Estimate your RD maturity amount with interest
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A Recurring Deposit is a special type of term deposit where you deposit a fixed amount every month for a predetermined period. The bank pays interest on these deposits, typically compounded quarterly.
The interest on RDs is compounded quarterly. The formula used is: M = R × [(1+i)^n - 1]/(1-(1+i)^(-1/3)), where M is maturity amount, R is monthly deposit, i is quarterly interest rate, and n is number of quarters.