RBL Bank RD Calculator

What is the RBL Bank RD Calculator?

Users can access the RBL RD calculator online for free. Potential depositors can use this calculator to find out how much money they could get each month if they put money into an RBL Recurring Deposit plan. It is determined by the interest rate, maturity period, and monthly deposit amount.   

How Does RBL BANK RD Calculator Work?

An RBL RD calculator can help depositors find the maturity value of their savings before they open an RD account. The RD Calculator is based on the principle of compounding interest. Factors such as the monthly investment, rate of interest, and investment tenure work against one another to help the total investment and estimated returns due to applied reciprocity and the utility of compounding interest. One must submit their numbers, and the calculator will output the solution within seconds. 

RBL BANK RD Calculator Formula:

Interest on recurring deposits is calculated using two different methods: 

simple interest and compound interest. Let's investigate the pair.

Utilize the following calculation to determine the RD maturity amount: 

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

M is the maturity amount.

P = Total recurring investment amount

R = Interest in Decimals on RD

t = The tenure or length of the RD

N = Compounding frequency (because interest is compounded quarterly, this is typically equal to 4)

The standard RD calculation methodology is used to determine the maturity amount. If you enter all the necessary information, such as the RD amount, tenure, and interest rates, the RD deposit calculator will automatically apply the RD formula to calculate the maturity amount. 

Calculating interest on RBL RD

The compound interest method calculates the interest for the RBL Recurring Deposit amount. The interest is compounded every quarter starting on the date of the first deposit. If Rahul, for instance, creates an RBL Recurring Deposit account on May 15, 2020, interest on the remaining amount in his RD account will compound annually on August 15, November 15, February 15, May 15, and so on until maturity.

How to use the RBL RD calculator?

• Utilise the slider to choose your monthly amount.
• Using the slider, choose the tenure in months.
• Choose the Interest Rate by dragging the slider.
• You can adjust the input sliders at any time to recalculate your RD.
• Moving the sliders will instantly calculate the RD Amount.

Benefits of Using an RBL RD Calculator

This calculator is a handy tool for figuring out the maturity amount on RD since it is -

• Simple to use 
• Produces results instantaneously.
• Yields accurate results without any miscalculation 
• It can be used multiple times by adjusting the variables 

Based on the calculator's results, people can thus decide on the maturity period and total amount of their RD deposit.

Factors Influencing Recurring Deposit Earnings

The following variables have an impact on interest income from the RBL RD scheme:

• Payment scheme

Monthly disbursements of the accumulated interest are an option for a depositor under RBL's recurring deposit terms. But in doing so, the interest payment will be subject to reductions determined by the current rates in effect on that particular day.

• Depositor's age

Depositors may be eligible to receive an extra 0.50% interest on deposits if they are over 60 or senior citizens.

• Reverse repo rate 

The interest rate on deposit plans will immediately reflect any adjustments made by the RBI to the reverse repo rate.

• Maturity period 

The depositor's selected lock-in period affects the returns.

How do you open an RD account in RBL?

The Recurring Deposit (RD) account with competitive interest rates is available from RBL Bank. The account can be opened for use for six months to twenty years. Applying for an RD account is possible through mobile and net banking.

How do you close an RD account in RBL online?

RBL RD Account can be closed with the RBL mobile application by following the below steps:

• Enter the app's login information. 
• Select "close FD" from the "FD/RD" menu. 
• After entering your MPIN, choose it by clicking on it.

What documents are required to open an RD account in RBL Bank?

The following list contains the documents needed to open an RD account with RBL Bank. 

• Passport
• PAN card
• Voter ID card
• Driving License
• Government ID card
• Photo ration card
• Senior citizen ID card

Features of the RBL Recurring Deposit Scheme

• It is an easy investment that yields good profits.
• Standing instructions can be set up with the savings account to pay a monthly amount in RD.
• There is a nomination facility accessible.
• Reservation time: six months to twenty years.
• It can be reserved online through Mobile Banking and Net Banking, among other means.