Set to a recurring deposit already. Enter the monthly amount, rate and months.
In a recurring deposit you put in the same amount every month. Banks add interest every quarter, and each instalment earns it only for the months it is in the account. ₹5,000 a month for 24 months at 7% matures at about ₹1,29,100.
In a recurring deposit you put in the same amount every month. Banks add interest every quarter, and each instalment earns it only for the months it is in the account. ₹5,000 a month for 24 months at 7% matures at about ₹1,29,100.
RD interest is taxed as income, and TDS applies when your total interest from the bank crosses ₹50,000 in a year (₹1 lakh for senior citizens).
Also searched as: rd calculator, recurring deposit calculator, rd interest calculator, post office rd calculator, sbi rd calculator.
At 7% a year, about ₹1,43,900 on ₹1,20,000 deposited.
An RD gives a fixed, guaranteed return. A SIP in an equity fund can earn more over long periods but its value moves with the market.
Banks usually charge a small penalty for a late instalment, and several missed instalments can lead to the RD being closed early.
Yes, it is free, with no sign-up. Everything is worked out inside your browser, so nothing you type is sent to a server.