Recurring Deposits (RDs) are an excellent option for individuals who want to invest in small amounts on a regular basis and earn interest on their savings. RDs are risk-free and provide a fixed return on investment. In this article, we will discuss the benefits of using an RD calculator to calculate returns on investment and how to use it to your advantage.
What is an RD Calculator?
An RD Calculator, also known as a Recurring Deposit Calculator, is an online tool that helps you calculate the interest earned on an RD investment. It is an easy-to-use tool that allows you to enter the amount you wish to invest, the tenure of the investment, and the interest rate. The calculator then calculates the maturity value of your investment, the total interest earned, and the monthly investment required to reach your investment goal.
How to use an Recurring Deposit Calculator online?
Using an Recurring Deposit Calculator online is simple and easy.
Here are the steps to follow:
Step 1: Go to any RD Calculator website of your choice, such as the Post Office RD Calculator, BankBazaar RD Calculator, etc.
Step 2: Enter the amount you wish to invest in the RD.
Step 3: Choose the tenure of the investment.
Step 4: Enter the interest rate offered by the bank or post office.
Step 5: Click on the "Calculate" button.
Step 6: The calculator will display the maturity value of your investment, the total interest earned, and the monthly investment required to reach your investment goal.
Here are few links to calculate return on RDs
Scripbox - https://scripbox.com/plan/rd-calculator/
ICICI bank - https://www.icicibank.com/calculator/rd-calculator
Clear tax - https://cleartax.in/s/rd-calculator
Benefits of using an RD Calculator
1. Easy to use: RD Calculators are user-friendly, and anyone can use them to calculate the maturity value of their investment.
2. Saves time: Calculating the interest earned on an RD investment manually is time-consuming and tedious. An RD Calculator saves time and effort and provides accurate results.
3. Accurate results: RD Calculators provide accurate results based on the input values entered.
4. Helps in planning: RD Calculators help you plan your investments and calculate the monthly investment required to reach your investment goal.
RD Interest Rates
RD interest rates vary depending on the tenure of the investment and the bank or post office. The interest rate for RDs offered by post offices is typically higher than those offered by banks. The interest rates for RDs can range from 5.50% to 7.50% per annum.
Conclusion
Using an RD Calculator is an easy and convenient way to calculate the interest earned on your RD investment. It helps you plan your investments and achieve your investment goals. With the help of an RD Calculator, you can choose the best investment option that suits your financial needs and helps you achieve your financial goals. So, if you are planning to invest in an RD, use an RD Calculator to make an informed decision and get the most out of your investment.