RD Calculator

Name: Salary Calculator
Brand: Superworks
Rating: 5 (1 reviews)

Calculate what a Recurring Deposit will be worth on maturity. Set a monthly amount, rate, and tenure — see the breakdown instantly.

Bank Accurate Monthly Installments Live Calculation

Your RD details

Each month deposits into the same RD account, building up over the tenure.

Monthly deposit

Interest rate (% p.a.)

Period (years)

Maturity value

₹3.59 L

After 5 years of saving ₹5,000 / month

Monthly deposit₹5,000

Total invested₹3,00,000

Interest earned₹59,000

Rate7% p.a.

Period5 yr / 60 mo

How RD maturity is calculated

A Recurring Deposit accepts a fixed monthly installment over a defined tenure. Each installment compounds for the remaining time until maturity.

01
Deposit monthly
A fixed amount auto-debits every month. Most banks accept ₹100/month minimum.
```
monthly = 5000
// 60 installments × 5000 = 3L
```
02
Compound each installment
Each deposit earns interest for the remaining months until maturity. Earlier deposits earn more.
```
for i in 1..n:
  fv += M × (1+r)^(n−i)
```
03
Sum to maturity
Total maturity = sum of all compounded installments at the end of tenure.
```
maturity = Σ installments
// invested + interest
```

FormulaFV = Σ M × (1 + r/n)^(remaining months / 12)M = monthly amount, r = annual rate, n = compoundings per year (typically quarterly for banks)

Why we use this formula by default.
Indian payroll convention, statutory references, and the SaaS tooling that runs payroll all converge on this approach. Below are the authoritative sources we cross-checked.

Regulator

RBI Master Direction

Recurring deposit norms for Indian banks.

Govt Scheme

Post Office RD Scheme

Government-backed 5-year RD with guaranteed rates.

Comparison

BankBazaar

Bank RD comparison and rate aggregator.

Tax Reference

ClearTax RD Guide

TDS on RD interest and Form 15G/H exemptions.

Theory

Investopedia

Compound formula for periodic deposits.

Comparison

Paisabazaar

Aggregator showing best RD rates across major banks.

FAQs about Recurring Deposits

What's the minimum RD amount?

Most banks accept ₹100/month minimum, with deposits in multiples of ₹100. Post Office RD starts at ₹100/month. There's no upper limit.

Can I withdraw RD early?

Yes, but most banks penalize early withdrawal (0.5-1% off the contracted rate). Some banks don't pay interest if closed before completing the minimum lock-in (usually 3 months).

RD vs SIP — which is better?

RDs offer guaranteed returns but lower (~7%). SIPs in equity funds offer higher potential (10-14%) but with market risk. For 5+ year horizons, SIP usually wins. For guaranteed short-term savings, RD wins.

Is RD interest taxable?

Yes. Interest is added to your income and taxed at slab rate. TDS at 10% applies if annual RD interest > ₹40,000 (₹50,000 for seniors) — submit Form 15G/15H if your income is below taxable.

What if I miss a monthly deposit?

Banks typically charge ₹10-50 penalty per missed installment. After 4-6 consecutive missed deposits, the bank may close the RD prematurely. Set up auto-debit to avoid this.

Can I increase the RD amount?

No, you cannot change the monthly amount once the RD is started. Open a new RD if you want to save more. Some banks offer flexible RD products that allow stepping up.

What's the tenure range for RD?

Bank RDs: 6 months to 10 years, in 3-month multiples. Post Office RD: fixed 5-year tenure (with extension option). Longer tenures usually fetch higher rates.

Can I take a loan against my RD?

Yes. Most banks offer 75-90% of the RD balance as a loan, at 1-2% above the RD rate. This keeps the RD intact while giving you liquidity — better than premature withdrawal in most cases.

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RD Calculator

Your RD details

How RD maturity is calculated

Deposit monthly

Compound each installment

Sum to maturity

RBI Master Direction

Post Office RD Scheme

BankBazaar

ClearTax RD Guide

Investopedia

Paisabazaar

FAQs about Recurring Deposits

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