RBL FD Interest and Maturity Value Calculator
With the RBL FD Calculator, you can calculate the maturity amount for a fixed deposit in the RBL. The FD Calculator estimates the amount you will get once the RBL Deposit matures. You need to input the following information, investment amount, tenure and compounding period to determine the RBL Fixed Deposit interest and maturity amount.
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What is RBL FD Calculator?
RBL FD Calculator is an online tool that helps in estimating the returns from fixed deposit. It calculates the wealth gained and maturity amount you will receive with your investment in the RBL fixed deposit. Also, the Calculator considers the investment amount, tenure, interest rate, and compounding frequency to estimate the wealth gained and maturity amount. However, the RBL Bank Fixed Deposit Calculator only estimates the maturity amount and does not guarantee any returns.
RBL FD Calculator Requirement
The RBL Bank FD calculator works on two different approaches, i.e. investment amount approach and the target amount approach. The following are the inputs required for the calculator –
Investment amount Approach
- Investment amount: The lumpsum investment amount you want to invest in RBL Bank FD.
- Duration: The tenure of RBL FD in years.
- Interest Rate: The interest income on RBL FD that appears automatically.
- Compounding Period: The number of times the interest earns in a year. Also, you can select the compounding frequency from the drop-down.
Target Amount Approach
- Expected Lumpsum Amount: The corpus you wish to accumulate from RBL FD investment.
- Investment Duration: The tenure after you want your accumulated FD corpus.
- Interest Income: The interest income on RBL FD.
- Compounding Period: The number of times the interest is compounded in a year. You can select the frequency from the drop-down.
RBL FD Maturity Value Calculation
With the given inputs, the FD Calculator determines the following values:
Investment Amount Approach
The calculator automatically shows the interest and maturity amount in a graphical representation.
Target Amount Approach
The calculator gives the investment amount needed to achieve the target and also estimates the interest you might earn.
Under the approaches, the Calculator shows a tabular representation of opening balance, interest earned and closing balance for each year.
How to use an RBL FD Calculator?
As explained earlier as well to use the RBL FD Calculator you need to enter the details of the FD investment as an input. The calculator will provide the estimated maturity and interest amount based on your input details. Further, you can use the RBL fixed deposit calculator using 2 different methods. Firstly, you can use the investment amount method.
Secondly, you can provide the target maturity amount and know the investment amount needed for such a target amount. For both methods, you can also view the results in a graphical representation and a tabular form. The graphical representation shows the FD maturity value and wealth gained at each year-end. While the tabular presentation provides a detailed view of the opening balance, interest earned and closing balance at each year-end.
Target Amount Approach for RBL FD Calculator
With the help of the target amount approach, you can estimate how much you need to invest today to receive the target maturity amount at the end of the tenure. Let’s say you know you will need Rs 2 lakhs after 3 years from today. Now, you must be wondering how much should you invest today so that the principal amount and interest income gives you your target amount. Well, with the help of the RBL FD calculator you can easily find it out.
All you need to do is follow the following steps
- Firstly, provide the target maturity amount
- Secondly, enter the investment duration in years or months.
- Thirdly, enter the interest rate on FD
- Lastly, select the compounding period i.e. monthly, quarterly, half-yearly, or yearly. The compounding period is the payout tenure of the fixed deposit. The interest earned on FD depends on the compounding period. Hence, provide this detail carefully.
The calculator will provide the principal investment amount to be invested as well as the interest to be earned for a target maturity amount.
What are the benefits of using an RBL FD Calculator?
- Firstly, as an investor, you invest in any investment option with the objective of earning a return. Now before even investing it is crucial and wise to know whether the chosen investment option matches your investment objective or not. While you have decided to invest in a fixed deposit you must also estimate the maturity value to get a real picture. This way you will save yourself from any surprises.
- The maturity of the fixed deposit depends on multiple factors such as tenure, payout, compounding frequency, and interest rate. The RBL FD calculator helps you in finding the optimum combination of these factors for your investment. You can adjust the factors in real-time and get the results instantly.
- Each Bank offers a different rate of interest on a fixed deposit. By using an FD calculator you can easily compare 2 Fixed deposits offered by different banks using the interest rates. You can visit our blog on FD interest rates to know the interest rates offered by different banks.
- As we already know there are multiple investment options available for you to choose from and compare the returns. Scripbox provides multiple calculators to help you estimate the return from all such investment options.
Refer to this blog to know more about the best investment options in 2024
How is RBL Fixed Deposit Interest Calculated?
