Customers may use Recurring Deposits (RD) to invest an amount of their choice each month and save money with simplicity. Most banks and NBFCs in India offer recurring deposit accounts with terms ranging from 6 months to 10 years. The interest rate typically varies between 5.00% and 7.85%.
IndusInd Bank offers two distinct Recurring Deposit (RD) programs. Aside from the standard repeating deposit, a Value Added Recurring Deposit is also available. The procedure of opening an RD account is also quite easy.
You can find how much and how long to invest every month to receive a certain amount of principal and interest through the Indusind bank RD calculator 2021.
What is IndusInd Bank RD Calculator, and How Does it Help You
The Indusind Bank RD calculator is a digital tool that allows you to enter the credentials to a recurring deposit that you would like to start and gives you the result after calculation on how much you would receive at maturity instantly.
An Indusind bank RD rates calculator gives you several perks before you could invest in a recurring deposit. Here are some of the common advantages of using the recurring deposit calculator:
– It is an instantly accessible tool at no cost.
– The Indusind recurring deposit calculator is a tool that lets you choose how much you can invest based on your financial goals.
– The calculator tells you the interest you earn on your period instantly.
– You do not need to access the help of another with ready solutions with the tool.
– You can access the calculator from anywhere.
How Does the IndusInd Bank RD Calculator Work?
The IndusInd Bank offers varied interest rates for a customer applying to invest in a recurring deposit. You need to calculate your earnings on the investment based on the tenure you choose to invest for, the monthly deposit you would like to make, the interest rate you would like, along the final financial goal you have set. In order to calculate this, the calculator works in terms of your objectives. You can enter the credentials, and you can find the final result without any hassles.
How to Use Groww IndusInd Bank RD Calculator
While using the calculator, the user or client must do the following activities.
Step 1: Enter the monthly investment amount in the RD.
Step 2: Enter the interest rate next.
Step 3: Finally, in the third and final step, you may choose how many years or months you want the program to run for.
You will be able to check your ultimate profits in the plan on the calculator after inputting the mentioned information. Your entire RD investment, total interest earned, and maturity value are all displayed.
The digital calculator uses the following formula:
M = R[1+in-1]1-(1+i)-13
- R = monthly installment.
- N = number of quarters.
- M = value at maturity.
- i = rate of interest.
Here’s an example to help you understand the purpose of the IDFC bank RD calculator:
If you wish to invest Rs. 7,000 per month for two years, and the bank offers a 6 percent interest rate. The RD might be calculated as follows:
M = 6[1+50-1]1-(1+6)-13
Maturity = Rs. 1,78,859
Advantages of Using IndusInd Bank RD Calculator
Customers who wish to start investing in recurring deposits to improve their investment plan and financial aptitude can use the IDFC First Bank RD calculator. Some of the most common benefits of utilizing the IDFC First Bank RD Calculator are as follows.
– It is a free digital tool that may be used to generate rapid profits on an RD investment.
– Groww enables you to access it from any location and at any time.
– You may rely on the accurate answers without having to wait or conduct the math yourself.
– You do not need to seek assistance in estimating the maturity value of your investment.
IndusInd RD Calculator – FAQs
Q1. Is it possible to withdraw money from an RD account before it matures?
Only at maturity may the funds be withdrawn. In an emergency, you can break your RD before maturity, but your account will be terminated after that. Banks may impose a penalty of 1 or 2% off the interest accrued on your RD amount for the period it remained with the bank.
The minimum lock-in period is three months, and if the depositor requests a premature withdrawal before that time, he will receive no income and will only be reimbursed the initial amount. In addition to the interest, any incentives given are removed.
Q2. What is the highest rate of return on a recurring deposit at IndusInd Bank?
On an IndusInd Bank recurring deposit, you can earn up to 8.00% in interest.
Q3. Is IndusInd Bank allowing partial withdrawals from RD accounts?
IndusInd 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 flip side, allow for early withdrawals given 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, at a cost.
Q4. What happens when an RD account matures?
When your RD account matures, you can request that the bank transfer of the principal amount as well as the accrued interest component straight into your linked savings account. After maturity, you can also put your RD amount in fixed deposits.
Q5. What are the requirements for creating an RD account?
Indian citizens and HUF (Hindu Undivided Families) can open RD accounts. NRIs can also open RD accounts using their NRO and NRE accounts. Banks often provide RD schemes for minors under the care of their parents to oversee their funds.
Q6. What are the types of RD provided by IndusInd Bank?
Standard Recurring Deposit (RD): The standard RD account offered by IndusInd Bank has a term ranging from 12 to 120 months. The minimum deposit required to start a standard RD account is Rs.500. The capability for premature closure and nomination is accessible under the standard RD account.
Value Added Recurring Deposit: It is a cooperation between IndusInd Bank Limited and Thomas Cook, India, with the main goal of offering a savings plan for vacationers. The holiday must be booked at least 12 months in advance under this RD. The monthly deposit required will vary depending on the program. When the RD matures, the available funds will be sent to Thomas Cook in order for the holiday package to be executed.