Indian Bank RD Calculator

Indian Bank RD Calculator – An Overview

Indian Bank, established in 1907, is a public sector bank headquartered in Chennai. The bank offers various banking products and services to its customers. One such product is the recurring deposit. It is a term deposit, like a fixed deposit, where you make monthly investments over a set tenure and interest rate. The Indian Bank recurring deposit calculator is a financial tool that helps users determine their estimated returns and the total amount at maturity by computing three variables – investment amount, interest rate, and tenure.

Get the working knowledge of the Indian Bank RD calculator by reading the entire page.

How to use the Indian Bank recurring deposit Calculator?

The Indian Bank recurring deposit calculator is available on the Urban Money platform. Among its many features, the Indian Bank RD interest rate calculator is a simple tool that may be used repeatedly until the required result is obtained. The instructions for using this online calculator are provided below:

• Visit the Urban Money platform’s official website.
• Visit the Indian Bank RD calculator, available in the section ‘Calculators’ on the top panel of the homepage.
• Enter the interest rate (in per annum), deposit duration (in years), and monthly deposit amount.
• Once all of the information has been input, click the ‘Calculate’ button to proceed.
• The entire amount at maturity will be calculated via the Indian Bank recurring deposit calculator.

Benefits of Using the Indian Bank Recurring Deposit Calculator?

The Indian Bank RD calculator is appealing because it may be used several times and is accessible online. However, the device has more benefits than simply avoiding long lines. The following advantages contribute to its allure.

• You do not need to register or log in to use this online calculator. 
• Because it may be used several times, it allows you to compare different rates and amounts.
• The AI-powered tool has no space for error and produces results swiftly.
• It is made up of three parts: the fixed deposit amount, the tenure, and the interest rate. You can get the best amount and tenure by using it numerous times to ensure optimum profits.
• The calculator’s precise value can help the depositor make financial decisions.
• It is a straightforward and easy-to-use tool.
• It opens up the doors to a diversified portfolio.

Formula & Example of Indian Bank recurring deposit Calculator?

Recurring deposits are one of the most secure investment strategies available. Users can calculate their returns using the Indian Bank recurring deposit calculator. The web tool computes the findings using a mathematical formula. Individuals can employ this formula for manual calculations as well. The formula for calculating Indian bank recurring deposit returns is shown below:

A = P*(1+R/N)^(Nt)

Here, ‘A’ is the maturity amount, the recurring deposit amount is ‘P’, ‘N’ is the compounding frequency, the interest rate is ‘R’, and ‘t’ is the tenure.

Example

The formula mentioned above leads to a bit of scratching of the head because of confusion. Let us look at an example to be better equipped with this knowledge. It must be noted that the calculations have been done using the Indian Bank recurring deposit calculator.

For twelve months recurring deposit of Rs 5,000 at 8 per cent per annum, the maturity value will be the sum of the series as below:

A = P*(1+R/N)^(Nt)

A = 5000*(1+.0825/4)^(4*12/12) = 5425.44

A = 5000*(1+.0825/4)^(4*11/12) = 5388.64

A = 5000*(1+.0825/4)^(4*1/12) = 5034.14

Total maturity value (sum of maturity amount each month) = Rs 62730.85

Steps to open an RD account in Indian Bank?

Indian Bank has a pretty straightforward method to open a recurring deposit account.

• Visit the nearest branch of an Indian bank and approach a bank representative.
• Fill out the recurring deposit account opening application form, including personal information, nominee information, and investment amount.
• Attach any required documents, such as identity proof, address proof, and a PAN card.
• Submit the application form together with the necessary documents to the bank representative.
• Make the first payment on your RD account.
• When your application is approved, the bank will send you a confirmation message or email with your account information.
• Then, you can make RD payments based on your desired tenure and interest rate.

To open the RD account using the bank’s official website, you must first register on the bank’s Internet banking portal or mobile app and then follow the instructions to finish the account creation procedure.