Mahindra RD Calculator

The Mahindra Recurring Deposit (RD) calculator enables you to determine your RD investment's maturity value if it grows at a specific interest rate and over a given time. With this RD calculator, you can calculate the exact amount you will earn if you make a fixed monthly deposit over time without the hassle of computing each monthly return.

An RD is a term investment in which you can make regular deposits and earn a fixed interest rate on the deposits over a period. The deposits are usually monthly with interest compounding quarterly. RDs help individuals build a consistent savings habit. It is a more flexible investment alternative to FDs.

How Does The Mahindra RD Calculator Work?

We have mentioned the formula to calculate the maturity amount below.

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 thinking about starting an RD and want to deposit ₹45,000 every month. The interest rate of the scheme is 8.1%. The tenure of the RD scheme is 2.5 years. The maturity amount earned by your scheme will be:

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 45,000 x [(1 + 8.1/400) x 2.5 - 1] / 1 - (1 + 8.1/400) (-⅓)
M = ₹14,99,837

So, if you deposit ₹45,000 every month in an RD, earning an interest rate of 8.1% per annum for a tenure of 2.5 years, you would earn a maturity amount of nearly ₹15 lakhs. The interest earned by the scheme will be ₹1,49,837.

How To Use The Mahindra RD Calculator?

Using the RD calculator is very straightforward as it requires you to offer only three variables in short steps.

• Enter the amount you want to deposit monthly
• Provide the RD term in monthsr
• Mention the interest rate on the RD account offered by the bank or the financial institution

The calculator will show your results instantly.

Example:

Ms. Susheela is planning to deposit ₹4000 every month for 9 years. The interest rate earned by the scheme is 7.9% per annum. She wishes to know her maturity amount after 9 years. Let's use the calculator formula to calculate her maturity amount.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 4000 x [(1 + 7.9/400) x 9 - 1] / 1 - (1 + 7.9/400) (-⅓)
M = ₹6,29,099

So, if Ms. Susheela deposits ₹4,000 every month in a scheme for 9 years and the scheme earns her an annual interest rate of 7.9%, she would earn a maturity amount of nearly ₹6.3 lakhs. The interest earned by the scheme is ₹1,97,099.

Benefits Of Using The Mahindra RD Calculator

There are several advantages of using the RD calculator. We have mentioned a few of them below.

• The Mahindra RD calculator can help you estimate your maturity amount. This enables you to plan your finances properly.
• The calculator is free to use and you can use it multiple times with different combinations.
• The calculator saves you a lot of time and effort by performing complex calculations.
• The calculator helps you understand how much you must deposit to accumulate a certain maturity amount.