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RD Calculator

Don’t we all wish to grow our wealth? But that seldom happens, because we don’t make the right financial decisions. But if you must know there’s a subtle art of growing your money – and that subtle art in
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Calculate your earnings with RD

5k

Get Tax-Free##

Fixed Returns up to 7.5%*

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Get Returns in just 5 years

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Get Life Cover

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You Get

Total Investment
₹ 30.00 k
Total Interest
₹ 0.35 k
Maturity Amount
₹ 30.35 k

Note: Compounding is occurring on monthly basis.

Maximise Your Savings

Select options

*

Disclaimer:

Applicable for Titanium variant of Axis Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of
10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.5% return.
Life Insurance is available with this product

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Written by

Abhishek Chakravarti
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Abhishek Chakravarti

BFSI Writer

Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Axis Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

:

Reviewed by

Sahil Rawal
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Sahil Rawal

BFSI Expert

Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

What is a Recurring Deposit?

Recurring Deposit is a saving cum investment scheme offered by numerous banks in India. It works by making regular deposits into the saving tool. The deposit earns returns according to the rate of interest defined by the banks. Furthermore, the power of compound interest makes it an even more exciting deposit scheme, yielding better returns.

An RD account holder can invest a fixed amount every month while earning interest on the investment. The tenure of Recurring Deposit can range anywhere from 6 months to 10 years. Recurring Deposit provides ease of investment and flexibility to investors, making it an ideal saving cum investment scheme.

How Does RD Interest Calculator help you?

A Recurring Deposit calculator comes with multiple advantages that you can benefit from.

image RD_Calculator_1_de68f391fe_1906f78940

1. Aids Financial Planning

A Recurring Deposit Calculator can give you a fair idea of the maturity amount you’ll get when you invest a fixed amount for a fixed time as recurring deposit. Knowing the amount well in advance can help your financial planning by helping you make better investment and purchasing decisions.

2. RD Calculator is Easy to Use

There are numerous RD calculators available online. You just have to choose one, enter the deposit amount, and the number of years you want to keep investing in the Recurring Deposit, and you’ll get the results in no time.

How to Use Online RD Calculator?

An RD calculator is easy to use. To use the calculator on this page scroll to the 1st fold of the page and access the calculator given under the heading **RD Calculator**. You will be required to enter basic details such as your monthly investment amount, rate of interest per annum, and investment tenure to calculate the amount you will receive on maturity.

How is RD Interest calculated in 2023?

Knowing the maturity amount for your Recurring Deposit can help your financial planning. The maturity amount can be calculated manually as well as through the RD interest calculators available online.

As for RD interest, it is set by banks. Therefore, it’s not uncommon to find different interest rates for Recurring Deposit schemes offered by multiple banks. It is not clear how banks calculate interest rates for Recurring Deposit, but the interest rates are influenced by recession, RBI policies, inflation, economy, tenure, age of the applicant and so on.

Recurring Deposit Formula

The maturity amount of the Recurring Deposit can be calculated through the Recurring Deposit formula.

Here’s the formula:

A = P*(1+R/N)^(Nt)

A = Maturity amount

P = Recurring deposit amount

N = compounding frequency,

R = Interest rate

T = Tenure

Advantages of RD Calculator

RD or Recurring deposit is an investment tool that allows investors to save money on a regular basis for a long period of time. Calculating returns made on these deposits can be a challenging task for investors. Using an RD calculator can eliminate the hassles of estimating the returns manually. Apart from that, an RD calculator can provide you with the following benefits: -

image RD_Calculator-2

Saves Time

RD calculator is a time-saving instrument. It can perform the calculations within a few seconds. The entire process from visiting the RD calculator website to making calculations will not take more than 2 minutes.

Accurate

Using an RD calculator can give you fairly accurate results with correct inputs.

Free to Use

Most online RD calculator is free to use as many times as you like. It also offers you the flexibility to calculate returns using different variables.

