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Calculate returns on your Recurring Deposit
Recurring Deposit Calculator
Monthly contribution towards RD
I expect returns up to
My tenure of investment
Investment Break up
Total investment
₹18,00,000
Interest earned
₹1,21,214.65
If you invest ₹50,000 per year from today for 3 years you will get
Maturity Value
₹ 19,91,219.65
RDs or recurring deposits are an investment tool which allows investors to make regular monthly investments and save money for the long term. With a interest rate of 4% to 8% and can save with a flexible tenure of 6 months to 10 years.
Is RD Really Beneficial?
Here’s another example which shows how SIPs provide superior returns as compared to RDs. Let us assume that you invest Rs.10,000 every month in your RD account for 15 years. RDs generally offer 7%-8% interest rates. Using 8% for RD calculations, you will end up with Rs.34.6 lakh from your RD. Now, if you were to put this money in a SIP with an average return of 15%, you would earn Rs.66.8 lakh from your SIP. The total investment in both cases remains the same, but you earn more from SIP than from RD.
Tax benefits on RD
Similar to other personal tax-saving and investment instruments, recurring deposit schemes also attract taxes. A TDS of 10% is deducted on the returns accrued from an RD if the total interest exceeds Rs.10,000 in a single financial year. Compare this to the SIP scheme, and you can see that SIPs are more beneficial for the long term. Since long-term gains from equity are tax-free, any SIP which invests in ELSS (Equity Linked Mutual Funds) is also tax-free after one year.
How to use the Moneyfy RD calculator online?
The Moneyfy Recurring Deposit (RD) calculator is a user-friendly online tool that helps you calculate the amount you will receive once your RD matures. Here’s how to use it:
Step 1: Fill in the monthly amount you plan to invest in your recurring deposit.
Step 2: Next, fill in the number of years and the expected rate of return.
The calculator will display the total value of your investment at the end of the tenure within seconds.
Benefits of using RD maturity calculator
The Moneyfy RD Calculator offers you the following advantages:
1. Helps Save Time
The RD calculator helps you save time by performing complex calculations within seconds. Once you visit the Moneyfy RD calculator website, you can learn your total investment value in just a few minutes.
2. Offer Accurate Calculations
With the RD calculator, you can rest assured that your calculation is accurate and reliable. There is no chance of error or ambiguity.
3. Is Free of Charge
You can use Moneyfy’s RD calculator for free and as many times as you like. This allows you to tweak variables to understand how your choices can influence your investment value and even compare multiple recurring deposits to find the best one for you.
RD Interest Rate Calculator
Interest on RD is compounded quarterly, in most banks.
The formula for this is : M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
In this,
M = Maturity Value
R = Monthly Installment
n = Number of quarters
I = Rate of interest/400
So, if you invest in RD and put in Rs. 5,000 per month for a year, at the interest rate of 8%, your total value will be calculated as:
R = 5000 n = 4 (one year has four quarters)
I = 8.00/400 M = Rs. 62, 647 in one year
Which is the Best RD – How to Choose
There are many RD schemes available in the market. There are a couple of criteria you can use to choose between these schemes: Check which bank offers you the highest interest rate for the deposit amount and the tenure that you have fixed. Check for banks with the lowest penalty rates for premature withdrawals. This will ensure that your funds stay liquid and you can withdraw them whenever you need without losing much money.
Frequently Asked Questions (FAQs)
View AllYes, TDS is applicable on RD. Under the Finance Bill 2015, TDS is mandatory for all recurring deposits. However, it's important to note that TDS applies only to the interest accrued on the RD.
This depends on your unique financial situation and goals. For instance, if you have a lump sum amount, investing in fixed deposits (FDs) is a good idea. However, if you wish to invest small amounts regularly to accumulate a significant corpus over time, investing in an RD is more suitable.
Typically, financial institutions compound Interest on RD quarterly. The formula is:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
The formula includes the following variables:
1. M- Maturity Value
2. R- Monthly Instalments
3. n- Number of quarters
4. i- Rate of Interest
Investing in an RD is not eligible for a tax deduction under the Income Tax Act 1961. The interest on RD is subject to TDS @10% in case the PAN is furnished. In case the PAN is not furnished, the TDS increases to 20%.
Further, the TDS is applicable if the interest earned exceeds Rs 40,000 (Rs 50,000 in the case of senior citizens). Lastly the interest will be classified as ‘Income from Other Sources’ and taxable at your applicable tax rate.
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