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PNB RD Calculator

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

The PNB Recurring Deposit (RD) calculator enables you to calculate the interest earned and maturity amount of your RD investments. Investors can save much time using it for calculating maturity amounts from RDs and use this to compare multiple RDs. Investors can use the calculator to plan their finances with clarity as they will know the exact maturity value from the investment in RD.

Recurring deposit is an easy and convenient way to start regular savings. With this investment product, a fixed amount is deposited every month and earns interest at a predetermined rate. The rate of interest varies across financial institutions and the tenure ranges from 6 months to 10 years. There are several types of RDs to suit the different financial needs of every individual.

How Does The PNB RD Calculator Work?

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

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 ₹17,500 every month in an RD. The interest rate of the RD is 8.1% per annum. The duration of the RD is 4 years. Let's calculate the maturity amount for your RD.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 17,500 x [(1 + 8.1/400) x 4 - 1] / 1 - (1 + 8.1/400) (-⅓)
M = ₹9,93,671

So, if you are planning to deposit ₹17,500 every month at an interest rate of 8.1% per amount for 4 years, you will earn a maturity amount of ₹9,93,671. The interest earned by the RD will be ₹1,53,671.

How To Use The PNB RD Calculator?

Investors need to follow the following steps to use the RD calculator.

  • Enter the monthly deposit amount the investors wish to invest
  • Mention the term of investment in months using the slider
  • Specify the interest rate of the RD

The RD maturity calculator will show you the interest earned and the total maturity amount.

Example:

Ms. Irene is looking to deposit ₹9,800 every month in an RD scheme. The scheme is offering an interest rate of 7.7% every year. The tenure of the scheme is 10 years. Let's calculate her maturity amount.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 9,800 x [(1 + 7.7/400) x 10 - 1] / 1 - (1 + 7.7/400) (-⅓)
M = ₹17,69,606

So, if Ms. Irene deposits ₹9,800 every month in an RD scheme, offering an annual interest rate of 7.7% for 10 years, she will earn a maturity amount of ₹17,69,606. The scheme will offer her an interest of ₹5,93,606.

Benefits Of Using The PNB RD Calculator

The following are the advantages of using PNB's RD calculator.

  • The PNB RD calculator is very easy to use. All you have to do is enter the monthly deposit, the RD interest rate, and the number of years of investing.
  • The RD calculator saves a lot of time by performing complex calculations in a matter of seconds.
  • The calculator is very accurate. There is no chance of error if you provide the correct inputs.
  • The calculator helps investors plan their finances in a better way.

PNB RD Calculator - FAQs

What is the minimum tenure for RD?
The minimum tenure of RD varies from one bank to another. For a minimum tenure of 6 months or 12 months, most banks offer RD schemes.
Can I add nominees to my RD account?
Yes. You can add nominees to your RD account.
How can I withdraw the principal amount deposited before its maturity in an RD account?
You should submit a request to the bank requesting the RD account's premature withdrawals. Banks allow premature withdrawals but these attract penalties. On top of that, you will earn interest only for the tenure for which you hold the money in the RD account.