IDFC First RD Calculator

About IDFC First Bank RD Calculator

Recurring deposits are the best fit for individuals who want to earn fixed deposit-like interest on their savings but without making a lump-sum deposit. 

IDFC First Bank offers the recurring deposit facility at attractive interest rates to ensure wealth appreciation. Individuals can open an RD account with IDFC First Bank for a lock-in period ranging from 6 months to 10 years.

Once the account matures, depositors can withdraw their principal amount along with the accrued interest as of that date. Depositors can calculate the maturity value of their deposits prior to opening an RD account with the aid of an IDFC First RD calculator

This calculator is an online tool available to prospective depositors so that they can use this tool to calculate the returns they can earn from their monthly deposits in an IDFC First Recurring Deposit scheme. It depends on three variables – interest rate, monthly deposit, and maturity period. 

IDFC First Bank Recurring Deposit Interest Rates

The rates of interest applicable on IDFC First Bank Recurring Deposits are presented in the table below 

Tenure General Citizen FD Rates Senior Citizen FD Rates
6 months 5.00% 5.50%
9 months 5.25% 5.75%
12 months 5.75% 6.25%
15 months 5.75% 6.25%
18 months 6.00% 6.50%
21 months 6.00% 6.50%
24 months 5.75% 6.25%
27 months 5.75% 6.25%
36 months 5.75% 6.25%
39 months 5.75% 6.25%
48 months 5.75% 6.25%

 How is Interest Calculated on IDFC First Recurring Deposit?

The interest for IDFC First Recurring Deposit amount is computed on the principles of the compound interest method of calculation. The interest is compounded quarterly from the date of the initial deposit. 

For example, if Manoj opens an IDFC First Recurring Deposit account on 15th May 2021, the interest on the balance in his RD account would be compounded on 15th August, 15th November, 15th February, and 15th May, and so on until the account matures.

The formula for compound interest calculation on the accumulated deposit amount in RD is given below: 

M = R x {(1 + n) x n – 1} / 1- (1 + i) (-1/3)

In this RD formula, 

  • M represents the maturity value, 
  • R stands for the deposit amount, 
  • n is the lock-in period in quarterly terms, and 
  • i represents the rate of interest divided by 4. 

This formula is used by al the calculators for the calculation of the RD maturity value. It is also the functioning formula in the RD Calculator IDFC First Bank

This calculation can be done more conveniently with the use of the RD Calculator IDFC First. Moreover, with the use of a calculator, the chances of miscalculation are negligible and hence, more reliable. 

What are the Factors that influence Interest Earnings from the IDFC First RD Scheme?

The factors that affect interest earnings from the IDFC First RD scheme are – 

  • Payout scheme

According to the recurring deposit stipulations set forth by IDFC First, a depositor can opt for monthly payouts of the accrued interest. 

Age of depositor

If a depositor is more than 60 years of age, i.e. a senior citizen, then he/she is liable to earn an additional 0.50% interest on deposits. 

  • Reverse repo rate

If there is any change in the reverse repo rate by RBI, it will be directly reflected in the interest rate on deposit schemes. 

  • Maturity period

The rate of interest is subject to the lock-in period chosen by a depositor. 

What are the Benefits of Using the IDFC First RD Calculator?

This calculator makes it very easy to calculate the maturity amount on RD because it is – 

  • Easy to use and free of charge.
  • Shows results instantaneously.
  • Curates accurate results without any miscalculations.
  • Can be used multiple times, by updating the variables.

IDFC First Bank RD – FAQs

Ques. Who can apply for an RD account at IDFC First?

Ans. Indian residents and Hindu Undivided Families (HUF) can get an RD account opened with IDFC First Bank.

Ques. Is Partial withdrawal allowed in IDFC First Bank Bank RD accounts?

Ans. No, IDFC First Bank Bank doesn’t allow Partial withdrawal of recurring deposit. 

Ques. Is nomination facility provided by IDFC First Bank for RD account?

Ans. Yes, a nomination facility is provided on IDFC First Bank recurring deposit. However, only one nominee per account is allowed.

Ques. What happens IDFC First RD account matures?

Ans. Once the IDFC First Bank RD matures, the principal amount and the accumulated interest can be transferred directly into a linked savings account. The maturity amount can also be invested in fixed deposits.