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# Equitas Small Finance Bank RD Calculator

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RD ALTERNATIVE

A Recurring Deposit (RD) account is a type of investment account that allows investors to make recurring monthly payments and save money over a set period of time. Investors can select the duration of the investment as well as the monthly payment amount based on their needs. RD plans are often more flexible than fixed deposit schemes and are favoured by people looking to open an account to save money and build a rainy-day reserve.

The rate of interest on RDs is the same as the rate on term deposits. The charge applicable to all Senior Citizens aged 60 and over will be 0.50% more than the rate applicable to ordinary consumers. Investing in Equitas Small Finance Bank is an excellent choice for individuals with limited income. The advantage of RDs is that you obtain the same interest rate for the duration of the RD, even if future RD rates are lower.

A pre-specified sum is deposited at regular intervals in an Equitas Small Finance Bank Limited RD account, and its duration ranges from 6 months to 10 years, with monthly installments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months. The RD calculator below makes it simple to determine the amount of interest generated as well as the maturity amount.

## What is Equitas Bank RD Calculator, and How Does Help You

The Equitas Bank RD Calculator calculates the maturity value of your deposit amount based on the interest rate provided and compounded quarterly. The number of fixed deposits, interest rates on RDs, deposit length, and interest compounding frequency all contribute to the maturity amount of the RD at the end of the term. A customer considering an RD can utilize the Equitas RD Calculator to:

– Create an effective recurring deposit plan investing strategy.

– The time range of tenure for which he/she desires or is able to make the investment.

– The entire amount he or she would get upon maturity.

## How Does the Equitas Small Finance Bank RD Calculator Work?

Equitas Small Finance Bank will transmit the interest generated at each interval (say, quarterly) to your bank account if you choose the periodic interest payment option. The interest rate would stay constant for the duration of the deposit. Unless the deposit is renewed, the principal amount of the RD would be transferred to your bank account at maturity. When you choose Equitas Small Finance Bank recurring deposit, you will get a credit for the principle, and interest earned net of TDS at maturity. By using the Equitas Bank RD calculator, you can compute the RD maturity amount.

## How to Use Groww Equitas Bank RD Calculator

In order for a user or a customer, the following steps need to be followed while using the calculator.

Step 1: Enter the amount that you would like to invest in the RD every month.

Step 2: Next, enter the rate of interest.

Step 3: Thirdly and in the final step you can enter the number of years or months you would like the undertake the scheme for.

After you have filled in the above-mentioned data, you can see your final earning in the scheme on the calculator. You can find your total investment in the RD, the total interest earned, and the maturity value.

The formula that is used to make this calculation is mentioned here below:

M = R[1+in-1]1-(1+i)-13

The variables of this formula present;

• R stands for the monthly installment.
• N stands for the number of quarters.
• M stands for the value at maturity.
• i stands for the rate of interest.

Here is an example to demonstrate the example better:

When you choose to invest Rs. 3500 every month, for a period of 2 years, and the bank offers you an interest of 5.5% then the RD can be calculated as:

M = 5.5[1+50-1]1-(1+5)-13

Which will be – Rs. 88,962

## Advantages of Using Equitas RD Calculator

Using the Equitas Small Finance Bank RD Calculator can be beneficial to customers who choose to begin investing in recurring deposits for a better investment approach and financial quotient. Here are some of the common benefits of utilizing the Equitas Small Finance Bank RD Calculator.

– It is an instant digital tool that can be used free of cost to receive instant results for an RD investment.

– You can access it from everywhere and at any time through Groww.

– You can rely on the accurate results without having to wait or do the math yourself.

– You do not need to seek help to calculate your maturity value in the investment.

## Equitas RD Calculator – FAQs

Q1. What is the highest rate of return on a recurring deposit at Equitas Small Finance Bank?

On an Equitas Small Finance Bank recurring deposit, you can earn up to 6.65% in interest.

Q2. Are there any limitations on Equitas RD deposit amount?

The maximum deposit amount for an RD is not limited. When you start an RD account, you must provide instructions for the disposition of maturity funds.

Q3. Are there any additional perks for senior citizens on Equitas Small Finance Bank fixed deposits?

Yes, elderly persons are eligible for an additional 0.5% interest rate on their RD with Equitas Small Finance Bank.

Q4. Can I avail loan facility against Equitas RD?

Loans or overdraft facilities of up to 90% of the deposited amount are available.

Q5. Does Equitas Small Finance Bank allow partial withdrawals from RD accounts?

Equitas Small Finance Bank does not permit partial withdrawals of recurring deposits. However, some banks let you acquire a loan or overdraft by using your RD as security. Post offices, on the other hand, allow for early withdrawals provided you have had an RD account with them for at least a year. The withdrawn amount is considered a loan and must be reimbursed in full.

Premature Closure is permitted, albeit at a cost.

Q6. What happens when an RD account matures?

When your RD account matures, you can request that the bank transfer the principal amount as well as the accrued interest.

Q7. Is it possible to nominate someone in an Equitas Small Finance Bank RD account?

In Equitas Small Finance Bank recurring deposits, there is a nomination facility. Only one nominee per account is permitted, whether the account is opened in a single or joint name. You must ensure that the nomination is carried out in accordance with RBI regulations. You can alter the candidate by submitting a declaration in the relevant form.