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UCO Bank RD Calculator

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

The UCO Bank Recurring Deposit (RD) calculator will help you determine the quantum of interest you can earn over the tenure of the RD and the maturity proceeds. The calculator can help you plan your finances and see if the investment amount fits your monthly budget.

The recurring deposit is an account in the bank where a depositor deposits a preset amount of money every month for a fixed period. The format is meant for those who would like to deposit a fixed amount every month, to get a lumpsum amount after a few years.

How Does The UCO Bank RD Calculator Work?

The maturity amount is calculated by the following formula.

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 and looking to invest ₹60,000 every month. The interest rate of the RD scheme is 7.9%. The tenure of the RD is 1.5 years. Let's calculate your maturity amount using the calculator formula.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 60,000 x [(1 + 7.9/400) x 1.5 - 1] / 1 - (1 + 7.9/400) (-⅓
M = ₹11,49,65

So, if you make a monthly deposit of ₹60,000 every month in your RD scheme, offering an interest rate of 7.9% for a tenure of 1.5 years, you would earn a maturity amount of nearly ₹11.5 lakhs. The interest earned by your RD scheme will be ₹69,659.

How To Use The UCO Bank RD Calculator?

It is pretty simple to use an RD calculator. All you have to do is follow the below instructions.

  • The first step is to enter the monthly amount you are willing to deposit
  • The next step is to type in the rate of interest offered by the RD scheme
  • The final step is to use the slider and enter the duration of the scheme

When the details are entered, the calculator will show you the total investment amount, interest earned, and maturity amount.

Example:

Ms. Francine is looking to deposit ₹12,000 every month in an RD scheme. The scheme is offering her an interest rate of 6.5% every year. The duration of the scheme is 3 years. Here's how much she will be making at the end of the duration.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 12,000 x [(1 + 6.5/400) x 3 - 1] / 1 - (1 + i) (-⅓)
M = ₹4,77,892

So, if Ms. Francine deposits ₹12,000 every month in an RD scheme, offering an interest rate of 6.5% per annum for a tenure of 3 years, she would earn a maturity amount of ₹4,77,892. The interest earned by the scheme is ₹45,892.

Benefits Of Using The UCO Bank RD Calculator

Below are some of the advantages offered by the RD calculator.

  • The UCO Bank RD calculator is easy to use so it can be used by anyone, who wishes to know their RD maturity amount.
  • The RD calculator can help you plan your finances by showing you how much monthly deposit amount can lead to a certain maturity amount.
  • The calculator offers 100% accurate results, helping you avoid errors.
  • The calculator saves time by performing complicated calculations in a few seconds.

UCO Bank RD Calculator - FAQs

What if I delay paying my monthly installment of the bank RD?
If you delay payment of any installment beyond the calendar month, you are liable to pay a penalty for the period of delay.
Can you break an RD?
Yes. You can break an RD. However, the financial institution has the right to retain/cancel the interest unpaid on it because you are not letting the RD complete or finish its complete term. You may get the sum you deposited but not any interest.
What are some of the advantages of an RD?
Fixed monthly installment, fixed duration, and fixed rate of interest are some of the benefits of an RD.