Recurring Deposits Calculator Online – PlanYour Savings Smartly
Recurring Deposits Calculator
Are you ready to plan your savings with a recurring deposit? Our Free Online Recurring Deposits Calculator allows you to determine the maturity amount and interest received on your RD investments in just seconds. This tool is ideal for financial planners, or anybody wishing to steadily grow their money. It employs a compound interest formula designed specifically for recurrent deposits. Simply enter your monthly deposit, yearly interest rate, and tenure to see how your funds will grow!
What is a recurring deposit?
A recurring deposit (RD) is a savings plan in which you deposit a specified amount each month and collect compound interest over a set period of time, resulting in a lump-sum maturity amount.
How is the maturity amount calculated?
The calculator uses the formula A = P × (1 + r/n)^(n×t) for each monthly installment, summed over the tenure, with quarterly compounding (n=4), where P is the monthly deposit, r is the rate (as a decimal), and t is the time in years.
A = P × (1 + r/n)^(n×t) for each installment, summed over the tenure
- A = Maturity amount
- P = Monthly deposit
- r = Annual interest rate (as a decimal)
- n = Number of compounding periods per year
- t = Time in years for each installment
- Interest Earned = A – (P × Total Months)
For simplicity, we’ll assume quarterly compounding (common in RD accounts) and calculate the maturity amount by summing the compound interest for each monthly installment.
How to Use the Recurring Deposits Calculator
- Enter Monthly Deposit: Enter your monthly savings (e.g., $500).
- Set Interest Rate: Enter the annual interest rate in percentage (6%).
- Define Duration: State the investment duration in years (5, for example).
- Click Calculate: Click “Calculate Maturity” to see results.
- See Results: See “Total Invested: $3000.00, Interest Earned: $487.11, Maturity Amount: $3487.11”.
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