RD Calculator

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.  RD Calculator
  • 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
ICICI 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.

Menu