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SBI RD Calculator
The SBI RD Calculator is a tool provided by the State Bank of India to help customers calculate the maturity amount for their Recurring Deposit (RD) account. It is a convenient and reliable way for SBI RD account holders to plan their savings and make informed decisions about their investments.
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SBI RD Calculator
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
Let us learn in detail about the SBI Recurring Deposit Calculator in this article.
What is an SBI RD Calculator?
SBI RD interest rate calculator is an online financial tool to help you in determining the maturity returns and interest earned from your investment in a Recurring Deposit Account.
An RD is a type of savings account where the customer deposits a fixed amount of money every month for a fixed tenure, and earns interest on it.
It considers the following factors to calculate your potential SBI RD returns:
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Amount of your monthly deposits
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Tenure of the deposit
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Applicable SBI RD interest rates
Why Use SBI Recurring Deposit Calculator?
Several reasons can answer your query of why it is important to use the SBI RD Calculator. Major reasons are as follows:
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SBI RD Calculator provides accurate calculations
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Helps you to plan your savings and investments better
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Enables them to set a realistic investment goal and understand how much they need to save each month to achieve it
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Allows you to compare the maturity value of different RD schemes offered by the bank
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A quick and easy tool that saves your time in calculating the maturity value of your investment manually
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By using the RD Calculator, customers can make informed decisions about their investments
How to Use Online SBI RD Calculator?
The investor has to follow the below-mentioned simple procedure to calculate SBI RD interest rate returns through the online SBI RD Calculator:
Step 1: Open the Policybazaar SBI RD Calculator
Step 2: Select the following details in the calculator
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Monthly recurring deposit amount
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Tenure of your SBI RD investment
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Valid SBI RD interest rates
Step 3: The SBI Recurring Deposit Calculator will display the following details immediately:
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Total investment during the tenure
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Interest earned on SBI RD interest rates
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Maturity returns
Recurring Deposit Interest Formula
An investor can also compute the maturity value manually with the help of the SBI RD calculation formula mentioned below:
Illustration:
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If you deposit Rs. 2,000 monthly in SBI RD
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For a period of 2 years
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At an SBI RD interest rate of 7% p.a.
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Maturity amount= 2000 [(1+7*8] - (8*2) – 1)]
= Rs. 51,640
Advantages of SBI RD Calculator
The main advantages of using an RD Calculator are:
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Save time and energy
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Easy to use
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Gives accurate results
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Offers instant comparisons between 2 or more bank RD interest rates
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Provides the right estimation of returns so that the future can be planned accordingly
Wrapping It Up
The SBI RD Calculator is a valuable tool provided by the State Bank of India to help customers calculate the maturity value of their Recurring Deposit (RD) account. It helps customers make informed decisions about their investments.Â
The SBI RD Calculator is a user-friendly, time-saving, and reliable tool that assists customers in managing their finances effectively.
RD (Recurring Deposit) Calculators
FAQ's
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How is RD calculated in SBI?
The recurring deposit (RD) calculation in SBI is based on a fixed formula that takes into account the deposit amount, tenure, and interest rate.Â
The formula used by SBI to calculate the maturity value of an RD account is:
Maturity Amount = P * [(1 + r/n)^(n*t) - 1]
Wherein:
P = Monthly deposit amount
r = Rate of interest per annum (as a decimal)
n = Number of times interest is compounded in a year (usually quarterly)
t = Tenure of the RD in years -
What are RD rates in SBI?
The table for SBI RD interest rates is as follows:
*Including additional 0.50% special FD interest rates u/ “SBI We-Care” FD Scheme.Tenure RD Interest RateÂ
(% p.a.)RD Interest Rates for Senior CitizensÂ
(% p.a.)1 Year - <2 years 6.80% p.a. 7.30% p.a. 2 years - <3 years 7.00% p.a. 7.50% p.a. 3 years - <5 years 6.50% p.a. 7.00% p.a. 5 years - 10 years 6.50% p.a. 7.50%* p.a. -
What is the rate of RD for 2 years?
The RD interest rates for a tenure of 2 years are as follows:Bank Name RD Interest Rates for General Public State Bank of India (SBI) 7.00%Â Punjab National Bank (PNB) 5.10%Â Post Office RD 6.20%Â ICICI Bank 7.10%Â HDFC Bank 7.00%Â Axis Bank 7.20%Â -
What is the best RD rate in SBI?
SBI offers the highest interest rate of 7% p.a. for a tenure of 2 years to less than 3 years.
†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 01-11-2024
^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).
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