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RD Calculator

Recurring Deposit Calculator in India

Last Updated 27th Jul 2021

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 ₹ 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.
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RD Interest Calculator

Bank Interest Rates RD Tenure
SBI Recurring Deposit 5.00% - 5.40% 1 Year - 10 Years
HDFC Bank Recurring Deposit 3.50% - 5.50% 6 Months - 120 Months
ICICI Bank Recurring Deposit 3.50% - 5.50% 6 Months - 10 Years
Axis Bank Recurring Deposit 4.40% - 5.50% 9 Months - 10 Years
Kotak Bank Recurring Deposit 4.40% - 4.75% 6 Months - 10 Years
IDFC First Bank 5.00% - 6.00% 6 Months - 120 Months
Bank of Baroda 3.70% - 5.25% 180 Days - 10 Years
Citibank 2.75% - 3.00% 365 Days - 731 Days
IDBI Bank 5.75% - 5.90% 1 Year - 10 Years
Indian Bank 3.95% - 5.25% 180 Days - 10 Years
Indian Overseas Bank 5.75% - 6.80% 180 Days - 10 Years
PNB 4.40% - 5.30% 180 Days - 10 Years
Allahabad Bank 3.95% - 5.25% 180 Days - 10 Years
Andhra Bank 5.50% - 5.80% 6 Months - 10 Years
Bank of India 6.25% - 6.70% 180 Days - 10 Years
Bank of Maharashtra 6.00% - 6.60% 6 Months - 10 Years
Canara Bank 4.45% - 5.50% 180 Days - 10 Years
Central Bank of India 6.20% - 7.00% 180 Days - 10 Years
Punjab and Sind Bank 4.45% - 5.25% 180 Days - 10 Years
UCO Bank 4.90% - 5.00% 1 Year - 10 Years
Union Bank of India 4.50% - 5.60% 181 Days - 10 Years
Bandhan Bank 5.40% - 6.75% 6 Months - 10 Years
AU Small Finance Bank 5.75% - 7.53% 3 Months - 120 Months
India Post Office 5.80% - 5.80% 5 Years - 5 Years
Ujjivan Small Finance Bank 6.25% - 7.50% 6 Months - 120 Months
Equitas Small Finance Bank 6.40% - 6.65% 12 Months - 120 Months
Jana Small Finance Bank 6.75% - 8.50% 6 Months - 120 Months
ESAF Small Finance Bank 6.00% - 8.00% 181 Days - 3653 Days
DBS Bank 2.50% - 5.50% 90 Days - 10 Years
Lakshmi Vilas Bank 2.75% - 6.00% 180 Days - 10 Years
South Indian Bank 5.40% - 5.50% 1 Year - 10 Years
Syndicate Bank 4.45% - 5.50% 180 Days - 10 Years
Corporation Bank 6.50% - 6.80% 1 Year - 10 Years
Yes Bank 5.50% - 6.75% 6 Months - 10 Years
RBL Bank 5.25% - 6.75% 180 Days - 20 Years
Karur Vysya Bank 6.75% - 7.00% 180 Days - 10 Years
IndusInd Bank 7.25% - 8.00% 12 Months - 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.

How is Interest on RD Calculated?

Most of the banks calculate compounded RD interest quarterly. To calculate compound interest on RD, you can use the formula as mentioned below:

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

Where

M = Maturity amount.

P = Principal amount of investment

R = Interest rate in decimal( You can convert RD interest rate into a decimal by dividing it by 100

T = Time duration( Months)

t = Time duration( Years)

N= compounding frequency (since it is quarterly, it will be 4)

If you want to save yourself from complex calculations, you can also use an online RD calculator provided on the page.

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 ₹ 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).

Other Investment Calculators

FAQs

What is the minimum amount that can be deposited into a RD account?

Minimum Deposit amount varies for every bank and it can be as low as ₹ 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 ₹ 10,000.


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