Recurring deposit calculator India
Recurring deposit is a popular savings option where you can deposit small amounts of money on a regular basis to accumulate a big amount over a period of time. This is a disciplined form of savings and forces you to deposit recurring amount at specified intervals thus helps in financial discipline beneficial for you in the long run.If you plan to pay yearly installment for you insurance premium or any other payment which you know beforehand, the best option is to open a recurring deposit account to accumulate the required sum.
To know how much recurring deposit amount is required to achieve your target sum in limited time-frame or what will be the yield of your deposit, use our online RD calculator to find this out.
To use this calculator you will need to know the RD interest rates offered by banks as they vary from bank to bank. Find out the bank which offers the best interest rates on recurring deposit accounts
Online RD accounts can also be opened in ICICI bank, HDFC bank, Axis bank, SBI, PNB, bank of Baroda, Canara Bank, and a host of other government and private banks in India. Recurring deposit facilities are also available across all post offices in India.
Our online recurring deposit calculator gives you the return on the investment made in monthly installment. By default we have taken frequency of compounding as quarterly, as this is the norm followed by most of the banks in India. The effective yield is the actual return on the deposit.
The rate of interest on RD accounts is better than normal savings accounts. If you want this calculator in excel format there are various websites to download it.