SBI RD (Recurring Deposit) Calculator Online
Calculate the returns on your recurring deposit investment
Goal Amount
Expected Return (P.A)
Time Period
Summary
To achieve a goal amount of ₹15,00,000 in 10 year(s), and at 5% inflation, you would need to invest ₹9,20,869 at a 10% rate of return.
Summary
To achieve a goal amount of ₹15,00,000 in 10 year(s), and at 5% inflation, you would need to invest ₹9,20,869 at a 10% rate of return.
Total Investment Breakup
Lumpsum Investment
Interest Earned
Total Investment
| Year | Investment Amount (₹) |
Wealth Gained (₹) |
Expected Amount (₹) |
|---|
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SBI RD Calculator
All you need to know about the SBI RD Investment Calculator
When selecting savings accounts, you’ll encounter two primary options: fixed and recurring deposits. Of these, recurring deposits are often considered more advantageous due to their flexibility in withdrawal timing, a key factor contributing to their popularity.
Calculating interest rates and overall returns requires some financial planning. This task is made efficient with the SBI RD calculator. This tool swiftly provides the interest rate your deposit will accumulate.
What is the SBI RD Calculator?
The SBI Bank RD calculator is an online tool used to predict the interest accumulation from a recurring deposit. In this type of deposit, the maturity amount combines all contributions and interest acquired over the investment period, with RD interest compounding quarterly.
SBI Bank provides various tenure options for RD, ranging from one year to ten years, with a minimum monthly investment of INR 100 and additional multiples of INR 10. There’s no upper limit on the investment amount. The SBI RD calculator precisely calculates both interest and the future value of the investment.
How to use the smallcase SBI RD calculator online?
The SBI RD calculator by smallcase offers simplicity and user-friendliness. It’s accessible to anyone with basic internet skills.
Let’s explore a straightforward guide on using this calculator:
Step 1:
Enter the amount you wish to invest in an SBI RD.
Step 2:
Slide the bar to the expected rate of return that you wish to have
Step 3:
Enter the time period for which you are going to invest in the SBI RD.
Lastly, the smallcase SBI RD Calculator will present you with accurate results in a matter of a few seconds!
SBI RD Interest rate formula to calculate the maturity amount.
To calculate the maturity amount for RD, smallcase utilizes three variables. The SBI Recurring Deposit calculator employs a standardized formula to accurately ascertain this amount.
The formula for the SBI RD Calculator is:
A = P*(1+R/N)^(Nt)
| A | Final Amount (Including both principal and compound interest) |
| P | Monthly Installment (Initial investment) |
| r | Annual Interest Rate (expressed as a decimal) |
| n | Number of times interest is compounded per year |
| t | Number of years the money is invested for |
The variables symbolize essential elements in this equation.
Let us look at this in form of an example:
Suppose an individual initiates an SBI RD account with a monthly investment of Rs. 5000 for 1 year (4 quarters) at an 8% interest rate. The maturity amount can be calculated using this formula:
A = P*(1+R/N)^(Nt)
= 5000*(1+.0825/4)^(412/12) = 5425.44
= 5000*(1+.0825/4)^(411/12) = 5388.64
…
= 5000*(1+.0825/4)^(4*1/12) = 5034.14
Summing up the series, the total maturity value (A) amounts to Rs 62,730.85.
Solving this equation manually can be intricate. However, by utilizing the smallcase SBI RD calculator, you can swiftly obtain the precise figure within seconds. Therefore, the maturity value for the RD account investment is INR Rs 62,730.85.
SBI Bank Documents and Eligibility for RD Account
If you want to make an SBI RD account, you need to have a look at these two checklists. The first one is for the documents required to make an SBI RD account and the second is the eligibility criteria for it.
Documents required
- Filled in SBI RD Account Application form.
- Passport-size photograph.
- SBI savings account passbook.
- Proof of identification
- Proof of address
- KYC documentation.
Eligibility Criteria
- Indian Residents.
- Members of a Hindu Undivided family.
- Non Residential Indians (Only can apply for Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account)
- Minors (the legal guardian should be monitoring finances.)
SBI Recurring Deposit Interest Rates
A table comparing the SBI Recurring Deposit Interest Rates for General Citizens and Senior Citizens.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
| 1 year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years and up to 10 years | 6.50% | 7.00% |
What are the benefits of using the smallcase SBI RD calculator?
Here are some of the advantages of using the smallcase SBI RD calculator.
- User-Friendly: The SBI RD calculator is simple and easy to navigate, requiring basic inputs for return calculation.
- Time-Efficient: This calculator swiftly computes results within seconds, sparing investors from complex calculations.
- Accuracy: The smallcase SBI RD calculator delivers highly accurate results, virtually eliminating the potential for errors.
- Comparison Capability: Investors can utilize the SBI RD calculator to compare RD interest rates, aiding in the selection of the most advantageous option.
- Free Access: This online tool is freely available for multiple uses, allowing investors to compute and compare returns from their recurring deposit investments
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Frequently Asked Questions
What is the RD rate at SBI?
The SBI Recurring Deposit Interest rates are as follows:
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
| 1 year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years and up to 10 years | 6.50% | 7.00% |
How is RD maturity calculated in SBI?
In the case of recurring deposits, the maturity amount is the cumulative sum of all investments, coupled with the accrued interest over the investment duration.
Do SBI RDs come with nomination benefits?
In case of the SBI RD account, nomination is available in favor of individuals only.
Does SBI provide loans against RD?
State Bank of India provides the option to obtain a loan against the Recurring Deposit held in the bank. Depositors can access an Overdraft or loan for up to 90% of the funds present in their recurring deposit account.
How are RDs taxed?
Investors are subject to individual income tax rates on the interest income generated from RD assets. Furthermore, a 10% Tax Deducted at Source (TDS) is deducted from the interest earnings.
How to use the SBI RD calculator online?
Step 1: Enter the amount you wish to invest in an SBI RD.
Step 2: Slide the bar to the expected rate of return that you wish to have
Step 3: Enter the time period for which you are going to invest in the SBI RD.
Can I withdraw RD at any time?
According to the regulations, account holders are allowed one withdrawal prior to the maturity period. This withdrawal is limited to a maximum of 50% of the total deposits in the account. To be eligible for withdrawal, the RD must have been active for a minimum of one year, with a prerequisite of 12 monthly deposits.
Are senior citizens eligible for any extra benefits on SBI RDs?
Yes. Senior citizens receive an extra 0.50% interest rate on top of the standard rates.
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