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Recurring Deposit Calculator
Calculate your Recurring Deposit returns
Did you know? RD interest is compounded quarterly, giving you slightly higher returns.
About Recurring Deposit Calculator
A Recurring Deposit (RD) allows you to save a fixed amount every month for a pre-decided tenure. It creates a habit of saving and offers interest rates similar to Fixed Deposits.
How it works?
M = P * n + P * n(n+1)/2 * r/12/100- M = Maturity Value
- P = Monthly Installment
- n = Number of Months
- r = Annual Interest Rate
Key Benefits
Disciplined Saving: Forces you to save a small portion of your income monthly.
Accessibility: You can start with very small amounts (e.g., 500/month).
Goal Planning: Perfect for short-term goals like a vacation or buying a gadget.
Frequently Asked Questions
Can I miss an RD installment?
Banks usually charge a penalty for missed installments, and repeated defaults might lead to closure of the account.
Is RD interest taxable?
Yes, RD interest is fully taxable as per your income tax slab, similar to FDs. TDS (Tax Deducted at Source) is also applicable if interest exceeds threshold limits.
Can I change the RD tenure midway?
No, once an RD is started, the tenure and amount are usually fixed. You would need to close it and start a new one.