Download App
HomeOur StoryMethodologyLearnFAQs

ICICI RD Calculator

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

The ICICI Recurring Deposit (RD) calculator is an online tool that you use to plan your RD investment. The calculator will show you the profit that you will earn on your RD, as well as the total amount you will receive at maturity.

The RD refers to an investment instrument, where one chooses an amount to automatically deposit each month. Generally, the tenure of RDs ranges from 6 months to up to 10 years. The interest rates of RDs range from 3.5% to 7.5% per year. RDs can help you build a regular saving habit as you deposit a certain amount every month.

How Does The ICICI RD Calculator Work?

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

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 make a monthly deposit of ₹52,000 in an RD scheme, offering an interest rate of 7.6% every year. The duration of the RD scheme is 5 years. By putting the values in the calculator formula, we get:

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 52,000 x [(1 + 7.6/400) x 5 - 1] / 1 - (1 + 7.6/400) (-⅓)
M = ₹38,00,312

So, if you are planning to make a monthly deposit of ₹52,000 in RD, which offers an interest rate of 7.6% per annum over a tenure of 5 years, you would make a maturity amount of over ₹38 lakhs. The interest earned by your RD will be ₹6,80,312.

How To Use The ICICI RD Calculator?

To know your maturity amount, all you need to do is enter the following parameters in the calculator.

  • Your monthly investment amount
  • The expected rate of return
  • The investment period

Once you enter the details listed above, the calculator will give you insights into how your investments will grow. The calculator will show how much you have deposited, the interest earned, and the total maturity amount.

Example:

Mr. Ganesh is planning to deposit ₹4,000 every month in an RD scheme. The tenure of the scheme is 9 years. The interest rate offered by the scheme is 7.4% every year. Let's calculate his maturity amount using the calculator formula.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 4,000 x [(1 + 7.4/400) x 9 - 1] / 1 - (1 + 7.4/400) (-⅓)
M = ₹6,13,706

So, if Mr. Ganesh starts an RD for ₹4,000 every month for 9 years, which is offering an annual interest rate of 7.4%, he would receive a maturity amount of over ₹6.13 lakhs. The interest earned by Mr. Ganesh would be ₹1,81,706.

Benefits Of Using The ICICI RD Calculator

Using an RD calculator has several advantages. If you are planning to invest in an RD, an RD calculator can benefit you in the following ways.

  • Manually calculating the maturity amount and the returns from an RD can take you a while. But an RD calculator saves you a lot of time. You can get the results from your inputs in an instant, making it extremely easy to plan your RD investments accurately.
  • Manual calculations are prone to human error. However, online calculators give accurate results based on the inputs you provide.
  • A recurring deposit calculator is free to use. You don't have to pay anything to use this tool and you can use it as many times as you need to.

ICICI RD Calculator - FAQs

What are the types of RDs?
Regular RD accounts, RD accounts for minors, RD accounts for senior citizens, and non-resident RD accounts are the types of RDs.
Can I take a loan against my RD?
Yes. Most banks offer the option to easily take out a loan against an RD. Depending on the bank, you should be able to get a loan equal to 90 to 95% of the total in the RD account.
Does the interest rate of the RD change during its tenure?
No. The interest rate is set at the opening of the RD account and it remains fixed.