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    Don’t we all wish to grow our wealth? But that seldom happens, because we don’t make the right financial decisions. But if you must know there’s a subtle art of growing your money – and that subtle art involves investing in saving options. One such saving option is Recurring Deposit.That said, if you are planning to invest in Recurring deposit, you might as well consider using an RD calculator.Before we get to the basics and benefits of an RD Calculator, let’s first understand what Recurring Deposit is....Read More

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    Note: Compounding is occurring on monthly basis.

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    Disclaimer:

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.5% return. Life Insurance is available with this product

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    Abhishek Chakravarti

    BFSI Writer

    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    What is a Recurring Deposit?

    Recurring Deposit is a saving cum investment scheme offered by numerous banks in India. It works by making regular deposits into the saving tool. The deposit earns returns according to the rate of interest defined by the banks. Furthermore, the power of compound interest makes it an even more exciting deposit scheme, yielding better returns.

    An RD account holder can invest a fixed amount every month while earning interest on the investment. The tenure of Recurring Deposit can range anywhere from 6 months to 10 years. Recurring Deposit provides ease of investment and flexibility to investors, making it an ideal saving cum investment scheme.

    How Does RD Interest Calculator help you?

    A Recurring Deposit calculator comes with multiple advantages that you can benefit from.

    RD_Calculator-1.png

    1. Aids Financial Planning

    A Recurring Deposit Calculator can give you a fair idea of the maturity amount you’ll get when you invest a fixed amount for a fixed time as recurring deposit. Knowing the amount well in advance can help your financial planning by helping you make better investment and purchasing decisions.

    2. RD Calculator is Easy to Use

    There are numerous RD calculators available online. You just have to choose one, enter the deposit amount, and the number of years you want to keep investing in the Recurring Deposit, and you’ll get the results in no time.

    How to Use Online RD Calculator?

    An RD calculator is easy to use. To use the calculator on this page scroll to the 1st fold of the page and access the calculator given under the heading RD Calculator. You will be required to enter basic details such as your monthly investment amount, rate of interest per annum, and investment tenure to calculate the amount you will receive on maturity.

    How is RD Interest calculated in 2023?

    Knowing the maturity amount for your Recurring Deposit can help your financial planning. The maturity amount can be calculated manually as well as through the RD interest calculators available online.

    As for RD interest, it is set by banks. Therefore, it’s not uncommon to find different interest rates for Recurring Deposit schemes offered by multiple banks. It is not clear how banks calculate interest rates for Recurring Deposit, but the interest rates are influenced by recession, RBI policies, inflation, economy, tenure, age of the applicant and so on.

    Recurring Deposit Formula

    The maturity amount of the Recurring Deposit can be calculated through the Recurring Deposit formula.

    Here’s the formula:

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

    A = Maturity amount

    P = Recurring deposit amount

    N = compounding frequency,

    R = Interest rate

    T = Tenure

    Advantages of RD Calculator

    RD or Recurring deposit is an investment tool that allows investors to save money on a regular basis for a long period of time. Calculating returns made on these deposits can be a challenging task for investors. Using an RD calculator can eliminate the hassles of estimating the returns manually. Apart from that, an RD calculator can provide you with the following benefits: -

    Advantages of RD CalculatorAdvantages of RD Calculator

    Saves Time

    RD calculator is a time-saving instrument. It can perform the calculations within a few seconds. The entire process from visiting the RD calculator website to making calculations will not take more than 2 minutes.

    Accurate

    Using an RD calculator can give you fairly accurate results with correct inputs.

    Free to Use

    Most online RD calculator is free to use as many times as you like. It also offers you the flexibility to calculate returns using different variables.

    Helps Compare RD Interest Rates

    If you are confused about where you should open a RD account, the best strategy is to invest where interest rates offered are the highest. An RD calculator can provide instant comparison between maturity amount for different RD interest rates.

    Future Planning

    Knowing your future returns can help fulfil your financial goals efficiently. An RD calculator will provide you with right estimate of your future returns so you can plan accordingly.

    Advantages of RD Calculator

    Investing in an RD account allows individuals to earn fixed interest on the principal amount. The total amount including the interest earned can be withdrawn by the investor at maturity.

    Here are some of the key features of Recurring Deposits: -

    Low Initial Investment

    One of the key features of an RD scheme is that it allows investors to start investing with low amounts. You can open a recurring deposit account with an investment of as low as Rs. 100.

    Tenure

    The minimum period of deposit for an RD account is 6 months. You, as an investor has the flexibility to choose a suitable period with a maximum tenure of up to 10 years.

    Interest Rate

    The rate of interest offered on the RDs is always higher than the rates offered on a regular savings account. Make sure to invest in the RD that offers the highest interest rates.

    Premature Withdrawal

    Premature withdrawals under RD account are allowed but are subject to a certain penalty.

    Tax Implications of RD

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    The money invested in an RD account every year is counted as part of yearly income of the investor. A TDS (Tax Deducted at Source) of 10% is deducted on the interests earned on your RD account. However, the TDS is not deducted if the interest earned is up to Rs. 40,000. Also, the TDS will be 20% in case you fail to provide your PAN information to the financial institution.

    In case your income falls under non-taxable income slab, you will need to submit the Form 15G to be taxed for both fixed deposits and recurring deposits.

    The money invested in an RD account every year is counted as part of yearly income of the investor. A TDS (Tax Deducted at Source) of 10% is deducted on the interests earned on your RD account. However, the TDS is not deducted if the interest earned is up to Rs. 40,000. Also, the TDS will be 20% in case you fail to provide your PAN information to the financial institution.

    In case your income falls under non-taxable income slab, you will need to submit the Form 15G to be taxed for both fixed deposits and recurring deposits.

    Is an RD Interest Rate fixed?

