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Maturity value of a recurring deposit.
A Recurring Deposit (RD) calculator estimates the maturity value when you deposit a fixed amount every month for a chosen number of months at a fixed interest rate. Each instalment earns interest for the remaining time until maturity.
RDs suit savers who want to build a corpus gradually with the safety of a fixed, guaranteed rate.
This uses a monthly-compounding approximation. Banks typically compound RD interest quarterly, so the exact maturity your bank quotes may differ slightly.
This calculator compounds monthly for simplicity, while most banks compound RD interest quarterly. The difference is usually small.
Traditional RDs fix the monthly amount for the whole tenure. To vary it, you would open a flexible RD or a separate account.
Premature closure usually reduces the interest rate and may charge a penalty, lowering your maturity amount.