Recurring Deposit Calculator
(Principal + Interest):
If you are looking to park your funds in an investment tool that provides safe returns and ample flexibility, then a Recurring Deposit is just what your portfolio requires. With a Recurring Deposit you can invest a fixed amount every month for a pre-determined tenure and earn interest as per the applicable rates.
At SBM Bank, we ensure that you can make the most of your investment by offering attractive interest rates as per your chosen tenure. If you want to plan out your investment to align with your financial goals, here’s how an RD Calculator can help.
Recurring Deposit Calculator
When you invest idle funds in a Recurring Deposit, you can earn either simple or compound interest. While planning your investments and ensuring you manage your wealth to meet your financial goals, it is essential to determine the RD maturity amount.
You can do so by using the formula given below:
M = P*(1+R/N) ^ Nt
Wherein M is the maturity amount, P is the amount due each month, R is the rate of interest in decimals, t is the tenure, and N is the frequency of compounding.
While you can apply this formula and plug in the necessary details to arrive at the maturity amount, this process can be tedious. To ensure that you get accurate answers quickly, it is better to rely on an RD Calculator.
Using an RD Calculator can help in the following ways:
Whether you are aiming for wealth creation or want to build a corpus to meet a particular goal, it is important to plan your finances. An RD Calculator gives you an idea of what your maturity amount will look like prior to you investing. Not only does this help you in the decision-making process, but it can also help you curate and tailor your portfolio accordingly.
Often, manual calculations can leave room for human errors. When you use an RD Calculator, you rely on the accuracy of a computer-based tool. So, you can rest assured that the figure provided is accurate and avoid re-checking your calculations.
Undertaking manual calculations to determine the RD maturity amount, especially if you are dealing with large sums, can be time-consuming. With SBM Bank Recurring Deposit Calculator, you can find out the results within mere minutes.
Using the SBM Bank Recurring Deposit Calculator is as easy as it gets. You can follow the steps given below:
A few salient features that make the SBM Bank RD Interest Calculator handy are as follows:
When you use the SBM Bank RD Calculator, you can enjoy the following benefits:
Make sure you maximise your Recurring Deposit investment to build your wealth by using the SBM Bank RD Calculator.
No, you do not have to be a pre-existing customer at SBM Bank to use our RD Calculator. Also, since the interest rate is in a free text and can be edited, the RD Calculator can be used by anyone and everyone.
Yes, at SBM Bank, we make sure you can invest in an RD despite having a busy schedule. You can use our robust internet banking and mobile banking platforms to do so from anywhere, at any time.