Indian Bank RD Calculator
The Indian Bank RD Calculator helps you calculate the maturity amount and interest earned on your Recurring Deposit (RD) with Indian Bank. It’s a powerful online tool designed for savers who want to forecast their returns and plan monthly investments efficiently.
What is an Indian Bank Recurring Deposit?
A Recurring Deposit (RD) from Indian Bank allows individuals to invest a fixed amount every month for a chosen tenure. The deposited amount earns interest that is compounded quarterly and paid at maturity. It’s a secure and disciplined saving scheme ideal for conservative investors and salaried individuals.
How Indian Bank RD Calculator Works
To estimate your RD returns, simply input the following:
- Monthly Deposit Amount
- Tenure (in months or years)
- Applicable Interest Rate
The calculator will automatically compute:
- Total Amount Invested
- Total Interest Earned
- Final Maturity Value
Indian Bank RD Interest Rates
Interest rates on Indian Bank RDs typically range from 6.00% to 7.25% per annum depending on the tenure and depositor category. Senior citizens are eligible for additional interest (usually +0.50%).
Example Calculation
If you invest ₹3,000 per month for 3 years at 7% annual interest (compounded quarterly):
- Total Deposit: ₹1,08,000
- Estimated Interest: ₹12,150 (approx.)
- Maturity Value: ₹1,20,150 (approx.)
Key Benefits of Indian Bank RD Calculator
- Instant and accurate calculation of RD maturity
- Helps plan savings goals for education, travel, or emergencies
- No manual formulas or complex math needed
- Free to use and available online 24/7
Features of Indian Bank RD
- Minimum deposit: ₹100 per month
- Tenure: 6 months to 10 years
- Quarterly compounding of interest
- Loan and overdraft facility available against RD
- Premature withdrawal option (with nominal penalty)
Tax on Interest
Interest earned on Indian Bank RD is taxable. TDS is deducted at source if the interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year, as per Section 194A of the Income Tax Act.
How to Open a Recurring Deposit with Indian Bank
- Log in to Indian Bank Net Banking or Mobile Banking app
- Select ‘Deposits’ → ‘Recurring Deposit’
- Enter the deposit amount, tenure, and interest option
- Review and confirm to open your RD account
Conclusion
The Indian Bank RD Calculator is a reliable financial tool that simplifies RD investment planning. Whether you’re a student, working professional, or retiree, Indian Bank’s RD schemes provide safe returns and financial growth. Use the calculator to choose the best tenure and deposit amount for your needs.
Visit Indian Bank to explore RD schemes and open your account today.