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Find out how your savings can multiply with our Recurring Deposit calculator
Recurring Deposits (RDs) combine the benefits of savings accounts and fixed deposits while providing flexibility in deposit amounts. A recurring deposit (RD) calculator is a convenient online tool that helps individuals calculate the maturity amount of their RD investments. It is ideal for disciplined savers, offering steady returns with minimal risk.
Simplify complex calculations and estimate returns accurately to plan your finances better.
An RD calculator offers several benefits to help you manage your finances effectively:
How do Retirement Calculators work?
Follow these steps to use the IndiaFirst Life RD Calculator.
The eligibility criteria for opening a Recurring Deposit (RD) account in India are similar across most banks and financial institutions.
Must be at least 18 years old.
Minors can open an RD account with the help of a parent or legal guardian (minor accounts are managed by the guardian until the minor reaches adulthood).
Indian residents.
Non-Resident Indians (NRIs) can open NRO or NRE RD accounts.
PAN card.
Aadhaar card or any other government-approved ID proof (passport, voter ID, or driving license).
Leverage the benefits of an RD calculator, understand tax implications, and choose the right tenure and deposit amount to meet your financial goals.
A Recurring Deposit (RD) is a financial product offered by banks and financial institutions where you can deposit a fixed amount every month for a specified tenure. It earns interest similar to Fixed Deposits (FDs), and the maturity amount includes the principal and accumulated interest.
The choice depends on your financial situation. RDs help build disciplined savings, while FDs are ideal for immediate investment of large amounts.
The maturity amount is the total sum you receive at the end of the RD tenure, including the principal deposits and accumulated interest.
The maturity amount depends on the interest rate offered. An online RD calculator can help you get estimates for results that a recurring deposit account can yield in 5 years with deposits of ₹5,000 various recurring deposit interest rates.
The calculations can be done manually with the compound interest formula. An easier and quicker method of doing this would be to take the help of an RD calculator.
Typically, RD tenures range from 6 months to 10 years, depending on the bank.
Yes, but a penalty may apply, and you may lose a portion of the interest earned.
Most banks allow starting an RD with a minimum monthly deposit of ₹500 or more, depending on their policies.
Yes, TDS is applicable on RD interest earnings if the total interest exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). The interest is taxed as per your income tax slab.
Yes, you can add a nominee to your RD account either at the time of account opening or later.
Yes, most banks offer 0.25% to 0.50% higher recurring deposit interest rates for senior citizens.
If you miss an installment, the bank may charge a penalty. Missing multiple installments could lead to account closure. Check with your bank for specific policies.
Yes, most banks allow the option for calculating and compounding RD interest on a quarterly basis.
You can submit Form 15G (for individuals below 60 years) or Form 15H (for senior citizens) if your total income is below the taxable limit.
Yes, banks usually charge a penalty for late deposits. The penalty amount varies by bank.
Partial withdrawals are generally not allowed for RDs. However, some banks may permit it under special conditions or against a loan.
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