You can calculate the RBL fixed deposit interest using 2 methods. Firstly, simple interest and secondly compound interest. Again, the maturity and interest amount are driven by factors such as investment amount, rate of interest, compounding frequency, and interest payout.
Simple Interest on FD
Simple interest is the interest earned on the investment amount for a given period of time at a predetermined interest rate. RBL bank offers fixed deposits at simple interest if the tenure is less than 181 days.
Simple Interest Formula- (P * R * T)/ 100
Where,
P = Principal amount of investment
R = Rate of FD Interest (%)
T = Tenure of investment
Let us understand the calculation with the help of an example
Mr. Anil invests Rs 200,000 in a fixed deposit on 1st May 2021 for 5 months at a rate of interest of 6% per annum.
Here,
P (the investment amount) = Rs 100,000
R (rate of interest) = 6% per annum
T (tenure) = 5 months
Simple interest = (P * R * T)/ 100
= (Rs 200,000 * 6 * 5 months) / 100 * 12 months
= Rs 5,000
Maturity amount on FD = Principal Investment Amount + Interest Earned
= Rs 2,00,000 + Rs 5,000
= Rs 2,05,000
Compound Interest on FD
Compound interest is the interest earned on the principal amount invested as well as the interest earned. The interest rate is raised to the number of periods (years) for which the interest will be compounded and multiplied to the principal amount invested.
The RBL bank provides fixed deposits with compounding interest for a tenure of more than 181 days. You can also select the compounding frequencies like monthly, quarterly, half-yearly, and yearly. The higher the frequency of compounding higher will be the interest amount. Needless to say it is always better to select a payout on maturity to ensure a higher return on investment.
However, if you need a regular income in hand then you can surely select a periodic payout of interest. It is clearly evident that an FD with compound interest is a better investment option than an FD carrying simple interest.
Compound Interest Formula
A = P (1+r/n) ^ (n * t)
A = Maturity Amount
P = Principal amount invested
r = Rate of Interest (in decimals)
n = number of compounding in a year
t = number of years
Example
Mr. Anil invests Rs 50,000 for a period of 2 years at a rate of interest 6% per annum compounded half-yearly.
Here,
Principal amount = Rs 50,000
Interest Rate = 6% per annum compounded half-yearly
Number of compounding in a year = 2 (once every 6 months)
Number of years of investment is 2 years
A = 50,000 (1+0.06/2) ^ (2*2)
A = Rs 56,275
Interest amount = Rs 56,275 – Rs 50,000 = Rs 6,275
Frequently Asked Questions
Yes, RBL Bank is safe for investment in fixed deposits. The interest is higher than the savings bank account interest rate. FD interest rate is predetermined and guaranteed. The interest rate does not change during the tenure of the fixed deposit. Further the fixed deposits with RBL Bank are insured by the Deposit Insurance and Credit Guarantee Corporation. The DICGC insures an FD up to Rs 5 lakhs.
Yes, the RBL Bank is registered under the Reserve Bank of India RBI. In 1959, the Reserve Bank of India Act 1934 categorized the RBL Bank as a scheduled commercial bank. The RBI also provided RBL Bank a banking license in the year 1970.
The RBL bank offers different types of FDs like regular FD, Domestic, NRO, NRE & Flexi Fixed Deposits. The interest rates have been revised on May 07, 2021, on such fixed deposits. The interest rate on such FDs for a tenure ranging from 2 years to 3 years is 6.25%. While the rate for senior citizens is 6.75%. For any fixed deposit for an amount of more than Rs 3 crores, you must contact the bank. The RBL bank will provide you a customized FD interest rate in such a case.
To know more about RBL Bank FD interest rates you can visit our blog on RBL FD rates. With the help of our blog, you compare the interest amount pre-tax and post-tax. Moreover, you can compare RBL fixed deposits with FD schemes offered by other banks. This will help you in estimating your interest and maturity and making a well-informed decision.
The interest rate for RBL Bank fixed deposit depends on the type of fixed deposit, type of investor, and tenure. The FD interest rate is higher for a senior citizen by 0.50% to 1%. Further, the higher the tenure of the deposit the higher will be the interest rate. A regular RBL Bank FD with a tenure ranging between 3 years to 5 years is 6.40% with a deposit amount less than Rs 3 crores w.e.f May 07, 2021. Moreover, the highest interest rate is 7.10% on a tax-saving FD for a senior citizen.
The minimum deposit amount for a fixed deposit account with the RBL Bank is Rs 1,000. Further, there is no limit on the maximum amount you can invest in RBL Bank FD.
RBL Bank provides an overdraft facility against a fixed deposit. An investor can claim up to 90% of the fixed deposit amount as an overdraft.
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