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What Is the RBL Bank RD Calculator?
RBL Bank RD calculator is a valuable financial tool that allows consumers to determine the potential returns and maturity amount of recurring deposits. This online calculator simplifies financial planning by eliminating the need for manual calculations and providing quick results.
You can input the monthly installment amount, the period of RD investment, and the annualised interest rate provided by the bank into the RBL Bank RD calculator online to compute returns. The amount due at maturity is then calculated, including the principal amount and the interest earned throughout the tenure. You can change these variables to compare options and make informed decisions based on realistic estimates.
You can align your investments with your financial goals by trying various combinations of principal and tenure in the RBL Bank RD formula calculator.
How Does an RBL RD Calculator Work?
An RD calculator takes the principal, duration, and rate of interest as inputs and applies the RD formula to them. It then shows the maturity amount and the total interest the investment will accrue. The RBL bank RD calculator formula powers the RBL bank RD calculator on Angel One, eliminating the hassle of time-consuming manual calculations. It offers realistic return estimates, enabling you to make informed decisions about your money.
What Is the RBL Bank RD Calcualtor Formula?
The RD formula considers three primary variables: principal, interest rate, and tenure. The formula for calculating the RD maturity amount is as below:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
- 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 RBL Bank RD Calculator Online?
Below are the detailed steps involved in using the RBL Bank RD calculator online:
- Open the RD calculator page on the Angel One platform
- Enter the monthly installment value that you intend to deposit
- Enter the tenure of your recurring deposit
- Input the interest rate
The calculator will yield the maturity amount, the interest you can earn, and a graphical representation of how your investment will grow. You may try varying combinations of payment amounts, duration, and interest rates to find the ideal combination to fulfil your financial goals.
You can understand this better using the example below:
Suppose you wish to make a monthly investment of Rs. 8,000 in a recurring deposit for four years at 7.2% p.a. Here’s how to calculate the return and total maturity amount with the RBL Bank RD calculator:
- Input Rs. 8000 in the monthly investment field
- Adjust the slider to input the interest rate as 7.2%
- Input 4 years using the duration slider
The RD calculator on Angel One will instantly display Rs. 3,84,000 as the invested amount, Rs. 61,736 as the estimated return, and Rs. 4,45,736 as the total maturity value.
Benefits Of Using an RBL Bank RD Calculator
Below are some benefits you can unlock using the RBL Bank RD calculator.
- Access accurate estimations: Based on the principal, tenure, and interest rate, the RBL Bank RD calculator on Angel One yields accurate estimates of the maturity amount and interest. This enables individuals to make informed investment decisions.
- Save effort and time: Manual computations are time-consuming and prone to errors. RD calculators on Angel One eliminate the need for complex manual calculations while saving time and increasing accuracy.
- Align your savings with your financial goals: You can analyse the prospective returns from your investments using the RBL Bank RD calculator. This will enable you to budget for your financial goals and decide the monthly contribution to RD accordingly.
- Better comparison and analysis:RD calculators enable users to evaluate various investment possibilities by entering different principal, tenure, and interest rate values. This helps to select the best appropriate investment strategy based on budget and financial goals.
FAQs
What is the RBL Bank RD calculator?
The online RBL Bank RD calculator is a web-based tool available on Angel One platform. It allows customers to determine the maturity value and interest on their recurring deposit investments. It aids in financial planning by offering accurate returns.
How to use the RBL Bank RD calculator online?
The online RBL Bank RD calculator available on Angel One is easily accessible and convenient to use. All you need to do is enter the monthly payment, tenure, and interest rate to know how much you will get after the investment duration.
Is the RBL Bank RD calculator free to use?
Yes, Angel One doesn’t charge you for using the RBL Bank RD calculator; you can use it as often as you want.
Which is better, FD or RD?
FD and RD are both different types of savings instruments. While fixed deposits (FD) require investing a lumpsum amount for a pre-determined tenure, recurring deposits require periodic investments. You can choose what works better for you based on maturity amount estimations, financial goals, and the amount at hand. RD may be a better option if you wish to inculcate a habit of saving regularly.
What is the minimum amount required to start a bank RD?
Banks often have a minimum deposit requirement to open an RD. The exact minimum requirement for an RD differs from one bank to the next. If you have a sizable amount to invest, you can choose a higher monthly deposit as well.
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