Goal planner mode
Enter a target such as a down payment or school fees, and the tool works out the monthly deposit you need.
Maturity, interest, TDS and goal planning in one place
RD CalculatorRecurring Deposit Maturity & Interest
Use this free RD calculator to see what your monthly recurring deposit grows into. Enter your installment, interest rate and tenure to get the maturity amount, total interest, likely TDS and a year-wise growth schedule, or flip to goal mode to find the deposit you need.
- Bank-standard quarterly compounding
- Goal planner mode
- Senior citizen rate
- Interactive growth chart
Growth chart and RD schedule
3 years, quarterly compoundingRD balanceAmount deposited
| Year | Deposited | Interest | Balance |
|---|---|---|---|
| 1 | ₹60,000 | ₹2,311 | ₹62,311 |
| 2 | ₹60,000 | ₹6,788 | ₹1,29,099 |
| 3 | ₹60,000 | ₹11,587 | ₹2,00,686 |
Why this tool
More Than a Basic RD Interest Calculator
Most bank calculators show one number. This recurring deposit calculator shows how your money grows, what tax to expect and how to hit a target.
Interactive growth chart
Hover or tap the chart to see your balance and deposits at any month of the tenure.
Year-wise schedule
A clear table splits every year into money deposited, interest earned and closing balance.
TDS estimate built in
See whether yearly interest may cross the TDS threshold, with the higher limit for senior citizens.
Any compounding frequency
Switch between quarterly, monthly, half-yearly and yearly compounding to match your bank or NBFC.
Private and instant
Everything runs in your browser. Nothing is stored or shared, and you never need to sign up.
How to use
How to Use the RD Calculator
Results update as you type or drag, so you can compare options in seconds.
Pick a mode
Choose Maturity value to see what a deposit grows into, or Goal planner to find the deposit you need.
Enter the amount
Type your monthly installment or target, or drag the slider for quick changes.
Add the interest rate
Use the rate your bank or post office currently offers. Next, switch on the senior citizen option if it applies.
Set the tenure
Enter years and months, or tap a preset. Banks usually allow 6 months to 10 years.
Review and copy
Check the maturity, interest, TDS and schedule. Then copy your result to share or save it.
The formula
RD Maturity Formula Explained
In a recurring deposit, each monthly installment earns interest only for the months it stays in the account. So the first deposit earns interest for the full tenure, while the last one earns it for just one month.
Most Indian banks compound RD interest every quarter. For that reason, the standard formula works in quarters, and it adds up the growth of every installment.
Worked example
Suppose you deposit ₹5,000 every month for 3 years at 7% a year, compounded quarterly. You pay in ₹1,80,000 in total. At maturity, the account holds about ₹2,00,686, so you earn roughly ₹20,686 in interest.
Why banks may differ slightly
Banks round interest at each quarter, and some count days instead of months. As a result, the final figure on your passbook can differ by a few rupees from any online estimate.
Standard RD formula
M = P × [(1 + i)n − 1] ÷ [1 − (1 + i)−1/3]
- M: maturity amount.
- P: monthly installment.
- i: quarterly rate, which is the annual rate ÷ 400.
- n: number of quarters in the tenure.
- Result: equal to adding the compounded value of every monthly deposit.
| ₹5,000 a month at 7% | Deposited | Maturity |
|---|---|---|
| 1 year | ₹60,000 | ₹62,311 |
| 2 years | ₹1,20,000 | ₹1,29,099 |
| 3 years | ₹1,80,000 | ₹2,00,686 |
| 5 years | ₹3,00,000 | ₹3,59,664 |
Compare
RD vs FD vs SIP: Which Suits You?
An RD builds a habit of saving a fixed sum every month with a guaranteed return. Here is how it compares with the other popular options.
| Feature | Recurring deposit | Fixed deposit | SIP in mutual funds |
|---|---|---|---|
| How you invest | Fixed amount every month | One lump sum | Monthly amount of your choice |
| Returns | Fixed and guaranteed | Fixed and guaranteed | Market-linked, not guaranteed |
| Risk | Very low | Very low | Moderate to high |
| Best for | Short-term goals and saving discipline | Parking money you already have | Long-term wealth building |
| Plan it with | This RD calculator | FD calculator | SIP calculator |
Tax
Is RD Interest Taxable?
Yes. Interest on a recurring deposit is added to your income and taxed at your slab rate. It is taxable every year as it accrues, even though you receive it only at maturity.
Banks also deduct TDS at 10% when your interest from that bank crosses ₹50,000 in a financial year, or ₹1 lakh for senior citizens. Without a PAN on record, the rate rises to 20%.
If your total income is below the taxable limit, you can submit Form 15G, or Form 15H if you are a senior citizen, to avoid TDS.
Rules
Missed Installments and Early Closure
If you miss an installment, most banks charge a small monthly penalty on the overdue amount. After several missed months, the bank may close the account early.
You can usually break an RD before maturity. However, the bank then pays a lower rate, often 0.5% to 1% below the applicable rate. Post Office RDs have a fixed five-year tenure and stricter early closure rules.
Tip: penalties and early closure terms vary by bank, so check them before you open the account.
Benefits
Benefits of Using This RD Calculator
- Compare RD offers from different banks before you open an account.
- Find the exact monthly saving needed for a goal.
- Plan for TDS and use Form 15G or 15H on time.
- See how much a longer tenure or higher rate really adds.
- Check your bank passbook figures for errors.
- Works on any phone, tablet or desktop without an app.
FAQ
RD Calculator FAQs
Answers to common questions about recurring deposits in India.
What is an RD calculator?
An RD calculator is an online tool that estimates the maturity amount and interest of a recurring deposit. You enter the monthly installment, interest rate and tenure, and it applies the bank formula for you.
How is RD interest calculated?
Each monthly installment earns compound interest for the months it stays in the account. Most banks compound quarterly, so the formula is M = P × [(1 + i)^n − 1] ÷ [1 − (1 + i)^(−1/3)], where i is the annual rate divided by 400 and n is the number of quarters.
Is RD interest compounded quarterly?
Yes, at most Indian banks and at the post office. A few NBFCs and small finance banks compound monthly, so check your deposit terms and pick the matching option in the calculator.
Which is better, RD or FD?
An FD usually earns more total interest because the whole amount is invested from day one. An RD suits you better when you want to save a fixed sum from your monthly income. Rates for the same tenure are often similar.
Is RD interest taxable and is TDS deducted?
RD interest is taxed at your slab rate. Banks deduct 10% TDS when your interest from that bank exceeds ₹50,000 in a financial year, or ₹1 lakh for senior citizens. You can submit Form 15G or 15H to avoid TDS if your income is below the taxable limit.
What happens if I miss an RD installment?
Most banks charge a small penalty for each month an installment is late. If you miss several installments in a row, the bank may close the RD early and pay reduced interest.
Can I close an RD before maturity?
Usually yes. However, banks pay a lower rate on early closure, often 0.5% to 1% below the applicable rate. Some banks also offer a loan against your RD instead.
Can I use this calculator for a Post Office RD?
Yes. A Post Office RD runs for five years with quarterly compounding. Enter the current rate notified by the government, set the tenure to 5 years and keep quarterly compounding selected.
Start Planning Your Recurring Deposit
A small monthly deposit adds up faster than you think. Use the RD calculator to compare rates and tenures, then open the account that gets you to your goal.
Calculate my RDMore savings and investment calculators
This RD calculator gives an estimate for general information. Actual maturity depends on your bank's rounding, compounding method, rate on the day you open the deposit and tax rules. Please confirm with your bank before investing.