Find out how much you can save by making regular monthly deposits with our Recurring Deposit plan.
Just key in the amount you want to save and the tenure you wish to invest for. The RD calculator will give you total savings for the set interest rate.
With the Recurring Deposit Calculator, you can calculate the interest earned at the time of maturity of a Recurring Deposit. ICICI Bank offers one of the best Interest Rates on a Recurring Deposit. Go ahead and use ICICI Bank’s RD Calculator to plan your investments with us.
You can use the RD Calculator in a few simple steps:
- Select the type of deposit i.e. Senior Citizen or Normal RD
- Select the monthly amount you would like to invest
- Select the tenure of your Recurring Deposit
- You can vary the amount and tenure as per your convenience
- You will see the calculated amount after you fill in all the details.
Interest on the Recurring Deposit is compounded quarterly. The following formula can be used to calculate the RD Interest Rate:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
In the above equation,
M = Maturity Value
R = Monthly Instalment
n = Number of Quarters
I = Rate of Interest/400
So, if you invest in an RD with Rs 5,000 per month for a year at an Interest Rate of 8%, your total value is calculated as:
R = 5,000
n = 4 (one year has four quarters)
I = 8.00/400
M = Rs 62, 647 in one year
RD Interest Rate is pre-fixed. It is decided at the time of opening an RD, basis the RD tenure and the RD amount.
Yes, RD interest is taxable.
The RD Calculator calculates the maturity amount beforehand and helps you plan your investment with an ICICI Bank RD.
Both RD and FD are good products for investment. If you have surplus funds lying in your bank account you can opt for an FD. If you want to start by saving a small amount every month you can opt for an ICICI Bank RD.
Yes, interest earned on Recurring Deposits (RD) is taxable. Therefore, TDS is applicable on an RD.
You can start an RD for a minimum period of six months and thereafter increase your investment tenure in multiples of three months. The maximum tenure for holding a Recurring Deposit with us is 10 years.
Open a Recurring Deposit with a minimum of Rs 500 per month and thereafter deposit in multiples of Rs 100.
Does your Recurring Deposit provide you the flexibility to save any amount as per your convenience? Switch to a smarter deposit with ICICI Bank’s iWish Flexible RD.
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