In this era of shortcuts, where people find investments in stocks and cryptos more beneficial, do you still find traditional deposits captivating? If this is so, you are an ‘old is gold’ believer. Regardless of the availability of numerous investment and savings options, individuals find RD's the foremost investment alternative to secure good fortune. In India, the household sector alone contributes to 60% of the gross savings. Additionally, more than 50% of the savings are parked in bank deposits, contributing to a significant chunk.
There is no point in keeping your hard-earned money in your bank account when you can gain substantial interest benefits on the same. Considering the inclination of investors toward Recurring Deposits, one of the central Indian banks, IndusInd, empowers individuals to open RD accounts. Now, deposit your money in IndusInd RD and get higher returns with utmost ease. Don’t limit yourself to investments; you can now look into futuristic returns hinged on the invested amount through the IndusInd RD Calculator.
We will provide you with the necessary information about the IndusInd bank RD calculator, how to use the calculator to compute results, the benefits of using this online RD calculator and its comparison with other banks' interest rates.
What is an IndusInd RD Calculator?
The IndusInd bank RD Calculator is a financial calculator which allows the depositor to calculate maturity returns. It comes in handy for planning long-term financial goals. You can use this high-tech calculator to determine what amount you must invest for a specified tenure to get expected returns. Computing results becomes easy when familiar with the offered IndusInd bank RD rates. To know the IndusInd bank recurring deposit interest rates, you must enter specific details in the calculator, such as the investment tenure and amount. As a result, the IndusInd bank RD calculator will present the returns you will get upon the maturity date of said investment.
How to Use an IndusInd Bank Recurring Deposit Calculator?
The IndusInd Bank Recurring Deposit Calculator has been precisely designed to offer hassle-free computation to the user. Even newbies can use this calculator effortlessly. Enter a few digits in the input area, and the value will be computed in a few seconds.
Users must provide specific values to the input fields to use an IndusInd RD Calculator. These values include the IndusInd bank RD rate, investment tenure, and monthly deposit amount.
Based on these values, the RD calculator will compute the same returns that will be added to your RD account at the end of the investment period, i.e. maturity.
The maturity amount will help you to determine whether the decided deposit amount will be enough to meet your long-term financial objectives. Additionally, you can increase the deposit amount and investment tenure to get the best suitable recurring deposit case scenarios.
Benefits of Using an IndusInd Bank Recurring Deposit Calculator
Recurring deposits are a continuous investment, and tracking the returns may become a daunting task. Usually, the interest rates on RD’s are compounded quarterly, and at the same time, the process involves several other factors.
The IndusInd bank RD calculator offers a perfect way out for such a difficult catch. It helps in accessing the return and provides a clear idea about what amount you should deposit to meet the expected goals.Apart from this, RD calculators offer the following benefits to investors:
- You get the opportunity to plan future finances with better clarity. Additionally, the RD calculator provides individuals with a definite figure that must be kept aside monthly to meet long-term goals.
- Easy to use and comes in handy. There is no need to carry out time-consuming manual computations, as the IndusInd bank recurring deposit calculator provides results at lightning-fast speed.
- There is no room for errors, and users can expect accurate results.
- The calculator is free and available round the clock. You get the opportunity to put forward RD calculations anytime from anywhere.
- The benefits of this calculator are not limited to the newbies, as the existing RD holders can also use the calculator to determine associated values for reinvestment. Additionally, you can get an interest component that will be added to your RD account at maturity.
How to Calculate the Interest and Maturity Amount on an IndusInd RD?
Both work on a similar formula, whether you compute RD values through an IndusInd bank RD calculator or manually. The following formula is used to calculate the interest and maturity amount on a recurring deposit:
M =R[(1+i)n – 1]/1-(1+i)(-1/3)
In this equation,
- M is the RD Maturity Value,
- R is the deposit amount,
- n is the investment tenure,
- i is the IndusInd RD interest rate / 400.
Computing desirable values through this equation can be intimidating, and at the same time, there are chances of errors. If you have to compare case scenarios, you will waste a lot of time on it.
So, instead of computing values manually, count on the IndusInd Bank RD calculator to put forward hassle-free and quick maturity and interest computation.
For a better understanding, let us consider a simple example.
Let’s say you decide to deposit an amount of INR 50,000 in IndusInd RD every month with an interest rate of 6.5%. You decided to invest this amount for five years.
By entering these values in the IndusInd Bank Recurring Deposit Calculator, you will get the following results:
- Deposited Amount: INR 30,00,000
- Interest Returns: 5, 49,532
- Total Maturity Returns: 35,49,532
If you invest the same amount for ten years, there will be a significant difference in the maturity returns.
