| Interest Rate | Check below RD Interest rates for various banks. |
|---|---|
| Compounding | It means when your money gains interest in a year, usually in most of the banks its "Quarterly" |
| Duration | Generally, minimum time period is 6 months and its usually multiple of 3 |
| Maturity Amount | It is the total amount that you will get after your time period |
| Installment | Installment amount that you have to pay each month. |
It is simple web based recurring deposit (RD) calculator for calculating the maturity amount(money which you'll get after certain time period) for given fixed monthly deposit. You don't need to install any plugin or software. Just enter the values in above text fields and click "Calculate" button.
Using RD Calculator you can also calculate the "Monthly Deposit Amount" for achieving certain "Maturity Amount" after certain period of time.
One should invest in RD, if he/she wants medium term capital gain. For example, you plan to buy a bike next year and you want to save some money with some capital gain. Its best to go with recurring deposit because it will give you more interest than your saving account.
Apart from this, inflation in India is around 4.2% as of October 2015. So the value of your money will decrease if you just simply put it in savings account, because interest rates are lower than RD interest rates.
You can open recurring deposit account in almost all banks including DHFC bank, SBI bank, ICICI bank etc. You don't need to open new account in order to start RD, go to your bank and ask them to open RD account.
| Bank | Interest Rates |
|---|---|
| Allahabad Bank | 6.75 |
| Andhra Bank | 6.80 |
| Axis Bank | 6.75 |
| Bandhan Bank | 7.35 |
| Bank of Baroda | 6.45 |
| Bank of Maharashtra | 6.50 |
| Canara Bank | 6.70 |
| Central Bank of India | 6.65 |
| City Union Bank | 6.75 |
| CitiBank | 5.25 |
| Corporation Bank | 6.80 |
| Dena Bank | 7.00 |
| Deutsche Bank | 6.25 |
| Federal Bank | 6.50 |
| HDFC Bank | 6.60 |
| ICICI Bank | 6.90 |
| IDBI Bank | 7.10 |
| Indian Overseas Bank | 6.60 |
| Karnataka Bank | 7.10 |
| Kotak Mahindra Bank | 7.10 |
| KVB (Karur Vysya Bank) | 7.10 |
| Lakshmi Vilas Bank | 7.70 |
| Oriental Bank of Commerce | 6.85 |
| Post office | 7.20 |
| Punjab National Bank | 6.80 |
| Ratnakar Bank | 7.15 |
| Repco Bank | 7.00 |
| State Bank of India, SBI | 6.80 |
| Syndicate Bank | 6.60 |
| TamilNad Merchantile Bank | 7.25 |
| Union Bank of India | 6.75 |
| Vijaya Bank | 6.50 |
| Yes Bank | 7.25 |