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What Is the Indian Bank RD Calculator?
A Recurring Deposit (RD) is an investment where customers deposit a fixed amount each month for a specific period. At the end of the term, they receive the sum of their investments and the interest they earn. The Indian Bank RD calculator is an online tool designed to estimate the interest they can earn by investing in a recurring deposit with Indian Bank.
Using the online Indian Bank RD calculator, you can input the investment amount, deposit tenure, and interest rate and get an estimate of the maturity amount and interest you will receive at the end of the investment period.
The online Indian Bank RD calculator is useful for customers who want to plan their investments and estimate the returns they can expect from a recurring deposit with Indian Bank.
How Does an Indian Bank RD Calculator Work?
An RD calculator uses a formula to calculate the interest earned on a recurring deposit over a specific tenure. The formula generally considers factors such as the monthly deposit amount, the interest rate, and the deposit duration.
Follow the three steps below to use the Angel One Indian Bank RD calculator.
- Input the monthly investment amount
- Slide on the interest rate or enter it manually
- Enter tenure using the slider or key it in
Once you have entered the details above, the online Indian Bank RD calculator will display the maturity value and interest.
What Is the Indian Bank RD Formula?
You can use the formula below to calculate your investments' maturity value. The Indian Bank RD Calculator formula is also the same:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
Where,
M is the maturity value,
R is the amount you deposit monthly,
i is the rate of interest/400
n is the number of quarters
How To Use the Indian Bank RD Calculator Online?
The online Indian Bank RD calculator on Angel One is easy to use. You just need to enter the monthly investment amount, interest rate, and the duration of the investment. In a few seconds, the Indian Bank RD calculator will generate your investment's maturity value and the interest it will accrue.
Here’s an example to demonstrate this.
Suppose Mr A opened a regular RD account with the Indian Bank for Rs. 5,000 monthly for 3 years. The applicable rate of interest is 7.25% per annum. Then by entering the required parameters in the Angel One Indian Bank RD calculator, the maturity value would be Rs. 2,01,632, while the estimated return will be Rs. 21,632.
Benefits of Using the Indian Bank RD Calculator
Below are some of the key benefits of using the online Indian Bank RD calculator:
- Accurate calculation of maturity value: The Indian Bank RD calculator uses a standard formula and ensures accurate calculations of the maturity value of your RD investment.
- Easy online access: The online Indian Bank RD calculator is easy to use and access and helps to calculate the future value of investments instantly.
- Quick results: Using the Angel One Indian Bank RD calculator, you can calculate your RD returns in just a few seconds. This allows you to assess the potential returns on your RD investment quickly.
- Informed investment decisions: The Indian Bank RD calculator empowers you to make informed decisions with simple inputs like investment amount, interest rate, and tenure. This can help you plan your investments and savings better.
- Free to use: The Angel One Indian Bank RD calculator is a free way to calculate your RD returns online.
FAQs
What is the Indian Bank RD calculator?
How to use the online Indian Bank RD calculator?
Is the Indian Bank RD calculator free to use?
What is the minimum amount required to start a bank RD?
How is recurring deposit interest calculated?
Is there a penalty if the Indian Bank RD is withdrawn prematurely?
