Which bank offers the highest RD interest rate in 2024?

Small finance banks like AU Small Finance Bank and Ujjivan Small Finance Bank often offer higher RD rates (7%–8.5%). Always verify current rates directly with the bank.

RD Calculator – Recurring Deposit Maturity & Interest | StoreDropship

RD Calculator

Q: What is the minimum tenure for an RD?

Most banks offer RDs with a minimum tenure of 6 months. The Post Office RD has a fixed tenure of 5 years.

Q: Can I calculate Post Office RD using this tool?

Yes. Simply enter the current Post Office RD interest rate (usually around 6.7% per annum), select 60 months tenure, and enter your monthly deposit amount.

Q: What is the difference between RD and FD?

In an FD (Fixed Deposit), you invest a lump sum once. In an RD (Recurring Deposit), you invest a fixed amount every month. RD is better for salaried individuals with monthly savings.

Q: Can I withdraw my RD before maturity?

Yes, premature withdrawal is allowed in most banks but incurs a penalty (usually 1% lower interest rate). Some banks have a minimum lock-in period of 3–6 months.

Calculate your Recurring Deposit maturity amount, total interest earned, and see a full month-by-month breakdown — instantly and accurately.

Calculate Your RD Returns

Monthly Deposit Amount (₹) Enter the fixed amount you will deposit every month. Please enter a valid monthly deposit amount greater than 0.

Annual Interest Rate (%) Check your bank's current RD interest rate. SBI RD is ~6.5%, Post Office RD is ~6.7%. Please enter a valid interest rate between 0.01% and 30%.

Tenure Enter how long you will keep the RD. Please enter a valid tenure greater than 0.

Tenure Unit

Monthly Deposit

—

Total Deposited

—

Total Interest

—

Maturity Amount
—

Month-by-Month Breakdown

Month	Amount Deposited (₹)	Maturity Value (₹)

How to Use the RD Calculator

Enter Monthly Deposit: Type the fixed amount you plan to deposit into your RD account each month. This must be the same amount every month.
Enter Annual Interest Rate: Input the interest rate offered by your bank or post office. You can find this on the bank's website or ask your branch.
Enter Tenure: Type the number of months or years for which you want to run the RD. Switch between months and years using the dropdown.
Click Calculate: Press the "Calculate Maturity" button or hit Enter to get instant results — maturity amount, total interest, and total deposits.
Review Results: Check the summary cards at the top for a quick overview, then scroll through the month-by-month table to see how your money grows each month.

Key Features of This RD Calculator

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Standard Bank Formula

Uses the exact quarterly compounding formula prescribed by RBI and followed by all major Indian banks and the Post Office.

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Month-by-Month Table

See a detailed breakdown of your growing balance for every single month of your RD tenure — not just the final number.

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Instant Calculation

Results appear in milliseconds, entirely in your browser — no server calls, no delays, no data sent anywhere.

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Indian Format

All amounts are displayed in Indian Rupee format (₹) with proper comma placement (lakhs and crores) for easy reading.

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Works on All Devices

Fully responsive design — works on mobile phones, tablets, and desktops without any app download or installation.

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100% Private

All calculations happen locally in your browser. No financial data is stored, shared, or transmitted to any server.

RD Maturity Formula Explained

Indian banks calculate RD maturity using quarterly compounding, as directed by the Reserve Bank of India. The standard formula is:

M = R × [(1 + i)ⁿ – 1] / [1 – (1 + i)^(–1/3)]

Where interest is compounded quarterly:

M — Maturity Amount (total value you receive at the end of the RD tenure)
R — Monthly Instalment (the fixed amount you deposit each month)
i — Quarterly Interest Rate = Annual Rate ÷ 400 (i.e., Annual% / 4 / 100)
n — Number of Quarters = Total Months ÷ 3

For the month-by-month breakdown, each month's maturity contribution is calculated individually: each instalment grows for the remaining period until maturity, and all instalments are summed to give the total maturity amount. This matches how banks actually calculate your RD payout.

Practical RD Calculation Examples

🇮🇳

Priya Sharma

Bengaluru, Karnataka

Priya is a software engineer who wants to save ₹5,000 per month for 2 years at SBI's RD rate of 6.5% per annum.

