RD is a Recurring Deposit, an investment tool that allows you to make recurring monthly payments and save money in the long term. You can choose the duration of the deposit and the minimum monthly payment you desire to make according to your convenience. RD schemes are typically more flexible and are usually favoured by those who want to start an account to save money.
What is an RD calculator?
An RD calculator is an economic tool that allows you to calculate your investment returns and the total corpus at the time of maturity.
How to use the RD calculator?
After you learn what is Recurring Deposit calculator, learn how it is used. Using an RD calculator is simple. You need to enter the monthly amount you are willing to invest, the period of investment, and the interest rate offered to you. The RD interest calculator computes the aggregate interest you will earn over the investment duration and the maturity amount you will receive. An RD calculator also shows you the maturity date you will receive your funds back based on the investment tenure.
Advantages of an RD calculator
Easy to use
Using the RD calculator online is simple. To calculate your total interest earnings, you need to enter the monthly amount invested, tenure, and interest rate.
Timesaving
The Recurring Deposit calculator can calculate your earnings and maturity value with just a click. It saves a lot of time that would otherwise be wasted doing manual calculations.
Future planning
The RD calculator allows you to plan your future expenses. It shows the total maturity value and when you can expect it, helping you determine the amount you need to invest to achieve the maturity value you desire.
Accuracy
Accuracy is important in money-related matters, and the RD calculator is error-proof and, therefore, gives you accurate results.
Comparison
As RD interest calculator gives you results instantly, you can compare different banks to select the one with the highest return and security.
Free to use
There is no charge for using the RD calculator. You can visit the bank’s website and use the RD calculator online infinite times.
How does it help?
- An RD is an ongoing investment. The returns on these deposits can be difficult to track for investors. The interest is compounded quarterly, and several variables are involved.
- An RD calculator eliminates the hassle of manually computing its returns and lets investors know how much their deposits will accrue after the period.
Conclusion
An RD calculator is beneficial because it helps one understand how to invest. A Recurring Deposit is a good investment option for saving money.
