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Calculators » Finance » Recurring Deposit
Our online tools will provide quick answers to your calculation and conversion needs. On this page, you can calculate the maturity value and interest earned on recurring deposit (RD) schemes offered by banks in India. In a bank RD, a fixed amount is saved every month for a fixed tenure. The interest on the investment amount is compounded quarterly.
RD facility is provided by postal department and all leading banks in India including SBI, ICICI Bank, HDFC Bank, PNB, Corporation Bank, IDBI Bank, Bank of India, Bank of Baroda among others.
Following is the formula given by IBA for Quarterly-compounded recurring deposits:
M = R((1+i)n-1) / (1-(1+i)-1/3)
M = RD maturity value
R = Monthly installment
n = Number of quarters
i = Interest rate/400