What will my recurring deposit be worth?
A recurring deposit takes a fixed amount every month at a guaranteed rate. Each instalment earns interest only from the month it is paid, so the first one earns for the whole term and the last for barely a month. That is why the maturity value is lower than an FD of the same total.
Maturity value
₹3,59,664
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Indicative only. Your lender’s figures may differ. Nothing you enter here is sent anywhere or stored.
Each monthly instalment earns interest only for the time it stays deposited, so the first one grows the longest and the last one barely at all.
The calculator grows each instalment separately at the yearly rate, compounded quarterly as banks do for RDs, and adds them up.
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Compare interest rates and charges before you open one.
Kotak Mahindra Bank
IndusInd Bank
Equitas Small Finance Bank
DBS Bank India
Because the money arrives gradually. Put Rs 3 lakh in an FD today and all of it earns for five years. Pay Rs 5,000 a month for five years and the final instalment earns for one month. Same total deposited, much less interest.
Yes. Interest is added to your income and taxed at your slab rate, and banks deduct TDS once interest across your deposits crosses the annual threshold. The figure here is before tax.
Banks charge a small penalty and, after several missed instalments, can close the account early at a reduced rate. Standing instructions from a savings account are the usual way people avoid it.
Short reads that explain how it works before you decide.
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