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Investing in a Recurring Deposit (RD) is like running a marathon, and an RD Calculator is the coach. Just like a marathon requires consistent effort, your RD requires disciplined monthly deposits. An RD Calculator shows you how much you need to set aside to help you get your hands on that top-end smartphone or a designer outfit. It guides you on working best with your resources to reach your goal, the finishing line. All this without worrying about running out of funds at the end of each month.
A Recurrent Deposit is versatile. It can be used as a financial safety net in case of emergencies. It can also be used to save money to make a dream purchase. An RD Calculator shows you the interest you will accrue over your RD tenure.
The interest on your RD is compounded quarterly. However, if you start your RD in the middle of an ongoing financial quarter, then the recurring deposit will earn a simple interest until the end of that financial quarter. Following that, it will begin to accrue quarterly compounded interest.
The formula to calculate the RD maturity amount is:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
‘M’ stands for the maturity amount; ‘R’ is the RD amount you deposit each month; ‘N’ is the number of quarters in the tenure; ‘i’ is the interest rate; ‘t’ is the tenure of the RD in months.
Are you keen to get started with your Recurring Deposit? Download the digibank by DBS app to get started.
Unless you are an algebra fan, we need to tell you that there is an easy-to-use online RD calculator that you can use. All you need to do is the following:
You will get your maturity amount so quickly that even making instant noodles will appear slow!
An RD Calculator is your true friend in this fast-paced life where you need speedy and accurate tools to help you get tasks done.
It’s simple to understand who can open a recurring deposit. Any Indian citizen, HUF (Hindu Undivided Family) can open an RD.
Anyone with an RD or anyone considering opening an RD can use the RD Calculator to plan their finances. To start your recurring deposit, download the digibank app.