RBL Bank RD Calculator
RBL Bank provides recurring deposit schemes to its customers with attractive interest rates. One unique feature that makes it stand out is the tenure, which ranges from 6 months to 20 years. RBL provides senior citizens with the privilege of earning extra interest rates over the regular ones. RBL RD rate of interest goes up to 6.65% for general citizens and 7.15% for senior citizens.
RBL Bank's recurring deposit schemes offer investors the chance to earn attractive interest rates on even small but regular amounts invested every month, making it accessible to everyone.
Interest rates vary according to the maturity period of the investment, so knowing how much you will earn on maturity will help you decide the period of investment that will maximize your savings.
That is where the RBL Bank RD calculator comes in handy.
Benefits of RBL Bank RD Calculator
There are several benefits to using the RBL Bank RD calculator, such as:
- It is completely free of cost
- Available online
- Accessible from your mobile, tablet, laptop, or desktop
- Error-free calculations
- Easy to use
- Instant results
- Compare different maturity periods with different interest rates
Factors Influencing RBL Bank RD Interest and Maturity Amount
The rate of interest on your RBL Bank recurring deposit will directly affect how much you will earn on maturity of your deposit
The following factors influence the interest rate:
- RBI Reverse Repo Rate - The Reserve Bank of India's reverse repo rate is an important factor that influences the interest rate as it is the rate at which the apex bank borrows money from commercial banks such as RBL Bank. A low reverse rate means a low-interest rate on your RD and vice versa.
- Deposit Maturity Period -The maturity period of your RD will determine how much your maturity amount will be. This is because the interest rate varies from one tenure to another.
- Depositor's Age - Anyone above the age of 60 is offered an additional interest rate of up to 0.50% on their deposits.
Calculation of Compound Interest on RBL Bank Recurring Deposit
RBL Bank deposits accumulate interest on a compounding basis every quarter. This means that you open an RD account with RBL Bank on 1 May, the interest compounds every 1 August, 1 November, 1 February, and 1 May.
This cycle repeats up to the end of the maturity period as chosen by you.
The formula for calculating the compounding interest is given below:
M = R x {(1 + n) x n - 1} / 1- (1 + i) (-1/3)
Where:
M = Maturity value
R = Deposit amount
n = Maturity period (in quarters)
i = Rate of interest divided by (4×100).
The RBL Bank RD online calculator is based on this formula. So, using the calculator, you can calculate how much you will earn in the scenario given below:
If you open an RD with RBL Bank with an initial deposit of Rs.3,000 for a period of 12 months at an interest rate of 6.85% p.a., your maturity amount will be Rs.37,364.
The RBL Bank online calculator will give you an accurate and error-free calculation as compared to manual calculations. This will help you choose the best deposit amount and investment tenure for your requirements.
RBL Bank Recurring Deposit Interest Rates
The rate of interest for recurring deposit for Resident Indians for amounts up to Rs. 3 crore is given in the table below:
Period of Deposit | Domestic Interest Rates for General Public | Domestic Interest Rates for Senior Citizens | NRE & NRO Interest Rates |
6 months to 7 months | 5.50% p.a. | 6.00% p.a. | NA |
8 months to 11 months | 5.50% p.a. | 6.00% p.a. | NA |
12 months to 14 months | 7.50% p.a. | 8.00% p.a. | 7.50% p.a. |
15 months to 17 months | 7.80% p.a. | 8.30% p.a. | 7.80% p.a. |
18 months to 23 months | 8.00% p.a. | 8.50% p.a. | 8.00% p.a. |
24 months to 35 months | 7.50% p.a. | 8.00% p.a. | 7.50% p.a. |
36 months to 60 months | 7.10% p.a. | 7.60% p.a. | 7.10% p.a. |
61 months to 120 months | 7.00% p.a. | 7.50% p.a. | 7.00% p.a. |
*Note : Interest rates with effect from 8 June 2024 ,Rates are subject to change at the sole discretion of the bank.
RBL Bank Recurring Deposit Interest Rates for Senior Citizens
The rate of interest for recurring deposits for Resident Indians who are senior citizens for amounts up to Rs.2 crore per month is given in the table below:
Period of Investment for Recurring Deposit | Interest Rate (per annum)* |
181 to 240 days | 5.50% |
241 days to 364 days | 5.75% |
12 months to less than 24 months | 6.50% |
24 months to less than 36 months | 6.50% |
36 months to 36 months 1 day | 6.80% |
36 months 2 days to less than 5 years | 6.80% |
5 years to 20 years | 6.80% |
*Note : Interest rates with effect from 1 June 2023, Rates are subject to change at the sole discretion of the bank.
FAQs on RBL Bank RD Calculator
- Can I get the interest on my recurring deposit on a monthly basis?
No, the interest on the amount you deposit with a recurring deposit account cannot be availed on a monthly basis. The interest and principal amount is only paid out at the end of the maturity period, which ranges from 6 months to 20 years for RBL Bank.
- Do I need to give my RD account number to use the RBL Bank RD calculator?
No, you do not have to provide your RD account number or any other personal details or documents when using the RBL Bank RD calculator. It is a free and easy to use calculator that you can use to determine which is the best deposit tenure that will provide the maximum amount on maturity for your deposit amount. This is done by comparing the maturity amounts of different tenures as each has a different interest rate.
- Can I calculate how much tax I have to pay on my RD using the RBL Bank RD calculator?
No, you cannot calculate how much tax you have to pay using the online RD calculator of RBL Bank. It is used to only calculate the maturity amount at the end of different deposit tenures based on different interest rates.
- Can I do a partial withdrawal of my RD?
No, you can only withdraw the full amount of your RD principal and interest at the end of the maturity period.
- Is there any penalty or fine if I have to discontinue my RD or want to stop it before its maturity period is over?
Yes, there is a penalty for discontinuing or stopping payments of your RD before the maturity period is completed. This will vary from bank to bank.
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