RD Calculator
RD calculator defines the maturity value of the deposited amount including several crucial factors like deposit tenure, deposit, amount, and interest compound frequency. Here we will discuss the measurements done in the RD calculator how effective it has been through for all these years as a good and safe investment platform.
- Deposit Amount – The minimum deposit amount varies for each bank and is as low as ₹ 10.
- Deposit Tenure – Maturity value depends on the duration that you invest money in RD. Generally, RD tenure ranges from 6 months to 10 years.
- Interest Compound Frequency – This calculates the maturity amount supported by monthly deposits you create in the RD account.
RD Rate of Interest Calculator
- Income Tax on Recurring Deposit Interest
- You can always contribute more to the hometown by donating some more.
- Say, you create a cumulative deposit for five years with a bank and hence will receive interest only at the top of 5 years. Still, you want to pay tax on the accrued interest for every one of the years therein year itself.
Tax Deduction (TDS) on RD Interest
- Earlier no tax was deducted on recurring deposits. With effect to 1st June 2015, recurring deposits are subject to TDS (tax deducted at source) as per the tax laws. TDS on RD would be deducted at the speed of 10%. However, no TDS would be deducted if the interest income earned doesn’t exceed ₹ 10,000 during a fiscal year.
- Tax is to be paid as per applicable slabs at the time of filing a tax return.
How is Interest on RD Calculated?
To calculate interest on RD, you’ll use the formula as mentioned below:
- M = P*(1+R/N)^Nt
Where
M = Maturity amount.
- P = Principal amount of investment
- R = rate of interest in decimal( you’ll convert RD rate of interest into a decimal by dividing it by 100
- T = Time duration( Months)
- t = Time duration( Years)
- N= compounding frequency (since it’s quarterly, it can be 4)
If you would like to save lots of yourself from complex calculations, you can also use a web RD calculator provided on the page.
RD Interest Calculator
| Bank | Interest Rates | RD Tenure |
| SBI Recurring Deposit | 5.00% – 5.40% |
1 Year – 10 Years
|
| HDFC Bank Recurring Deposit | 3.50% – 5.50% |
6 Months – 120 Months
|
| Private Bank Recurring Deposit | 3.50% – 5.35% |
6 Months – 10 Years
|
| Axis Bank | 4.40% – 5.50% |
9 Months – 10 Years
|
| Kotak Bank | 4.40% – 4.75% |
6 Months – 10 Years
|
| IDFC First Bank | 5.00% – 6.00% |
6 Months – 120 Months
|
| Bank of Baroda | 3.70% – 5.25% |
180 Days – 10 Years
|
| Citibank | 2.75% – 3.00% |
365 Days – 731 Days
|
| IDBI Bank | 5.75% – 5.90% |
1 Year – 10 Years
|
| Indian Bank | 3.95% – 5.25% |
180 Days – 10 Years
|
| Indian Overseas Bank | 5.75% – 6.80% |
180 Days – 10 Years
|
| PNB | 4.40% – 5.30% |
180 Days – 10 Years
|
| Allahabad Bank | 3.95% – 5.25% |
180 Days – 10 Years
|
| Andhra Bank | 5.50% – 5.80% |
6 Months – 10 Years
|
| Bank of India | 6.25% – 6.70% |
180 Days – 10 Years
|
| Bank of Maharashtra | 6.00% – 6.60% |
6 Months – 10 Years
|
| Canara Bank | 4.45% – 5.50% |
180 Days – 10 Years
|
| Central Bank of India | 6.20% – 7.00% |
180 Days – 10 Years
|
| Punjab and Sind Bank | 4.45% – 5.25% |
180 Days – 10 Years
|
| UCO Bank | 4.90% – 5.00% |
1 Year – 10 Years
|
| Union Bank of India | 4.50% – 5.60% |
181 Days – 10 Years
|
| Bandhan Bank | 5.40% – 6.75% |
6 Months – 10 Years
|
| AU Small Finance Bank | 5.75% – 7.53% |
3 Months – 120 Months
|
| India Post Office | 5.80% – 5.80% | 5 Years – 5 Years |
| Ujjivan Small Finance Bank | 6.25% – 7.50% |
6 Months – 120 Months
|
| Equitas Small Finance Bank | 6.40% – 6.65% |
12 Months – 120 Months
|
| Jana Small Finance Bank | 6.75% – 8.50% |
6 Months – 120 Months
|
| ESAF Small Finance Bank | 6.00% – 8.00% |
181 Days – 3653 Days
|
| DBS Bank | 2.50% – 5.50% |
90 Days – 10 Years
|
| Lakshmi Vilas Bank | 2.75% – 6.00% |
180 Days – 10 Years
|
| South Indian Bank | 5.40% – 5.50% |
1 Year – 10 Years
|
| Syndicate Bank | 4.45% – 5.50% |
180 Days – 10 Years
|
| Corporation Bank | 6.50% – 6.80% |
1 Year – 10 Years
|
| Yes Bank | 5.50% – 6.75% |
6 Months – 10 Years
|
| RBL Bank | 5.25% – 6.75% |
180 Days – 20 Years
|
| Karur Vysya Bank | 6.75% – 7.00% |
180 Days – 10 Years
|
| IndusInd Bank | 7.25% – 8.00% |
12 Months – 10 Years
|
FAQs
✅ Are there any extra benefits for senior citizens on Recurring deposits?
Yes, banks generally offer a slightly higher rate of interest than traditional deposits. Usually, banks offer 0.25 percent to 0.75 percent more interest than normal RDs.
✅ What is that the minimum and maximum tenure that I can open an account in RD?
The minimum period of deposit starts from 6 months and should reach the utmost period of 10 years in most RD Accounts.
✅ Is TDS applicable on interest earned on RD?
As per the tax Law, a TDS of 10% is applicable on the interest earned on Recurring Deposits. The TDS are going to be deducted if the interest earned on the Recurring Deposits is quite ₹ 10,000. To know more, visit us at Dialabank.