Recurring deposit or RD is popular a risk-free investment option for numerous individuals in India. An RD enables an individual to invest as low as Rs. 10 on a monthly basis for a pre-determined maturity period. On maturity, the depositor is paid back the entire principal amount along with interest accrued.
Several financial institutions, such as HDFC, offer this facility to their customers. It is crucial for an investor to know the amount they will accumulate at the end of the maturity tenure of the RD.
Calculating the maturity amount is a complicated process as interest is compounded quarterly, and there are a lot of variables involved. One can use the HDFC bank Recurring Deposit calculator to compute it with ease and plan their investment accordingly.
An RD is a continuing investment. There are several components of this investment, which may confuse the depositor on the exact maturity amount they will incur. Groww’s HDFC RD calculator online enables one to figure out the exact amount and plan their finances more appropriately. Do note that this calculator does not take TDS (Tax Deducted at Source) into account, as various lending institutions levy different TDS deduction periods.
The HDFC RD deposit calculator uses a standard formula to determine the exact maturity amount after considering all the variables.
M = R [(1+i) n – 1]/ 1- (1+i) -1/3
|R||Monthly payable RD installment|
|n||Tenure in years|
|i||RD interest rate|
All RD calculations, irrespective of the investment amount or tenure, are calculated using this formula. For example, suppose one invests Rs. 1,000 for a tenure of 10 years at an quarterly RD interest rate of 10%. Note that the interest is compounded quarterly. 10 years equates to 40 quarters. The HDFC RD interest rates calculator will use the following formula –
M= 1000 [(1+10) 40 -1]/ 1 – (1+ 10) -1/3
Which equates to, M= Rs. 2,06,552
Groww’s HDFC recurring deposit calculator is convenient and easy-to-use. Anyone with a rudimentary knowledge of the internet can use this calculator.
Groww’s HDFC Recurring Deposit calculator India comes with a host of benefits that make it a convenient option for users.
At the bottom of this page, you will find a wide range of different financial calculators. You can use them to solve various financial conundrums. Feel free to use them.
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