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 4.87% as of May 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 Name||Interest Rates(%)|
|Citi Union Bank||8.75|
|Development Credit Bank||8.75|
|Lakshmi Vilas Bank||8.75|
|TamilNad Merchantile Bank||8.85|
|Bank of Baroda||8.75|
|Bank of Maharashtra||8.75|
|Central Bank of India||8.75|
|Indian Overseas Bank||8.75|
|Oriental Bank of Commerce||8.60|
|Punjab National Bank||8.75|
|State Bank of Hyderabad||8.50|
|State Bank of India, SBI||8.25|
|Union Bank of India||8.55|