Helps Compare RD Interest Rates

If you are confused about where you should open a RD account, the best strategy is to invest where interest rates offered are the highest. An RD calculator can provide instant comparison between maturity amount for different RD interest rates.

Future Planning

Knowing your future returns can help fulfil your financial goals efficiently. An RD calculator will provide you with right estimate of your future returns so you can plan accordingly.

Advantages of RD Calculator

Investing in an RD account allows individuals to earn fixed interest on the principal amount. The total amount including the interest earned can be withdrawn by the investor at maturity.

Here are some of the key features of Recurring Deposits: -

Low Initial Investment

One of the key features of an RD scheme is that it allows investors to start investing with low amounts. You can open a recurring deposit account with an investment of as low as Rs. 100.

Tenure

The minimum period of deposit for an RD account is 6 months. You, as an investor has the flexibility to choose a suitable period with a maximum tenure of up to 10 years.

Interest Rate

The rate of interest offered on the RDs is always higher than the rates offered on a regular savings account. Make sure to invest in the RD that offers the highest interest rates.

Premature Withdrawal

Premature withdrawals under RD account are allowed but are subject to a certain penalty.

Tax Implications of RD

image RD_Calculator_3_70ed5978a1

The money invested in an RD account every year is counted as part of yearly income of the investor. A TDS (Tax Deducted at Source) of 10% is deducted on the interests earned on your RD account. However, the TDS is not deducted if the interest earned is up to Rs. 40,000. Also, the TDS will be 20% in case you fail to provide your PAN information to the financial institution.

In case your income falls under non-taxable income slab, you will need to submit the Form 15G to be taxed for both fixed deposits and recurring deposits.

Is an RD Interest Rate fixed?

RD interest rate varies according to banks. Different banks offer different RD interest rates. However, the RD interest rate stands fixed during the investment tenure. This is to say, the RD interest rate you were promised at the start of the investment tenure would stay fixed regardless of any fluctuation during the investment tenure.

Is TDS applicable on an RD?

Yes, TDS is applicable on Recurring Deposit. 10% is deducted as TDS on interest earned exceeding INR 40,000. The limit extends to INR 50,000 for senior citizens.

What is the minimum tenure for an RD?

The minimum tenure of RD varies according to the bank. However, for most banks, the minimum investment tenure for Recurring Deposit is 6 months.

Eligibility Criteria for an RD Account

Here is a list of entities who are eligible to open a RD account: --

  • An individual.
  • A minor who is over 10 years and has an identification proof.
  • A minor who is below 10 years under his guradian’s suggestion
  • A government organization.
  • A company or a corporate.

Documents Required to Open an RD Account

Following documents are required to open an RD account: -

  • Identification proof.
  • Duly filled RD application form.
  • Passport size photographs.
  • Address proof.
  • KYC documents.

Frequently Asked Questions

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How to use Recurring Deposit Interest calculator?

How to calculate the Recurring Deposit maturity amount?

How is Recurring Deposit interest calculated?

What are the minimum and maximum tenures to open a bank RD?

What is the minimum monthly instalment amount needed to invest in bank RD?

Is it possible to add nominees in my RD account?

Can I make partial withdrawals from my RD account?

Will I have to pay a penalty in case there is a delay in the monthly deposit?

Is the interest that is generated from the RD account taxable?

What are the different methods by which I can open an RD account?

How is the interest earned on an RD account calculated?

Is there any additional interest provided for senior citizens?

Which form should I submit if I wish to avoid TDS?

Which is the formula used to calculate compound interest on Recurring Deposits?

Is the interest paid on RDs compounded quarterly?

Are the interest rates on an RD pre-fixed?

What happens if I do not pay my RD instalment?

Can I add a nominee to my RD account?

What is the Difference between FD vs RD?

ARN: PCP/RDC/050723

*#Guaranteed benefits are applicable if all due premiums are paid.


