ICICI Bank RD Calculator

ICICI RD Calculator is a tool that helps you calculate the interest earned and maturity amount on your Recurring Deposit (RD). By entering details such as the deposit amount, tenure, and interest rate, the calculator estimates the maturity amount at the end of the deposit term.

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7.7 Crore

Registered Consumer

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

ICICI Bank RD Calculator

Monthly Investment

₹500 ₹1L

Enter Monthly Investment

Rate of Interest (Yearly)

1% 10%

Rate of Interest (Yearly)

Time Period

1 Year 10 Years

Enter Time Period

Total Investment

Interest Earned

Maturity Amount

The rate of interest may differ from bank to bank and decided by the bank only. But what if you can calculate Recurring deposit ROI on your own? Yes, it is possible with the help of RD Calculator

This article will help you learn the uses and benefits of an ICICI Bank RD Calculator in detail.

What is ICICI Bank RD Calculator?

ICICI RD Calculator is an online tool, which helps you in calculating the interest and maturity returns on your ICICI Bank Recurring Deposit with the bank.

It is a simple and easy-to-use tool that requires you to input the following details to estimate the maturity amount:

RD Deposit Amount
Tenure
RD interest rates

The ICICI Recurring Deposit calculator is a tool that helps you plan your investments and make informed decisions about your savings. It provides you with a clear idea of the returns you can expect from your RD investment.

ICICI Bank Recurring Deposit Interest Rates

Tenure	RD Rates for General Citizens
6 months	4.75%
9 months	6.00%
12 months	6.70%
15 months	7.10%
18 months	7.10%
21 months	7.10%
24 months	7.10%
27 months	7.00%
30 months	7.00%
33 months	7.00%
36 months	7.00%
3 years 1 day to 5 years	7.00%
5 years 1 day to 10 years	6.90%

Simplify your financial planning with the SIP Calculator.

Why Use ICICI Recurring Deposit Calculator?

It is important to use the ICICI Recurring Deposit Calculator for several reasons:

Provides you with accurate calculations of the interest earned and maturity amount
Ensures that you know exactly how much money you can expect to receive at the end of the deposit term
You can plan your investments better by adjusting the deposit amount, tenure, and interest rate to see how they impact your returns
A quick and easy tool that saves time
ICICI Recurring Deposit Calculator eliminates the chances of errors that may occur while calculating manually

How to Use ICICI RD Calculator?

Follow the steps mentioned below to use an ICICI Bank RD Calculator:

Step 1: Visit the Policybazaar ICICI RD Calculator webpage

Step 2: Select the following details in the RD calculator :

Monthly RD amount
Tenure of the deposits
Current ICICI Bank RD interest rates

Step 3: The ICICI RD Calculator will automatically display the following details:

Rate of Interest-based on the amount entered and tenure
The Maturity value
Total corpus created

Recurring Deposit Interest Formula

An investor can also compute the maturity value manually with the help of the ICICI RD calculation formula mentioned below:

M = P X (1 + R / N) ^ (NT)

Here,

P = Recurring Deposits

R = Rate of Interest

N = Total number of times interest is compounded

T = Tenure

M = Maturity value

For Illustration:

If you deposit monthly Rs. 500 in an ICICI Bank RD
For a period of 24 months
At ICICI interest rate of 7.50% p.a.
Maturity returns at the end of tenure,

M = P X (1 + R / 4) ^ (NT)

= 1200 X (1 + 7.5 / 4) ^ (1 X 2)

M = Rs. 12,978 (approximately)

Advantages of ICICI RD Calculator

The main advantages of using an ICICI RD Calculator are as follows:

Saves time and energy as compared to manual calculation
No complications in calculation and easy to handle tool
100% accuracy with no chances of error
Can compare the rate of interest of multiple banks easily which will help in making a better decision
Returns are calculated precisely which helps in planning the future

In Brief

ICICI Bank RD Calculator is a useful online tool that helps you calculate the interest earned and maturity amount on your Recurring Deposit with the bank. It is a convenient and reliable way to determine the returns on your RD investment and can help you achieve your financial goals.

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FAQ's

How is RD calculated in ICICI?

The formula used to calculate the interest on ICICI Bank RD is:
M = R x (1+i/4)^4n/3
Where:
M = Maturity value
R = Monthly instalment
i = Rate of interest/4 (quarterly rate of interest)
n = Number of quarters
By inputting the deposit amount, tenure, and interest rate into the ICICI Bank RD Calculator, you can get an estimate of the maturity amount at the end of the deposit term. The calculator uses the same formula to calculate the interest earned and maturity value of your RD investment.
What is the interest rate of RD in ICICI Bank?

The ICICI RD interest rates are as follows:

Tenure RD Rates for General Citizens

6 months 4.75%

15 months 7.10%

24 months 7.10%

36 months 7.00%

3 years 1 day to 5 years 7.00%

5 years 1 day to 10 years 6.90%
Which is better FD or RD?

If you have a lump sum amount of money that you want to invest for a fixed period, then FD might be a better option for you.
FDs offer higher interest rates than RDs and the interest rate is fixed for the entire deposit tenure
On the other hand, if you do not have a lump sum amount and want to invest small amounts of money every month, then RD might be a better option for you.
RDs offer flexibility in terms of the deposit amount, and you can choose to invest a fixed amount every month for a chosen tenure.
How to calculate RD interest for 3 years?

To calculate the RD interest for 3 years, you can use the following formula:
M = R x [(1+i)^n - 1]/(1-(1+i)^(-1/3))
Where:
M = Maturity value
R = Monthly instalment
i = Rate of interest/400 (quarterly rate of interest)
n = Number of quarters (12 quarters for 3 years)
Here's an example to help you understand how to calculate RD interest for 3 years:
Suppose you want to invest Rs. 10,000 per month for 3 years at an interest rate of 7.5% per annum in an RD account. To calculate the interest earned, use the formula as follows:
M = 10,000 x [(1+7.5%/4)^(12*3) - 1]/(1-(1+7.5%/4)^(-1/3))
M = 10,000 x (1.944 - 1)/(1-(1+7.5%/4)^(-1/3))
M = 10,000 x 0.0577/0.0296
M = Rs. 19,523.65

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Past 10 Years' annualised returns as on 01-12-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).