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HDFC RD Calculator – HDFC Bank Recurring Deposit Calculator Online
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.
How can the HDFC RD calculator help you?
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 RD calculator allows one to determine their RD maturity amount, enabling them to plan their future accordingly.
- It saves a lot of valuable time for the depositor as the RD maturity calculation is complex.
- HDFC bank RD calculator guarantees accuracy. There is no possibility of any ambiguity or errors.
Formula to determine RD maturity amount
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
How to use Groww online RD calculator?
Groww’s HDFC recurring deposit calculator is convenient and easy-to-use. Anyone with a rudimentary knowledge of the internet can use this calculator.
- Insert the requisite variables, vis-à-vis, monthly installment amount, tenure in years, and RD interest rate.
- Your maturity amount will be calculated in seconds and displayed at the bottom.
Advantages of using Groww RD calculator
Groww’s HDFC Recurring Deposit calculator India comes with a host of benefits that make it a convenient option for users.
- It saves a lot of time by doing the calculations in seconds. The depositor does not need to worry about doing the cumbersome calculations themselves.
- It is absolutely free of cost for unlimited use. Registered users can use the calculator as many times as they wish to check the maturity amounts for different deposit amounts.
- It provides one with an accurate estimate, without any chance of any errors, and enables them to plan their future finances with ease.
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.
“Looking to invest? Open an account with Groww and start investing in direct Mutual Funds for free”
- Do Recurring Deposits attract TDS?
According to the Financial Bill of 2015, recurring deposits will attract tax deductible at source.
To avail the tax breaks at the end of the FY, please enter your PAN and fill up Forms 15G/ H.
- How much amount can I invest for Recurring Deposits in 2019?
The minimum amount you need to invest is Rs 500. Post that, you can invest in multiples of Rs 100. The total tenure is 6 months to 10 years.
- Do RDs come with nomination benefits?
Yes. You can nominate individuals who are your relatives. You may need to prove the relationship.
- Are senior citizens eligible for any extra benefits on these investments?
Yes, all senior citizens are eligible for a higher rate of interest on the sum.