RD Interest Calculator
Recuring Deposit Calculator in India Oct 2017
RD calculator calculates the maturity value of the deposited amount depending upon various factors
- Deposit Amount – This is the minimum amount which you invest in your RD account every month. Minimum Deposit amount varies for every bank and can be as low as Rs. 10.
- Interest Rate – The amount of interest that you can earn depends on the amount you have deposited in RD account, tenure of RD and interest rate offered by your bank.
- Deposit Tenure –Maturity value depends on the duration for which you invest money in RD. Generally, RD tenure ranges from 6 months to 10 years.
- Interest Compound Frequency – This calculates the maturity amount based on monthly deposits you make in the RD account. Generally, the interest on RD is compounded quarterly.
|Bank||Interest Rates||RD Tenure|
|SBI Recurring Deposit||6.50% - 6.95%||1 Year - 10 Years|
|HDFC Bank Recurring Deposit||5.75% - 6.90%||6 Months - 120 Months|
|ICICI Bank Recurring Deposit||6.25% - 7.10%||6 Months - 10 Years|
|Axis Bank||6.50% - 7.00%||6 Months - 10 Years|
|Kotak Bank||6.25% - 6.75%||12 Months - 10 Years|
|IDFC Bank||6.75% - 7.25%||6 Months - 120 Months|
|Bank of Baroda||6.50% - 7.00%||180 Days - 10 Years|
|IDBI Bank||7.00% - 7.15%||1 Year - 10 Years|
|Indian Bank||5.25% - 6.50%||180 Days - 10 Years|
|Indian Overseas Bank||5.75% - 6.75%||180 Days - 10 Years|
|PNB||6.70% - 7.00%||180 Days - 10 Years|
|Allahabad Bank||6.50% - 7.00%||180 Days - 10 Years|
|Andhra Bank||6.25% - 7.00%||6 Months - 10 Years|
|Bank of India||6.75% - 7.00%||180 Days - 10 Years|
|Bank of Maharashtra||6.50% - 6.80%||6 Months - 10 Years|
|Canara Bank||7.00% - 7.35%||180 Days - 10 Years|
|Central Bank of India||7.00% - 7.15%||180 Days - 10 Years|
|Dena Bank||6.50% - 7.25%||180 Days - 10 Years|
|Punjab and Sind Bank||6.60% - 7.10%||180 Days - 10 Years|
|State Bank of Hyderabad||6.50% - 6.95%||1 Year - 10 Years|
|State Bank of Mysore||6.50% - 6.95%||365 Days - 10 Years|
|State Bank of Travancore||6.50% - 6.95%||1 Year - 10 Years|
|UCO Bank||6.75% - 7.00%||12 Months - 60 Months|
|Union Bank of India||7.00% - 7.25%||180 Days - 10 Years|
|DBS Bank||5.00% - 8.00%||7 Days - 10 Years|
|Corporation Bank||7.00% - 7.10%||1 Year - 10 Years|
|Karur Vysya Bank||7.00% - 7.00%||180 Days - 10 Years|
|South Indian Bank||4.00% - 7.00%||7 Days - 10 Years|
|RBL Bank||7.00% - 7.85%||180 Days - 20 Years|
|Syndicate Bank||6.00% - 6.80%||1 Year - 10 Years|
|SBBJ||6.50% - 7.00%||180 Days - 10 Years|
|Tamilnad Mercantile Bank||5.00% - 7.00%||15 Days - 10 Years|
RD Interest Rate Calculator
Income Tax on Recurring Deposit Interest.
- RD’s interest income is taxed at tax rate applicable to the deposit account holder. So, depending upon your tax bracket, out of the 10% that your bank pays on your deposit, you may have to pay up to 33.99% of that to the government for it to run the country. You can always contribute more to the native land by donating some more.
- Interest on deposits is to be taxed on an accrual basis and not a receipt basis. Say, you make cumulative deposit for 5 years with a bank and hence will receive interest only at the end of five years. Still, you must pay tax on the accrued interest for each of the years in that year itself.
Tax Deduction (TDS) on RD Interest
- Earlier no tax was deducted on recurring deposit. With effect to 1st June, 2015, recurring deposits are subject to TDS (tax deducted at source) as per the income tax laws. TDS on RD would be deducted at the rate of 10%. However, no TDS would be deducted if the interest income earned does not exceed Rs. 10,000 in a financial year.
- Tax is to be paid as per applicable slabs at the time of filing income tax return. If you have submitted Form 15G (in case of normal citizens) and 15H (in case of senior citizen) in the bank, your TDS will not be deducted (in case your total taxable income doesn’t come under tax slab).
Frequently Asked Questions on RD Calculator
Minimum Deposit amount varies for every bank and it can be as low as Rs.10.Are there any extra benefits for senior citizens on Recurring deposit?
Yes, banks generally offers slightly higher rate of interests than the normal deposits. Usually, banks offer 0.25 percent to 0.75 percent more interest than normal RDs.What is the minimum and maximum tenure for which I can open an account in RD?
The minimum period of deposit starts from 6 months and may extend to the maximum period of 10 years in most RD Accounts.Is TDS applicable on interest earned on RD?
As per the Income Tax Law, TDS of 10% is applicable on the interest earned on Recurring Deposits. The TDS will be deducted if the interest earned on the Recurring Deposits is more than Rs.10, 000.