Is is a special kind of deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable against their deposits.
Recurring Deposit Calculator
This RD calculator helps you to calculate the total returns of your monthly RD investment. You need to provide the amount in INR in the Monthly RD Amount Box, No of years (ex: 18 months = 1.6 years) in the RD Period and rate of interest on the Interest Rate.
Benefits of RD
RD can be used as collateral for taking loans. You can take up to 80-90% loans on your RD amount
Premature withdrawals are allowed under RD. However, this may come with a small penalty
RD schemes allow for higher rate of interest (usually 0.5% more) for senior citizens
Minors can also open RD accounts under the supervision and guardianship of their parents