Union Bank RD Calculator
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What is Union Bank RD Calculator?
Union Bank RD Calculator is an online tool that you can use to estimate the interest earned by investing in a recurring deposit. The maturity amount for recurring deposit is the sum total of all investments, plus the interest earned during the investment period. Also, RD interest gets compounded quarterly. Therefore, the calculator automatically computes the maturity amount and wealth gained from the monthly RD investments.
Union Bank RD Calculator Requirement
The RD Calculator works on the following inputs:
- Monthly deposit amount: The monthly investment amount in the scheme.
- Interest rate: The interest income that RD earns. Union Bank determines the recurring deposit interest rates.
- RD term: The investment duration of the recurring deposit in years.
Union 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 scheme.
- Wealth Gained: The total interest income on RD investments.
- Total Corpus created: You can expect the maturity value from your Union Bank RD investment.
How to use the Union Bank RD Calculator?
You can use the Union 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 Union Bank RD interest rate. Finally, the calculator will compute the maturity amount at the end of the tenure.
The following example helps in understanding the RD calculator better.
Ms Anu plans to invest INR 5,000 per month in a recurring deposit scheme for seven years. The current Union bank RD rate is 5.50%.
Total Investment: INR 4,20,000
Wealth Gained: INR 92,758
Total Corpus Created: INR 5,12,758
Therefore, Ms Anu’s potential return for Union Bank RD is INR 5,12,758, and the interest income will be INR 92,758.