Download App
HomeOur StoryMethodologyLearnFAQs

Union Bank RD Calculator

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

The Union Bank Recurring Deposit (RD) calculator is an online tool that helps you determine your RD maturity amount and the total interest amount earned. The calculator uses the amount to be invested monthly, the duration of the RD, and the interest rate offered on the RD to calculate the maturity amount.

An RD is a savings account that allows investors to save a small amount of money regularly through monthly contributions for a set period and earn interest on those deposits. When an RD matures, the investors will receive a lump sum and interest.

How Does The Union Bank RD Calculator Work?

The RD calculator calculates the maturity amount using the below 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 invest ₹30,000 every month in an RD scheme. The interest rate of the scheme is 8.4% per annum and the duration of the scheme is 2 years. Let's calculate your maturity amount.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 30,000 x [(1 + 8.4/100) x 2 - 1] / 1 - (1 + 8.4/100) (-⅓)
M = ₹7,86,030

So, if you invest ₹30,000 every month in an RD scheme for 2 years, earning an interest rate of 8.4% per annum, you will earn a maturity amount of ₹7,86,030.

How To Use The Union Bank RD Calculator?

The below steps will help you understand how to use the RD calculator.

  • Enter the monthly investment amount.
  • Key in the interest rate.
  • Use the slide bar to enter your investment duration.

Once done, you can check your final amount upon maturity.

Example:

Mr Sooraj is planning to invest ₹4500 every month in an RD scheme. He is looking to stay invested for 6 years. The scheme is offering an interest rate of 6.5%. Using the calculator formula, we can calculate his maturity amount.

M =R[(1+i) n - 1]/1-(1+i) (-1/3)
M = 4500 x [(1 + 6.5/100) x 6 - 1] / 1 - (1 + 6.5/100) (-⅓)
M = ₹3,96,664

If Mr Sooraj will earn a maturity amount of nearly ₹4 lakhs if he invests ₹4500 every month for 6 years at an interest rate of 6.5%.

Benefits Of Using The Union Bank RD Calculator

The RD calculator offers the following advantages:

  • The recurring deposit calculator has a user-friendly and intuitive interface, making it easy for everyone to use without any hassle.
  • The calculator can provide quick and accurate results.
  • The calculator can help you make smarter financial decisions by helping you calculate the maturity amount before you start investing.

Union Bank RD Calculator - FAQs

What minimum and maximum amount can be deposited in an RD?
The minimum and maximum amount that can be invested in an RD differ from one issuer to another. You can check your preferred issuer's website to see what their criteria are.
Are there any consequences if I do not pay my monthly deposit on time?
Yes. A one-day delay in your instalment payment will result in either interest or a cash penalty. Some banks have the right to shut down your RD account if you have more than six outstanding payments.
Can I withdraw my RD before it expires?
Yes. You can cancel your RD before the period expires. However, you might lose out on the interest that you could have earned after the maturity period.