About this RD calculator
A recurring deposit lets you save a fixed amount every month and earn interest on it. It is a good option for people who want disciplined saving without a large upfront investment. The rate is fixed for the tenure, which usually ranges from six months to ten years.
This calculator compounds each monthly deposit at the monthly rate and reports the maturity value, total deposited and interest earned. Because deposits are made at different times, each instalment earns interest for a different period, which the tool handles month by month.
Interest on RDs is taxable, and premature withdrawal usually reduces the rate. Senior citizen rates are higher, so check with your bank.
Use it to plan a goal-based monthly saving target. Comparing RD with a SIP or FD for the same tenure can help you pick the better option. Always confirm the exact rate and terms with your bank.