Monthly Deposit: ₹5,000 | Rate: 6.5% p.a. | Tenure: 24 months
Total Deposited: ₹1,20,000
Interest Earned: ≈ ₹8,481
Maturity Amount: ≈ ₹1,28,481

🇮🇳

Ramesh Gupta

Lucknow, Uttar Pradesh

Ramesh is a retired government employee investing ₹10,000/month in Post Office RD at 6.7% for the standard 5-year term.

Monthly Deposit: ₹10,000 | Rate: 6.7% p.a. | Tenure: 60 months
Total Deposited: ₹6,00,000
Interest Earned: ≈ ₹1,12,429
Maturity Amount: ≈ ₹7,12,429

🇮🇳

Anita Patel

Ahmedabad, Gujarat

Anita runs a small textile business and opens an RD with AU Small Finance Bank at 7.5% p.a., depositing ₹2,000/month for 12 months.

Monthly Deposit: ₹2,000 | Rate: 7.5% p.a. | Tenure: 12 months
Total Deposited: ₹24,000
Interest Earned: ≈ ₹975
Maturity Amount: ≈ ₹24,975

🇬🇧

Arjun Nair

London, UK (NRO Account)

Arjun is an NRI who maintains an NRO RD in India, depositing ₹15,000/month at 6.0% for 36 months to build a corpus for his return.

Monthly Deposit: ₹15,000 | Rate: 6.0% p.a. | Tenure: 36 months
Total Deposited: ₹5,40,000
Interest Earned: ≈ ₹50,312
Maturity Amount: ≈ ₹5,90,312

What Is a Recurring Deposit (RD)?

A Recurring Deposit is a type of term deposit offered by banks and post offices in India where you invest a fixed amount every month for a predetermined tenure. At the end of the tenure, you receive the total amount deposited plus the interest earned — all at once. It is one of the safest and most disciplined savings tools available to Indian investors, backed by deposit insurance of up to ₹5 lakh per depositor per bank under DICGC.

RDs are ideal for salaried individuals, students, and homemakers who receive a regular income and want to build a corpus over time without the risk of market fluctuations. Unlike mutual funds or stocks, RD returns are fixed and guaranteed from the day you open the account. The interest rate is locked in at the time of opening, so market rate changes after that do not affect your returns.

The RD maturity calculator on this page helps you plan your savings by showing exactly how much you will receive at the end of the term. You can experiment with different deposit amounts, rates, and tenures to find the combination that best matches your financial goal — whether it is saving for a vacation, a child's school fees, or a down payment on a vehicle.

Recurring Deposit — In Multiple Languages

Hindi

आवर्ती जमा (RD) — हर महीने एक निश्चित राशि जमा करें और परिपक्वता पर ब्याज सहित पाएं।

Tamil

மாதாந்திர சேமிப்பு (RD) — ஒவ்வொரு மாதமும் ஒரு நிலையான தொகையை சேமித்து வட்டியுடன் திரும்பப் பெறுங்கள்.

Telugu

రికరింగ్ డిపాజిట్ (RD) — ప్రతి నెలా ఒక నిర్ణీత మొత్తాన్ని జమ చేసి వడ్డీతో పరిపక్వత పొందండి.

Bengali

আবর্তনশীল আমানত (RD) — প্রতি মাসে একটি নির্দিষ্ট পরিমাণ জমা করুন এবং সুদসহ পরিপক্কতায় পান।

Marathi

आवर्ती ठेव (RD) — दर महिन्याला ठराविक रक्कम जमा करा आणि मुदत संपल्यावर व्याजासह परत मिळवा।

Gujarati

આવર્તી થાપણ (RD) — દર મહિને નિશ્ચિત રકમ જમા કરો અને પરિપક્વતા પર વ્યાજ સહ પ્રાપ્ત કરો।

Kannada

ಮರುಕಳಿಸುವ ಠೇವಣಿ (RD) — ಪ್ರತಿ ತಿಂಗಳು ಒಂದು ನಿಶ್ಚಿತ ಮೊತ್ತ ಜಮಾ ಮಾಡಿ ಬಡ್ಡಿಯೊಂದಿಗೆ ಪಡೆಯಿರಿ।

Malayalam

ആവർത്തന നിക്ഷേപം (RD) — ഓരോ മാസവും ഒരു നിശ്ചിത തുക നിക്ഷേപിക്കുക, പക്വതയിൽ പലിശ സഹിതം ലഭിക്കും।

Spanish

Depósito Recurrente — Ahorra una cantidad fija cada mes y recibe el capital más intereses al vencimiento.

