
Is there a penalty if the bank RD is withdrawn prematurely?
When concerning premature withdrawals, different banks have different rules in place. Premature withdrawal can directly impact and lower your interest rates and returns.
