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What Is the IOB RD Calculator?
The IOB RD calculator is an online tool that helps individuals estimate the maturity value and interest income of their recurring deposits (RD) with the Indian Overseas Bank (IOB).
The online IOB RD calculator calculates the amount based on factors such as the invested amount, interest rate, and deposit duration. The Angel One IOB RD calculator is free to use and provides instant calculations, making it convenient for individuals planning their savings with IOB. The calculator can also aid in making informed decisions by helping users compare different deposit periods and interest rates.
How Does an IOB RD Calculator Work?
An RD calculator simplifies the process of calculating returns on your RD investment. To use it, you need to input relevant details about your RD, and the calculator will compute the maturity amount and interest income instantly.
The Angel One IOB RD calculator works by applying the appropriate interest rate to your deposit and considering the tenure of the investment to determine the final maturity amount. Here’s how to use the calculator to calculate your returns.
- Enter the monthly investment amount
- Enter the applicable interest rate
- Enter the duration of your RD
The online IOB RD calculator will display the maturity value, total investment amount, and total interest income.
What Is the IOB RD Calculator Formula?
- You can use the formula given below to calculate the maturity value of your recurring deposit:
- 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 IOB RD Calculator?
Here’s how you can use the Angel One online IOB RD calculator:
- Access the IOB RD calculator from the Angel One website
- Enter the monthly deposit amount you want to invest in the recurring deposit
- Slide on the applicable interest rate
- Enter the duration on the slider (in years)
Once you have entered the above information, the IOB RD calculator formula will be applied, and the calculator will display the maturity value of the RD. It will also display the total amount you have invested and estimated returns.
Here’s an example to have a clear understanding of the same.
Suppose you invest Rs. 5,000 per month for 3 years and the applicable rate of interest is 7%. Upon entering these values, the Angel One online IOB RD calculator will display the maturity value of your recurring deposit. In this case, it will be Rs. 2,00,686.
The IOB RD calculator will also display the total amount you have invested, i.e., Rs. 1,80,000. The estimated returns will amount to Rs. 20,686.
Benefits Of Using an IOB RD Calculator
Here are the key advantages of using the online IOB RD calculator:
- Error-free calculations: While manual calculations can be tricky and error-prone, the IOB RD calculator provides error-free calculations.
- Accessibility: The online IOB RD calculator can be easily accessed on the Angel One website. This convenience lets you calculate RD maturity and interest amounts anytime and anywhere.
- Free to use: The IOB RD calculator is available online, free of charge, making it accessible to all individuals who wish to evaluate the potential wealth gained from their RD investment.
- Quick results: By utilising the online IOB RD calculator, you can obtain instant results. This real-time feedback helps individuals make prompt decisions and evaluate the impact of different investment tenures or interest rates on their savings.
- Better decision-making: The IOB RD calculator can assist you in making better financial decisions by clearly presenting the potential returns on your RD investment. With accurate calculations and instant results, you can compare different investment options and select the most suitable tenure and interest rate to maximise your savings.
FAQs
What is the IOB RD calculator?
The IOB RD calculator is an online tool that you can use to calculate the maturity amount and interest of your recurring deposit (RD) account with Indian Overseas Bank.
How to use the online IOB RD calculator?
You can visit the Angel One website to use the online IOB RD calculator. Enter the required details, including the deposit amount, tenure, and interest rate. The calculator will instantly provide the maturity amount and interest earned on your RD account.
Is the IOB RD calculator free to use?
Yes, the online IOB RD calculator is free to use. You can access it on the Angel One website without any charges.
What is the minimum amount required to start IOB bank RD?
The minimum amount required to start an RD varies from bank to bank. The minimum requirement IOB sets is Rs. 50.
Which is better, FD or RD?
The choice between a fixed deposit and a recurring deposit depends on your financial goals and requirements. FDs are suitable for individuals who wish to invest a lump sum amount, while RDs are ideal for those who want to save a fixed amount regularly over a specific period. FDs generally offer higher interest rates, but RDs provide the advantage of regular savings. Consider your investment horizon, liquidity needs, and expected return before deciding which option is better for you.
