ICICI Bank RD Calculator

ICICI Bank RD Calculator

ICICI Bank is counted among the top financial institutions of the country. It offers a variety of financial services to its customers in the form of financial products like deposit account, fixed and recurring deposits and loan schemes. ICICI Bank also offers financial assistance tools like ICICI RD Calculator to its customers to help plan their investments better.

What Is ICICI Recurring Deposit RD Calculator?

An ICICI RD Calculator is one such financial assistance tool that is designed to help calculate the returns that would be generated through an RD investment. It uses the below-mentioned information to calculate the sum an RD holder would receive on maturity.

1. Monthly recurring deposit amount.
2. The interest rate applied to recurring deposit.
3. Term of investment.

Also Read, ICICI Bank RD rates of interest 

An ICICI RD calculator helps eliminate the need to keep track of all these details and reduces the entire process of computing maturity amount and its interest into a few seconds ordeal. It also minimises the scope of making any mistakes to a great extent.

Other than these, users can access the calculator at any time from any device and learn about their income and associated taxes.

However, to ensure that the data generated by the ICICI recurring deposit calculator is accurate, users must make it a point to input specific details into it.

ICICI Bank RD Calculator Formula?

The ICICI Bank calculator for RD uses the formula mentioned below to calculate the returns generated through an ICICI bank RD.

A= P x (1+R/N) ^ (NT)

In the given formula,

• ‘A’ = Maturity Amount
• ‘P’ = Recurring deposit
• ‘N’ = Number of times interest is compounded*
• ‘R’ = Rate of interest
• ‘T’ = Tenure

*(N will be 4 when compounded quarterly, 2 when compounded half-yearly and 1 when compounded yearly)

Here is an example of the same,

Mr Kabir is a 61-year-old man, who deposits Rs. 500 per month towards his ICICI RD account for a tenure of 24 months. His recurring deposit account accrues interest at the rate of 7.5% (special rates for senior citizens) assuming that it is compounded yearly.

The sum he will receive on maturity would be –

A= P x (1+R/N) ^ (Nt)

= 12000 x (1+7.4/1) ^ (1*2)

= Rs. 12978

The accrued interest on his RD would be Rs. 978.

Advantages of Using Groww’s RD Calculator of ICICI? 

By using Groww’s RD calculator of ICICI, RD holders would be able to avail the following advantages –

• It solves complex calculations within seconds.
• It offers accurate results without any ambiguity.
• N number of adjustments can be made to the details submitted.

Therefore, avail the advantages extended by the ICICI RD calculator and find out which tenure would help you earn the most returns.

“Looking to invest? Open an account with Groww and start investing in direct Mutual Funds for free”

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