RBL Bank is one of the premier financial institutions in India, which offers a plethora of financial products to its customers. Among them is a fixed deposit scheme with attractive interest rates, which can make for a lucrative investment opportunity for many.
This safe investment avenue is ideal for consumers looking to expand their wealth with minimal risks. The RBL FD calculator is a digital tool that can be instrumental in helping individuals gauge the maximum profit that can be earned from this investment.
To calculate profitability from their RBL Bank fixed deposits, one needs to enter just a few details into the calculator. These details include the investment sum, interest rates and tenure for the investment. Additionally, one also needs to choose the frequency of interest computation to know his/her ROI.
Such a calculator is not only useful to acquire an estimation of interest-earnings. Its additional benefits include the following –
However, to use a calculator, an individual will first need to know the exact interest rates on offer from RBL Bank. Additionally, tenure for investments is also another important criterion that one should figure out.
One can refer to the following table to acquire extensive knowledge regarding rates and terms on offer from RBL Bank –
|Tenure||General Citizens FD Rates||
Senior Citizen FD Rates
|7 days – 14 days||3.25%||3.75%|
|15 days – 45 days||3.75%||4.25%|
|46 days – 90 days||4.00%||4.50%|
|91 days – 180 days||4.50%||5.00%|
|181 days – 240 days||5.00%||5.50%|
|241 days – 364 days||5.25%||5.75%|
|1 year – 1 year 364 days||6.25%||6.75%|
|2 years – 2 years 364 days||6.50%||7.00%|
|3 years 1 day||6.30%||6.80%|
|3 years 2 days – 4 years 364 days||6.30%||6.80%|
|5 years – 9 years 364 days||6.30%||6.80%|
|10 years – 20 years||6.75%||6.25%|
However, simply knowing these figures is not enough. An investor should also devote time to understand the formula for FD profitability calculation. The equation below is used in manual calculations, as well as by the RBL Bank FD calculator.
Whether calculating manually or through FD calculator RBL, one must know the formula to arrive at the accurate results. This formula is given by –
A = P (1+r/n) ^ n x t
It can be tricky to understand and remember this formula. One can assess how this equation works by referring to the example given below.
Example of FD Calculation
Mr. Verma is a 42-year old entrepreneur, looking to invest Rs.7 lakh through an RBL Bank FD. He picks a term of 2 years and opts for a quarterly interest payout. The table given above suggests that Mr. Verma will receive an interest of 7.25% per year on the invested sum. Based on this, one can determine the maturity amount from the investment using the same formula.
Here, P = Rs.7,00,000
r = 7.25/100 or 0.0725
t = 2
n = 4
Hence, A = Rs. [7,00,000 (1+0.0725/4) ^ 4 x 2] = Rs.8,08,178
The return on investment is equal to A-P, which in this case comes to Rs.1,08,178.
Although accurate, such lengthy calculations can be time-consuming and difficult. This is why one can rely on the FD calculator RBL to determine ROI, instead.
In the respective fields, just enter the value of the investment amount, select the tenure or maturity period and the rate of interest. The amount you would receive upon maturity will be displayed instantaneously.
The online tool relies on four major parameters to arrive at a result in FD calculations. It is vital to know how each aspect affects outcomes in the RBL Bank FD rates calculator to achieve maximum returns.
Lastly, the age of an investor may also come into play when determining profitability from an FD. Most banks today offer increased interest rates to senior citizens on their FDs when compared to people aged below 60.
Therefore, the use of such a calculator is essential for potential FD investors. It enables them to make informed decisions for better financial health.
RBL Fixed Deposit Calculator – FAQs
No. You cannot reduce or increase the term after the investment tenure begins. However, in case of financial emergencies, you can withdraw the deposited sum before its term ends.
Loan against FD facility is available to RBL Bank customers. The bank charges interest rates between 6% and 8.2% per annum for such forms of credit.
RBL Bank offers an LTV of around 90% for loans against FDs. This means that if your FD is worth Rs.1 lakh, you can safely avail of a loan of up to Rs.90,000 against it.
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