BOB RD Calculator 2023
Bank of Baroda RD calculator helps you estimating the interest and maturity amount when you invest in BOB recurring deposit schemes. Input monthly deposit amount, latest BOB RD account interest rate and investment tenure to calculate and plan your savings.
Check: BOB RD Interest Rates 2023
|BOB RD Calculator||Inputs|
|Interest Rate||7% p.a.|
What is Bank of Baroda RD Calculator?
BOB RD Calculator is an online tool that you can use to estimate the interest earned by investing in a recurring deposit. For RD’s, the maturity amount is the sum total of all investments, plus the interest earned during the investment period. Also, the interest in RD is compounded every quarter. Therefore, the BOB RD calculator automatically computes the maturity amount and wealth gained from the monthly RD investments.
BOB RD Calculator Requirement
The RD calculator works on the following inputs:
- Monthly deposit amount: The monthly investment amount that you deposit in an RD account.
- Interest rate: The income that RD investments earn. BOB determines the RD interest rates.
- RD term: The tenure of the RD investment(in years).
BOB RD Maturity Value Calculation
With the given inputs, the Bank of Baroda RD calculator determines the following values:
- Total investment: Sum of all monthly deposits in the RD.
- Wealth Gained: The total interest income from RD investment.
- Total Corpus created: You can expect the maturity value from your BOB RD investment.
How to use the BOB RD Calculator?
You can use the Bank of Baroda RD calculator online for free. To use the RD Calculator, you must visit the Scripbox website. Then enter the monthly investment amount, investment tenure and BOB RD interest rate. Finally, the BOB RD calculator will compute the maturity amount at the end of the tenure.
The following example helps in understanding the BOB RD calculator better.
Ms Geeta plans to invest INR 15,000 per month in a recurring deposit scheme for five years. The current BOB RD rate is 5.65%.
The following outputs are displayed based on inputs provided –
Total Investment: INR 9,00,000
Wealth Gained: INR 141,347
Total Corpus Created: INR 1,041,347
Therefore, Ms Geeta’s potential return for BOB RD is INR 1,041,347, and the interest income will be INR 141,347