UCO Bank RD Calculator
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What is UCO Bank RD Calculator?
UCO Bank RD calculator is an online tool that you can use to estimate the interest earned by investing in a recurring deposit. For recurring deposits, the maturity amount is the sum total of all investments, plus the interest earned during the investment period. Also, the recurring deposit interest is compounded every quarter. Therefore, the calculator automatically computes the maturity amount and wealth gained from the monthly RD investments.
UCO Bank RD Calculator Requirement
The RD calculator works on the following inputs:
- Monthly deposit amount: The monthly amount you invest in the RD account.
- Interest rate: The interest income that you earn on RD. UCO Bank determines the RD interest rates.
- RD term: The investment duration of the recurring deposit in years.
UCO Bank RD Maturity Value Calculation
With the given inputs, the RD calculator determines the following values:
- Total investment: Sum of all monthly deposits in the RD account.
- Wealth Gained: The total interest income on the RD account.
- Total Corpus created: You can expect the maturity value from your UCO Bank RD investment.
How to use the UCO Bank RD Calculator?
You can use the UCO 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 UCO 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 Ranu plans to invest INR 7,000 per month in a recurring deposit scheme for ten years. The current UCO bank RD rate is 5.00%.
Total Investment: INR 8,40,000
Wealth Gained: INR 2,50,279
Total Corpus Created: INR 10.90,279
Therefore, Ms Ranu’s potential return for UCO Bank RD is INR 10.90,279, and the interest income will be INR 2,50,279.