Sources:

www.hdfcbank.com/personal/resources/learning-centre/save/what-is-rd-account

www.economictimes.indiatimes.com/wealth/calculators/rd-calculator

www.economictimes.indiatimes.com/wealth/invest/banks-rds-vs-post-office-rd-which-is-offering-higher-interest-rate/articleshow/90994132.cms

www..livemint.com/money/personal-finance/interest-from-recurring-deposits-is-taxable-11637514218903.html

www.timesofindia.indiatimes.com/business/faqs/recurring-deposits/know-all-about-recurring-deposits/articleshow/72400673.cms

www.economictimes.indiatimes.com/wealth/invest/how-to-open-rd-account-online/articleshow/66545129.cms

www.economictimes.indiatimes.com/wealth/tax/where-tds-is-applicable-and-how-to-avoid-it/tomorrowmakersshow/51065305.cms

Check out the different Online Insurance Plans from Axis Max Life!

  • Axis Max Life Online Savings Plan

    Comprehensive death benefit covering the policy tenure, along with saving money for various life goals

    Monthly income, accrued bonuses, and flexible fund options for the policyholders with no policy charges

    Flexibility to choose a policy term up to 85 years, premium payment term and payouts to fit your needs

    Know more
  • Axis Max Life Smart Wealth Plan

    Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term

    Guaranteed maturity benefits/Income benefit and accrued guaranteed additions to help meet your life goals

    Multiple variants - lump sum, short term income, long term income, and whole life income with unique benefits

    Know more
  • Short Term Income

    Guaranteed income benefit at the end of the policy term based on the chosen frequency for the payout period

    Lumpsum guaranteed death benefit payable to the nominee after the death of the life insured during policy term

    Multiple premium payment tenure and policy period options to fit your profile and specific requirements

    Know more
  • Long Term Income

    Guaranteed Income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected

    Terminal benefit which equals total premiums paid, post completion of the payout period payable to nominee

    Four premium payment options – 6, 8, 10 and 12 years to be chosen as per suitability of the plan for your needs

    Know more
  • Term Plan with Return of Income

    Option to receive the premiums paid back on successful survival of the insured till end of policy term

    Death benefits for your family members in case of any eventuality leading to the loss of your life

    Limited pay options to pay for term plans with return of premium – 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay

    Know more
  • Axis Max Life Critical Illness and Disability Rider

    Additional protection against up to 64 critical illnesses depending on the rider variant you select

    Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury

    Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate

    Know more
  • Axis Max Life Waiver of Premium Plus Rider

    Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free

    Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms

    Continued benefits of the base policy to give you peace of mind about maintaining various life expenses

    Know more
  • Axis Max Life Smart Fixed-return Digital Plan

    Returns in just 5 year

    Tax-Free## Fixed Returns up to 6.27%^*

    Tax savings up to Rs. 46,800## u/s 80C

    Know more

Customer Reviews

Axis Max Life Insurance

“My husband had invested in Axis Max Life on the recommendation of his friend. Our family expenses were totally dependent on this insurance fund for several years after his death. I must say that this insurance provided a huge support to my family during the difficult times.”

Mrs.Kapoor

Axis Max Life Savings Plan

“I came across Axis Max Life Savings Plan a few years ago when I was researching the market for savings options. I invested in the policy soon after. The plan suits my exact requirements in terms of meeting my savings goals, sufficient life coverage, and maturity benefits.”

Mr.Pal

Why Choose Axis Max Life?

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99.70% Death Claims Paid Ratio

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2024-2025)

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405 Branches

(Source: As reported to IRDAI, FY 2024-25)

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₹2,191,857 Cr. Sum Assured

In force (individual) (Source: Axis Max Life Public Disclosure, FY 2024-25)

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₹175,072 Cr. Assets Under Management

(Source: Axis Max Life Public Disclosure, FY 2024-25)

More reasons why our customers choose us

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