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Axis RD Calculator

₹
%
Mn
Invested amount₹ 30,000
Estimated returns₹ 703
Total value₹ 30,703
Invested amountTotal returns

The Axis Recurring Deposit (RD) calculator is a valuable financial tool, which is designed to help individuals calculate their investment growth in RDs. The calculator takes basic details like the investment amount, duration, and interest rate to show you the future value of your investment.

An RD is a savings option where an individual invests a fixed amount of money regularly, using it every month. The investment tenure and interest rate are fixed in advance and the investor earns interest on the deposit at the end of the term.

How Does The Axis RD Calculator?

The RD calculator uses the below formula to calculate the maturity amount.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)

Where,

M is the Maturity value of the RD
R is the monthly installment credited in the RD
n is the number of quarters in the total tenure
i is the rate of interest divided by 400

Example:

You are planning to deposit ₹15,000 every month in an RD scheme. The interest rate of the RD is 7.5%. The tenure of the RD is 3 years. Let's calculate your maturity amount.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 15,000 [(1 + 7.5/100) x 3 - 1] / 1 - (1 + 7.5/100) (-⅓)
M = ₹6,06,795

You would have invested an amount of ₹5.4 lakhs, earned an interest of ₹66,795, and a maturity amount of ₹6,06,795.

How To Use The Axis RD Calculator?

Follow the steps below to use the Axis RD calculator online:

  • Enter your monthly investment amount.
  • Mention the interest rate on the RD.
  • Specify the duration of the investment.

Once the details are entered, the calculator will show you the maturity amount.

Example:

Ms Sheela is looking to deposit ₹32,000 for 5 years. The interest rate offered by the RD scheme is 8.3%. Here's how we can calculate her maturity amount.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 32,000 x [(1 + 8.3/100) x 5 - 1] / 1 - (1 + 8.3/100) (-⅓)
M = ₹23,82,482

So, Ms Sheela will be investing ₹19.2 lakhs in the RD scheme and earning an interest amount of ₹4,62,482 on her investment. She will earn a total maturity amount of ₹23,82,482.

Benefits Of Using The Axis RD Calculator

There are several benefits of using the RD calculator.

  • The recurring deposit calculator offers precise estimates of the maturity amount. This helps you set realistic savings goals and expectations.
  • The calculator allows you to experiment with different variables like the investment amount, tenure, and interest rates to decide on the right amount to achieve your goals.
  • The calculator can help you make informed investment decisions by visualising how your contributions grow over time.
  • The calculator eliminates the need for manual calculations, saving time and effort.

Axis RD Calculator - FAQs

Can I open RD for 3 months?
RD tenures differ from bank to bank. However, a short-term RD could be from as little as 6 months to approximately 4 years.
Can I withdraw my RD anytime?
Yes. You can cancel your RD before the period expires. However, you might lose out on the interest that you could have earned after the maturity period.
How do I pay my RD monthly?
For most banks, you can pay your RD through net banking. You can also visit the branch physically and deposit the RD amount.