French

Dépôt Récurrent — Épargnez une somme fixe chaque mois et récupérez le capital avec les intérêts à l'échéance.

German

Wiederkehrendes Depot — Legen Sie monatlich einen festen Betrag an und erhalten Sie Kapital plus Zinsen bei Fälligkeit.

Japanese

積立預金 (RD) — 毎月一定額を積み立て、満期に元本と利息を受け取ります。

Arabic

الوديعة المتكررة — ادّخر مبلغاً ثابتاً كل شهر واستلم رأس المال مع الفوائد عند الاستحقاق.

Portuguese

Depósito Recorrente — Poupe um valor fixo mensalmente e receba o capital mais juros no vencimento.

Korean

정기 적금 (RD) — 매달 일정 금액을 적립하고 만기 시 원금과 이자를 받으세요.

Frequently Asked Questions

Is this tool free to use?

Yes, the RD calculator on StoreDropship is completely free to use with no registration, login, or payment required. There are no hidden charges or limits on how many times you can calculate.

What formula does this RD calculator use?

It uses the standard Indian bank RD formula: M = R × [(1+i)^n – 1] / (1 – (1+i)^(–1/3)), where R is the monthly deposit amount, i is the quarterly interest rate (annual rate ÷ 4 ÷ 100), and n is the number of quarters. This is the same formula used by SBI, HDFC, ICICI, and the Post Office.

How is RD interest compounded?

In India, RD interest is compounded quarterly by most banks and the Post Office, as per RBI guidelines. This means interest is calculated and added to your balance four times a year, which results in slightly higher returns than simple interest. This calculator uses quarterly compounding.

What is the minimum tenure for an RD?

Most banks offer RDs with a minimum tenure of 6 months and a maximum of 10 years. The Post Office RD has a fixed tenure of exactly 5 years (60 months). Some banks may offer shorter tenures starting from 3 months — check with your specific bank.

Can I calculate Post Office RD using this tool?

Yes. Enter the current Post Office RD interest rate (check India Post's official site for the current rate, typically around 6.7% per annum), set tenure to 60 months (5 years), and enter your monthly deposit amount. The calculator will give you an accurate maturity estimate.

Is RD interest taxable in India?

Yes, RD interest is fully taxable as per your income tax slab under "Income from Other Sources." TDS is deducted at 10% if your total interest income from a bank exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). You must declare RD interest in your ITR even if TDS was not deducted.

What is the difference between RD and FD?

In an FD (Fixed Deposit), you invest a lump sum amount once and it earns interest over the tenure. In an RD (Recurring Deposit), you invest a fixed amount every month. RD is better suited for people with a regular monthly income who want to save gradually, while FD requires a one-time larger investment.

Which bank offers the highest RD interest rate?

Small finance banks like AU Small Finance Bank, Ujjivan, and Jana often offer higher RD rates (7%–8.5%+) compared to large public sector banks. However, deposit insurance under DICGC covers up to ₹5 lakh per bank. Always verify current rates directly on the bank's official website before opening an RD.

Can I withdraw my RD before maturity?

Yes, premature withdrawal is allowed in most banks, but it typically attracts a penalty — usually the interest is paid at a rate 1% lower than the applicable rate for the period the RD was held. Some banks require a minimum lock-in period of 3–6 months before allowing premature closure.

How accurate is this RD calculator?

This calculator uses the standard quarterly compounding formula followed by Indian banks and the RBI, so the results are very accurate for planning purposes. Minor differences of a few rupees may occur due to bank-specific rounding conventions or mid-month deposit adjustments, but the numbers will be very close to your actual bank statement.

Can NRIs open an RD account in India?

Yes, NRIs can open NRE or NRO Recurring Deposit accounts in India. NRE RD interest is fully exempt from tax in India (though may be taxable in the country of residence). NRO RD interest is taxable in India at applicable TDS rates. Interest rates for NRE/NRO RDs may differ from resident accounts.

Does the RD calculator show a monthly breakdown?

Yes, this RD calculator shows a complete month-by-month breakdown table. For each month, you can see the instalment number, the cumulative amount deposited, and the projected maturity value of all instalments combined up to that point. This helps you understand exactly how your savings grow over time.

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