Urban Money

DCB Bank RD (Recurring Deposit) Calculator

The first one to receive a scheduled commerce bank license, DCB Bank is a major private sector bank that provides tempting RD offers at attractive interest rates. It provides great deals in recurring deposits, with a minimal interest rate starting from 4.75% to a maximum of 7.45%, which covers the different tenures of deposits.

The online DCB Bank RD Calculator will assist you in getting an estimate of the EMI you have to repay to the bank. It will also help you to make an informed decision by choosing the interest rate and tenure per your need. You can calculate the EMI value by filling in minimal entries like interest earned, the final amount at the time of maturity etc.

What is a DCB RD Calculator?

DCB Bank RD Calculator is an online AI tool that aids you in calculating the monthly and final amount you have to repay to the bank, inclusive of the interest rates, which range from 4.75% to 7.45% per annum with discrete tenures like 7-14 days, 3 months, 1 year etc. You are just required to enter the values in the fields to derive the repayment amount.

How to use a DCB Bank recurring deposit Calculator?

The DCB Bank RD calculator is an easy-to-use tool where you have to feed minimal data like monthly deposit amount, interest rate, and time period. The calculator allows users to enter multiple values in the deposit, interest and tenure fields, enlightening them to estimate the amount they stand to make from the DCB Bank RD scheme.

Employ the following steps to utilise the DCB RD Calculator:

Step 1:-  Visit the official website of Urban Money DCB RD Calculator.

Step 2:- Enter the credentials mentioned on the page, like Monthly Deposit Amount, Rate of /interest and the Tenure for which you want to continue the RD account with the bank.

Step 3:- After successfully mentioning the values on the screen, select the Calculate tab.

Step 4:- You’ll get the results instantly on the screen, including your final amount at the end of maturity, including the interest amount.

Benefits of using a DCB Bank Recurring Deposit Calculator

The benefits of using the DCB Bank RD calculator are mentioned below:-
  • The calculator is easily accessible online. The user can access it from anywhere at their convenience.
  • The calculator has user-friendly features; even first-time users can utilise the calculator easily, without any hindrance.
  • The cherry on top is that the calculator is easily available online, so you don’t have to bother rushing to any of the nearest branches of the bank.
  • It is easier to employ the calculator than do the calculation manually, which is prone to errors.

How is the interest and maturity amount on a DCB RD calculated?

To compute the interest rate you can earn on the RD amount, you must first select the tenure. DCB bank offers a diverse set of interest rates for varying tenures. Choose a tenure of 7 to 14 days for the RD account. You'll get an interest rate of around 4.75%, whereas if the tenure increases to 5 to 10 years, your deposit's interest rate would be around 7.45% per annum.

To obtain the maturity amount from the calculator, the user must mention the monthly deposit, interest rate and tenure. After successfully mentioning the values, the user can instantly observe the maturity amount.

NOTE - The interest rate is subject to the bank's discretion and might vary from time to time. 

Formula & Example of DCB recurring deposit Calculator?

The formula that the DCB Bank uses is mentioned below:- 

A= P x (1+R/N) ^ (Nt)

Where,

  • A= Amount at the time of maturity,
  • P=Instalment to be paid in Recurring Deposit,
  • R=Interest Rate,
  • N=The number of times interest is compounded,
  • t= Tenure

For a better understanding, refer to the example mentioned below:

Let us consider that you are a senior citizen and have decided to establish an RD account with the DCB bank with a deposit amount of INR 2000 for 5 years. As per the time slab, the DCB bank RD rates will be 6.75%. At the end of maturity, the maturity amount on the investment will be INR 1,42,918, and the interest amount earned from the scheme will be INR 22,918.

DCB Bank Recurring Deposit Interest Rates 2022

The following table showcases DCB Recurring Deposit interest rates at varying tenures:

Time Period Interest Rates
For people below 60 years For Senior citizens
7-14 DAYS 4.75% 5.25%
15-45 DAYS 5.05% 5.55.%
46-90 DAYS 5.25% 5.75%
91 DAYS TO > 6 MONTHS 5.75% 6.25%
6 MONTHS TO > 12 MONTHS 6.35% 6.85%
12 MONTHS TO > 15 MONTHS 6.50% 7.00%
15 MONTHS TO > 18 MONTHS 6.65% 7.15%
18 MONTHS TO > 700 DAYS 6.75% 7.25%
= 700 DAYS 6.80% 7.30%
< 700 DAYS TO > 3 YEARS 6.80% 7.30%
= 3 YEARS 6.95% 7.45%
< 3 YEARS TO 5 YEARS 6.95% 7.45%
< 5 YEARS TO 10 YEARS 6.95% 7.45%

Key Highlights of DCB Recurring Deposits

The key highlights of the Recurring Deposits scheme mentioned below will assist you in making an informed decision:-

  • You can even open the RD account with a minimum deposit of INR 500, which can be increased with multiples of INR 1.
  • You can choose the tenure range from a minimum of 3 months up to a maximum of 10 years.
  • The bank offers interest rates of up to 7.45%.
  • TDS is applicable concerning the current guidelines.
  • You can make any of your family members or spouse the nominee in the RD account.
  • The payment mode is flexible; you are not penalised if you miss any monthly payment.
  • When you make the monthly deposit, the bank confirms you with the same through text message.
  • The principal and interest amounts are non-taxable and can be freely repatriated.

Steps to open an RD account in DCB Bank

You can open a DCB Bank RD account by simply visiting the nearest branch of DCB Bank and submitting the filled-in application form after attaching relevant documents. If you don’t want to follow this tedious process, you can also opt for the online mode by visiting the official website of DCB Bank. You must fill in all the details on the online form and the RD scheme you want to select.

Frequently Asked Questions (FAQs)

What is the highest RD rate for DCB Bank?

The highest RD rate for DCB bank goes up to 7.45%.

What minimum amount is required to open an RD account with DCB Bank?

You must make a minimum deposit of INR 500 to open an RD account with DCB Bank.

Is a Premature withdrawal facility for recurring deposits available with DCB Bank?

You can not avail of the facility of premature withdrawal with an RD account within DCB Bank.

Do senior citizens benefit from DCB bank RD?

DCB Bank offers an extra 0.50% over every interest rate as applicable to normal citizens.

What if I delay paying my monthly instalment of the DCB bank RD?

You’ll not be penalised if you delay the monthly instalment of the DCB Bank RD.

Is the interest earned on DCB bank RD taxed, and how?

The interest earned and the final amount earned at maturity are non-taxable and can be freely repatriated.

Does DCB have an RD account?

Yes, DCB Bank has an RD account which targets different types of individuals like DCB NRE RD.

Can I open an RD account online at DCB bank?

You can open an RD account online in DCB Bank if it allows you to access netbanking. And if so, you just have to activate the netbanking over your account.

Is DCB bank safe for RD?

Being one of few institutions which provide great liberty over the monthly deposit amount and interest rates, DCB Bank provides a safe option to customers to open an RD account.

What is the option of interest payout?

The investor would receive cumulative interest on the scheme once the RD scheme has matured.

What is the minimum and maximum deposit period?

You can deposit the amount for a minimum of 12 months which goes to a maximum of 10 years or 120 months, and a nomination facility is also available.