Calculate RD Account Interest
Calculating interest in a Recurring Deposit (RD) account is crucial to understand the returns on your investment. This calculator helps you do just that.
- Enter the principal amount (₹).
- Enter the rate of interest (%).
- Enter the time period (years).
- Click ‘Calculate’.
The formula to calculate simple interest is:
Interest (I) = Principal (P) × Rate of Interest (R) × Time (T)
Real-World Examples
Principal: ₹1,00,000, Rate of Interest: 6%, Time: 5 years
Interest: ₹30,000
Principal: ₹50,000, Rate of Interest: 4%, Time: 3 years
Interest: ₹6,000
Principal: ₹2,00,000, Rate of Interest: 7%, Time: 4 years
Interest: ₹56,000
Comparison of Interest Rates
| Bank | Rate of Interest (%) |
|---|---|
| SBI | 4.50 |
| HDFC | 4.75 |
| ICICI | 4.60 |
Expert Tips
- Compare interest rates from different banks to get the best deal.
- Consider the lock-in period before investing.
- Use this calculator to plan your investments.
Frequently Asked Questions
What is the minimum lock-in period for RD?
The minimum lock-in period for RD is 6 months.
Can I withdraw money before maturity?
Yes, but you’ll lose interest for the unexpired period.
For more information, see RBI and BankBazaar.