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What Is the IndusInd Bank RD Calculator?
Recurring Deposits (RDs) have garnered widespread popularity among the masses due to their numerous benefits, including higher flexibility and lower risk. These investment instruments provide individuals with a convenient and structured approach to saving money while earning interest on their deposits. Those who wish to calculate the returns on these deposits can use an RD calculator available online.
If you have opened an RD account with the Induslnd Bank, you can use the IndusInd Bank RD calculator. The Angel One online IndusInd Bank RD calculator is specifically designed to assist individuals in calculating their maturity and interest returns, thereby facilitating effective financial planning.
The IndusInd Bank RD calculator offers a user-friendly interface that requires only a few key inputs: the desired investment amount, interest rate, and investment duration. Once these details are entered, the calculator instantly yields the maturity amount and the interest it will accrue.
How Does the IndusInd Bank RD Calculator Work?
The Angel One Induslnd Bank RD calculator is a handy tool that helps determine how much your recurring deposit investment will grow. Instead of manually crunching numbers each month, this calculator does all the work for you, making it convenient and accurate. Here’s how –
- Enter the monthly amount you want to deposit in RD
- Enter the applicable interest rate
- Enter the duration for which you want to invest in RD
Once you have entered all the required information, the online IndusInd Bank RD calculator will display the maturity value of your investment. It will also display the total investment amount and estimated returns.
What Is the Induslnd Bank RD Calculator Formula?
- If you wish to manually calculate your returns from the Induslnd Bank RD, you can use the Induslnd Bank RD calculator formula, as shown below –
- M = R [(1+i) ^ n-1]/(1- (1+i) ^ (-1/3) )
- Where,
- M is the maturity value,
- R is the monthly deposit amount,
- i is the rate of interest/400
- n is the number of quarters
How To Use the Online IndusInd Bank RD Calculator?
Visit the Angel One website to access the IndusInd Bank RD calculator. Here are three steps to use the online IndusInd Bank RD calculator:
- Step 1: Enter the amount you wish to deposit monthly for your RD.
- Step 2: Specify the interest rate.
- Step 3: Enter the duration of your RD (in years).
The IndusInd Bank RD calculator will consider all these factors to determine the maturity value of your recurring deposit. Let’s look at an example to have a clear understanding. Suppose you open an RD account. You want to invest Rs. 6,500 for 5 years at an applicable interest rate of 7% annually. Then, the future value of your investment will be Rs. 4,67,563. The total invested amount shall be Rs. 3,90,000, while estimated returns will amount to Rs.77,563.
Benefits of Using the IndusInd Bank RD Calculator
Here are the several benefits of using the online IndusInd Bank RD calculator:
- Accurate calculation: One of the key advantages of the IndusInd Bank RD calculator is its ability to calculate your recurring deposit's maturity amount and interest return accurately. You can instantly find out how much you would receive at maturity by simply entering details such as your monthly investment amount, interest rate, and tenure.
- Flexibility in planning: With adjustable variables such as the monthly investment amount, tenure, and interest rate, you can experiment with different values, enabling you to better plan your finances.
- Real-time returns estimation: When using the IndusInd Bank RD calculator, you can get a real-time estimation of your returns on investment. This helps you understand the potential outcomes of your recurring deposits.
- Free and accessible: The Angel One online IndusInd Bank RD calculator is free and easily accessible. You can access it on the Angel One website without any charges.
FAQs
What is the IndusInd Bank RD calculator?
The online IndusInd Bank RD calculator helps you calculate the maturity amount and interest earned on your RDs. It enables you to estimate the returns based on the investment amount, tenure, and interest rate.
How to use the online IndusInd Bank RD calculator?
To use the IndusInd Bank RD calculator, visit the Angel One website. Enter the monthly investment amount, applicable interest rate, and duration of the RD. The online IndusInd Bank RD calculator will determine the maturity value of your RD instantly.
Is the IndusInd Bank RD calculator free to use?
Yes, the Angel One IndusInd Bank RD calculator is free to use. It is a convenient tool that assists you in calculating the potential returns on your recurring deposits.
What is the minimum amount required to start a bank RD?
The minimum amount required to start an RD varies across banks and their policies.
Which is better, FD or RD?
FD offers a lump-sum investment with a fixed tenure and interest rate, while RD allows you to make regular monthly deposits over a specific period at a fixed interest rate. If you have a large sum of money to invest upfront and can lock it for a longer duration, FD may be suitable. On the other hand, if you prefer smaller monthly investments and want to develop a saving habit, RD could be a better option.
