Urban Money

RBL Bank RD (Recurring Deposit) Calculator

Compounding interest is one of the most powerful tools for growing your savings. And, with a recurring deposit (RD) account from RBL Bank, you can enjoy the benefits of compounding interest on your deposits. But how do you know how much interest you will earn on your RD account? That's where the RBL Bank RD Calculator comes in handy. This AI tool can help you calculate how much you'll need to deposit each month to reach your savings goals. The bank offers attractive interest ranging from 4.50% p.a. to 6.80% p.a. for an extended tenure of three years.

Features and Benefits of RBL Bank RD Calculator

With the RBL Bank RD Calculator, you can easily plan your finances and get the best returns on your investment. Here are some of the features and benefits of using this calculator:

  • You can calculate the maturity value of your deposit for any tenure between 6 months to 20 years.
  • The interest rate is updated regularly, so you can be assured of getting the best returns on your investment.
  • You can choose to make lump sum deposits or recurring monthly deposits.
  • You can view the maturity value for various interest rates and deposit tenures.
  • The calculator is easy to use and is available for free.

How is the Interest and Maturity Amount on an RBL Bank RD Calculated?

When you open a recurring deposit account with RBL Bank, you agree to deposit a fixed sum of money each month for a specific period. In return, the bank pays you interest on your deposit, and you can choose to receive the interest payments either monthly or at maturity.

The interest rate on your RBL Bank recurring deposit is calculated based on the amount you deposit and the length of your term. The longer your term, the higher the interest rate. For example, if you deposit 1,000 rupees monthly for 12 months, you will earn an interest rate of 7.5% per year.

When your term is up, you can withdraw your money or renew your deposit for another term and continue earning interest. If you choose to withdraw your money, the bank will pay you the maturity amount, which is the sum of your principal and interest.

How to use Urban Money Recurring Deposit Calculator?

The Urban Money recurring deposit calculator is a simple AI tool that can help you calculate your recurring deposit maturity value and interest accumulated. All you need to do is enter the amount you wish to invest in the RD account, the tenure of the deposit, and an approximate interest rate. The calculator will then provide you with the total amount of interest you will earn over the deposit and the maturity value of the deposit.

The calculator uses the following formula to ascertain the interest accumulated and value of the investment on maturity:

A = P(1+r/n) ^ nt

Here,

  • A is the RD amount received on the date of maturity,
  • P is the amount invested in the RD account,
  • R is the rate of interest,
  • T is the tenure of the RD account
  • N is the number of times the RD has been compounded

For example, if you have a recurring deposit of INR 10,000 (every month) with an interest rate of 6.55% p.a. and tenure of one year compounded quarterly

A = 10,000 (1+6.55/4)^4*12

Therefore, estimated returns add up to INR 1,24,288

RBL Bank Recurring Deposit Account Interest Rates 2022

RBL Bank offers one of the most competitive interest rates on recurring deposit accounts in the market. Customers can earn significant interest on their deposits with an interest rate of 7.50 % per annum. The RBL bank RD rates for 2022 are tabulated below:

Tenure Regular Investors (p.a.) Senior Citizens (p.a.)
6 months to 7 months 5.00% 5.50%
eight months to 11 months 5.25% 5.75%
12 months to 14 months 6.50% 7.00%
15 months 7.00% 7.50%
16 months to 23 months 7.00% 7,50%
24 months to 35 months 6.75% 7.25%
36 months to 60 months 6.55% 7.05%
61 months to 240 months 5.75% 6.25%

How to Open a Recurring Deposit at RBL Bank?

RBL Bank allows its customers to open a recurring deposit accounts online and offline. To open an RBL recurring deposit account, visit the official website of the bank and follow the steps outlined below:

Step 1: Visit the official website of RBL Bank

Step 2: Under the ‘Personal Banking’ tab, click on ‘Fixed Deposit’

Step 3:  Click on ‘Recurring Deposit’ under the ‘Fixed Deposit’ tab

Step 4: You will be redirected to the recurring deposit page, here click on ‘Apply Now

Step 7: Fill in the application form according to required information and documents.

Step 8: Deposit the monthly investment amount and keep a copy of  the acknowledgement slip for future reference.

Alternatively, you can visit the nearest RBL Bank branch and fill in the application form to open the RD account with the help of the bank executive. Once you fill out the form and submit the documents, you can pay the deposit and collect the acknowledgement slip for the same.

Frequently Asked Questions (FAQs)

Does RBL bank have an RD account?

Yes, RBL Bank offers an RD account at 7.50% p.a. for an extended tenure of 20 years.

What is the highest RD rate for RBL Bank?

The highest RD interest rate at RBL Bank is 7.00% p.a. for regular investors and 7.50% p.a. for senior citizens.

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

The minimum amount required to open an RD account with RBL Bank is INR 1,000.

Is there a premature withdrawal facility for recurring deposits available with RBL Bank?

Yes, RBL Bank offers a premature withdrawal facility for recurring deposits. However, the bank will charge a minimum percentage on the withdrawal.

Do senior citizens receive any benefits from RBL bank RD?

Senior citizens are offered 0.50% more interest on their RD accounts than regular investors.

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

If you delay paying your monthly instalment of the RBL Bank RD, the bank will charge a nominal penalty rate.

Is the interest earned on RBL bank RD taxable, and how?

Tax is deducted at source following the income tax regulations established when the account was opened. However, if the deposit’s annual interest income exceeds INR 10,000 and the PAN information is not provided, the TDS will be deducted at 20%.

Can I open an RD account online at RBL bank?

Yes, to apply from the comfort of your home, you can simply visit the official website of RBL Bank and fill in the RD application form.

Is RBL bank safe for RD?

Regarding safety, RBL Bank is well-regulated by the Reserve Bank of India, and a reputable firm audits its financial statements. RBL Bank also strongly focuses on risk management, with a dedicated team that monitors the bank’s exposure to risk. Hence, opening an RD account at RBL Bank is a safe and secure investment option.