    RD interest rate varies according to banks. Different banks offer different RD interest rates. However, the RD interest rate stands fixed during the investment tenure. This is to say, the RD interest rate you were promised at the start of the investment tenure would stay fixed regardless of any fluctuation during the investment tenure.

    Is TDS applicable on an RD?

    Yes, TDS is applicable on Recurring Deposit. 10% is deducted as TDS on interest earned exceeding INR 40,000. The limit extends to INR 50,000 for senior citizens.

    What is the minimum tenure for an RD?

    The minimum tenure of RD varies according to the bank. However, for most banks, the minimum investment tenure for Recurring Deposit is 6 months.

    Eligibility Criteria for an RD Account

    Here is a list of entities who are eligible to open a RD account: --

    • An individual.
    • A minor who is over 10 years and has an identification proof.
    • A minor who is below 10 years under his guradian’s suggestion
    • A government organization.
    • A company or a corporate.

    Documents Required to Open an RD Account

    Following documents are required to open an RD account: -

    • Identification proof.
    • Duly filled RD application form.
    • Passport size photographs.
    • Address proof.
    • KYC documents.

    Frequently Asked Questions

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    A recurring deposit interest calculator is simple to use. You just have to enter your monthly deposit amount, expected rate of interest, and investment tenure to get the maturity amount.

    The maturity amount of RD calculator can be calculated using a formula or an RD calculator. Before you use either of the two methods, ensure that you have decided your monthly deposit amount, and investment tenure.

    However, it is suggested that you use an RD calculator instead, as the calculation can become a little complex when you are using the Recurring Deposit formula.

    Recurring Deposit is a saving-cum investment option offered by multiple banks across India. Consequently, the Recurring Deposit interest rate differs. There is no clear data as to how Recurring Deposit interest rate is determined by banks. However, it is known that the interest rate is affected by economic conditions, RBI policies, inflation, tenure and age of applicant.
    The tenure for Recurring Deposit account in banks can range from 6 months to 10 years.
    The minimum monthly installment amount for investment in Recurring Deposit varies from bank to bank. It usually starts from INR 100.
    If you have a sole-operated RD account, you can add a nominee to your RD account who will be entitled to get the money upon death of the account holder.
    No, partial withdrawal from an RD account is not allowed once the amount has been deposited.
    Yes, some banks lay a penalty in case of delay in monthly deposits. However, it depends on the banks. Some banks may also suspend your RD account if deposits are not made for three months or more.
    Recurring Deposits are not subject to tax exemptions. The tax has to be paid on the interest amount received, according to the tax slab rate of the Recurring Deposit account holder.

    An RD account can be opened through offline and online modes. To open it offline, you need to visit your nearest bank branch and request an RD application form. Along with a duly filled application form, you need to submit basic KYC documents.


    To open an account online, you need to have access to net banking. Once you log in to your account, you can find the option to set up an RD account on the right side.

    The interest that is to be received on an RD account can be calculated using an RD calculator. The online tool is simple to use and gives you results instantly. All you need to do is enter basic information such as monthly investment amount, interest rate and investment tenure to calculate the amount comprising of investment and interest accumulated.
    Yes, most banks offer a higher interest rate for senior citizens. However, the said interest rate depends on the bank. Usually, most banks offer an increased interest rate of 0.5% - 1% to senior citizens.
    Form 15H and 15G need to be filled out to avoid TDS. While form 15H is for senior citizens, Form 15G is for every individual except Non-Resident Indians or NRI.

    Compound interest on Recurring Deposit can be calculated using the compound interest formula, which is:

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



    Where A is the total amount,
    P = Principal investment amount
    R = Rate of interest
    N = number of times the interest is compounded.
    T = investment tenure

    Yes, the interest paid on Recurring Deposit is compounded quarterly.
    Yes, the interest rate on RD is pre-fixed. This means you will be paid the interest amount according to the interest rate you signed up for at the beginning of the investment tenure.
    Some banks levy a penalty if you do not pay your Recurring Deposit instalment. In addition, your Recurring Deposit account may get terminated if you fail to pay RD instalments consistently.
    Yes, it is possible to add a nominee to your RD account. A nominee can withdraw money from the Recurring Deposit account in the event of the death of the policyholder.
    The fundamental difference between FD and RD is the investment frequency. While FDs invite a one-time lump-sum deposit, RDs invite fixed monthly deposits.

    ARN: PCP/RDC/100123

    *#Guaranteed benefits are applicable if all due premiums are paid.


    Sources:

    www.hdfcbank.com/personal/resources/learning-centre/save/what-is-rd-account

    www.economictimes.indiatimes.com/wealth/calculators/rd-calculator

    www.economictimes.indiatimes.com/wealth/invest/banks-rds-vs-post-office-rd-which-is-offering-higher-interest-rate/articleshow/90994132.cms

    www..livemint.com/money/personal-finance/interest-from-recurring-deposits-is-taxable-11637514218903.html

    www.timesofindia.indiatimes.com/business/faqs/recurring-deposits/know-all-about-recurring-deposits/articleshow/72400673.cms

    www.economictimes.indiatimes.com/wealth/invest/how-to-open-rd-account-online/articleshow/66545129.cms

    www.economictimes.indiatimes.com/wealth/tax/where-tds-is-applicable-and-how-to-avoid-it/tomorrowmakersshow/51065305.cms

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      Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

      ~2 Voluntary Top-up Sum assured:

      Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

      ^^*^^Free look period conditions:

      The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

      ^Individual Death Claims Paid Ratio as per IRDAI Annual Report FY 2021-2022

      8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

      2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

      3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

      4Tax benefits as per prevailing tax laws, subject to change

      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

      ~

      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

      ~1

      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      7

      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

      8

      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.