Bank Recurring Deposit Calculator – RD Calculator for various bank operating in India like HDFC Bank, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, SBI, Syndicate Bank,PNB, ICICI Bank, HDFC Bank, IDBI Bank, Union Bank of India, Bank of India, Bank of Baroda, Indian Bank,Corporation Bank, Oriental Bank Of Commerce etc.
Use this calculator in Excel format to calculate the Maturity Interest amount of Recurring Deposit at various period.
How Does Recurring Deposit Interest Calculator work ?
This RD calculator calculate the recurring deposit principal along with Interest compounding on chosen term along with the time period. Hence the Maturity value calculated are sum total of principal amount + interest earned. This calculator works on any recurring schemes offered by any bank in India.
Is there any Income Tax Paid on Recurring Deposit ?
TDS is applicable on the RD deposit if amount exceeding Rs 10,000/-. The Interest income are not exempted under Income Tax rule. Customer may at their choice deposit the Form 15G and 15H if they don’t want bank to deduct the Income Tax on RD maturity amount.
Formula for RD Interest calculations :
The formula used by almost All the bank in India for calculating the Recurring deposit are
M =R [ (1+i)n – 1]
1- (1+i) -1/3
M = Maturity value
R = Monthly installment
n = Number of quarters
i = Rate of interest/400
This Formula is used by almost all the bank in India and approved by IBA.
Download RD Calculator in Excel