Indian Bank RD Calculator
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What is Indian Bank RD Calculator?
Indian Bank 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 calculator automatically computes the maturity amount and wealth gained from the monthly RD investments.
Indian Bank RD Calculator Requirement
The RD calculator works on the following inputs:
- Monthly deposit amount: The monthly amount you invest in the scheme.
- Interest rate: The interest income that RD generates. Indian Bank determines the RD interest rates.
- RD term: The investment duration of the RD (in years).
Indian Bank RD Maturity Value Calculation
With the given inputs, the RD Calculator determines the following values:
- Total investment: Sum of all monthly investments in RD.
- Wealth Gained: The total interest income on the scheme.
- Total Corpus created: You can expect the maturity value from your Indian Bank RD investment.
How to use the Indian Bank RD Calculator?
You can use the Indian Bank 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 Indian Bank RD interest rate. Finally, the RD calculator will compute the maturity amount at the end of the tenure.
The following example helps in understanding the RD calculator better.
Ms Divya plans to invest INR 12,000 per month in a recurring deposit scheme for seven years. The current Indian bank RD rate is 5.25%.
Total Investment: INR 10,08,000
Wealth Gained: INR 2,09,003
Total Corpus Created: INR 12,17,003
Therefore, Ms Divya’s potential return for Indian Bank RD is INR 12,17,003, and the interest income will be INR 2,09,003.
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