- Deposited Amount: INR 60,00,000
- Interest Returns: 24, 49,389
- Total Maturity Returns: 84,49,389
The above comparison indicates that the longer the investment tenure, the more will be the maturity return. Thus, investing money in RDs for more extended investment periods is recommended to accrue higher returns.
IndusInd Bank Recurring Deposit Interest Rates 2022
IndusInd Bank allows investors to open an RD account easily. When you open an RD account with IndusInd bank, you get the flexibility of an investment tenure ranging from 6 months to 10 years. The IndusInd bank RD rates fall from 5.40% per annum to 6.75% per annum. This percentage is specific to general citizens, as senior citizens get an additional benefit of 0.50% per annum. The best part is that you can start investing from an amount as low as INR 500.
Comparison of RD Interest Rates Offered by Other Banks
The interest rate offered on recurring deposits may vary from one bank to another. So, before you open an RD account with IndusInd Bank, you must access what other banks offer.
In the following table, we have encapsulated IndusInd RD interest rates along with other major Indian banks:
RD Interest Rates Per Annum
|Bank Name||RD Interest Rates for Regular Customers||RD Interest Rates for Senior Citizens|
|Utkarsh Small Finance Bank RD||8%||8.5%|
|Fincare Small Finance Bank RD||7.5%||7.5%|
|Suryoday Small Finance Bank RD||7.5%||8%|
|Jana Small Finance Bank RD||7.5%||8%|
|Ujjivan Small Finance Bank RD||6.5%||7%|
|Equitas Small Finance Bank RD||7.15%||7.75%|
|IndusInd First Bank RD||7%||7.5%|
|Yes Bank RD||7%||7.5%|
|HDFC Bank RD||5.5%||6%|
|Axis Bank RD||5.5%||6%|
|SBI Bank RD||5.4%||5.9%|
Investing in an IndusInd RD is the foremost choice if you don't want to make a one-time investment of a considerable amount. With a recurring deposit, you get the opportunity to make regular investments in smaller chunks. To make a more informed decision, calculate the maturity values beforehand through the IndusInd bank RD calculator. You will get access to the best combination of the deposit amount and investment tenure that will cater to accomplishing your financial goals. Get a heads up from the financial calculator to move forward with your investment and secure a fortune and a financially stable future.
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Indusind Bank's Ifsc Codes
- Indusind Bank Andhra Pradesh
- Indusind Bank Assam
- Indusind Bank Bihar
- Indusind Bank Chandigarh
- Indusind Bank Chhattisgarh
- Indusind Bank Delhi
- Indusind Bank Gujarat
- Indusind Bank Haryana
- Indusind Bank Himachal Pradesh
- Indusind Bank Jammu and Kashmir
- Indusind Bank Jharkhand
- Indusind Bank Karnataka
- Indusind Bank Kerala
- Indusind Bank Madhya Pradesh
- Indusind Bank Maharashtra
- Indusind Bank Manipur
- Indusind Bank Mizoram
- Indusind Bank Nagaland
- Indusind Bank Odisha
- Indusind Bank Puducherry
- Indusind Bank Punjab
- Indusind Bank Rajasthan
- Indusind Bank Tamil Nadu
- Indusind Bank Telangana
- Indusind Bank Uttarakhand
- Indusind Bank Uttar Pradesh
- Indusind Bank West Bengal
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Frequently Asked Questions (FAQs)
What is the highest RD rate for IndusInd Bank?
The highest IndusInd RD interest rate clocks at 6.75%.
What minimum amount is required to open an RD account with IndusInd Bank?
You can open an IndusInd Bank RD account with a minimum amount of INR 500.
Is a Premature withdrawal facility of recurring deposits available with IndusInd Bank?
The IndusInd Bank doesn’t provide a premature withdrawal facility. However, you get the option of premature RD closure.
Do senior citizens receive any benefits from IndusInd bank RD?
Senior citizens get an additional benefit of 0.50% RD interest rate.
Is the interest incurred on a bank RD taxed?
A TDS of 10% is deducted from the interest earned from a recurring bank deposit. TDS, on the other hand, is not deducted if the interest earned on a recurring deposit is up to INR 10,000. If one fails you provide PAN-related information to the bank, TDS deducted would be 20%.
What if I delay paying my monthly instalment on the IndusInd Bank RD?
If an investor delays paying off their monthly recurring deposit instalment, the bank will charge you a penalty.