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IndusInd Bank RD Calculator

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

The IndusInd Bank Recurring Deposit (RD) calculator is a great online tool that allows you to estimate the maturity amount and interest earned on your RD account. All you need to do is to enter the monthly deposit, tenure, and current interest rate. The calculator will use the variables and give you the accurate maturity amount.

The RD is a popular savings option that allows you to deposit a fixed amount of money regularly for a predetermined period. It is a low-risk investment offered by many financial institutions with attractive interest rates.

How Does The IndusInd Bank 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 start an RD account. You are thinking about depositing ₹12,000 every month for 3 years. The interest rate offered by the RD is 6.7% per annum. Let's calculate your maturity amount using the calculator formula.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 12,000 x [(1 + 6.7/400) x 3 - 1] / 1 - (1 + 6.7/400) (-⅓)
M = ₹4,79,391

So, if you deposit ₹12,000 in a monthly RD, earning an annual interest rate of 6.7% for a tenure of 3 years, you would earn a maturity amount of ₹4,79,391. The interest earned by the scheme is ₹47,391.

How To Use The IndusInd Bank RD Calculator?

Follow the step-by-step instructions to use our RD calculator.

  • Enter the amount you wish to invest in an RD
  • Key in the expected rate of return that you wish to earn
  • Slide the bar to the duration for which you are going to invest in an RD

The RD calculator will show accurate results within a few seconds.

Example:

Mr. Oberai is looking to deposit ₹20,000 every month into an RD account. The interest rate offered by the scheme is 7.4% per annum. The tenure of the scheme is 4.5 years. By putting the values in the calculator formula, we get:

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 20,000 x [(1 + 7.4/400) x 4.5 - 1] / 1 - (1 + 7.4/400) (-⅓)
M = ₹12,83,416

So, if Mr. Oberai deposits ₹20,000 every month in an RD, earning an interest rate of 7.4% every year for 4.5 years, he would earn a maturity amount of over ₹12.83 lakhs. The interest accumulated by the scheme is ₹2,03,416.

Benefits Of Using The IndusInd Bank RD Calculator

The advantages of using an RD calculator are:

  • Manual calculations for various RD scenarios can be time-consuming and prone to errors. The calculator automates the process, offering instant and accurate results.
  • Using the RD calculator, you can set specific financial goals and determine the required monthly deposit and tenure to achieve them. This aligns your RD investment with your financial objectives.
  • The calculator can help you plan your finances. You can use them to see how much money you will have in the future if you invest a certain amount each month.
  • The calculator is very easy to use and is free of charge.

IndusInd Bank RD Calculator - FAQs

Are RDs free from tax?
No. RD interest is taxable at your slab rate. A bank deducts 10% TDS (tax deducted at source) once the interest it pays you crosses ₹50,000 in a tax year (₹1,00,000 for senior citizens).
Can I withdraw my money before the maturity date of my RD account?
Yes. You can withdraw your money before the maturity date of your RD account. However, you will have to pay a penalty for early withdrawal.
Are there any extra privileges for senior citizens in RD schemes?
Yes. Senior citizens are eligible for an additional interest rate on their RDs.