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

Monthly Investment

₹500 ₹1L
Enter Monthly Investment

Rate of Interest (Yearly)

1% 10%
Rate of Interest (Yearly)

Time Period

1 Year 10 Years
Enter Time Period
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:

  • Amount of your monthly deposits

  • Tenure of the deposit

  • 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:

  • SBI RD Calculator provides accurate calculations

  • Helps you to plan your savings and investments better

  • Enables them to set a realistic investment goal and understand how much they need to save each month to achieve it

  • Allows you to compare the maturity value of different RD schemes offered by the bank

  • A quick and easy tool that saves your time in calculating the maturity value of your investment manually

  • 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

  • Monthly recurring deposit amount

  • Tenure of your SBI RD investment

  • Valid SBI RD interest rates

Step 3: The SBI Recurring Deposit Calculator will display the following details immediately:

  • Total investment during the tenure

  • Interest earned on SBI RD interest rates

  • 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:

The SBI RD Calculator works based on the following formula
P [(1 + RN-1)-(N*t) – 1]
Terms used in SBI RD Calculator
P
Monthly Deposit Amount
R
Rate of Interest
N
Total number of quarters in the tenure
t
Tenure of the RD in years

Illustration:

  • If you deposit Rs. 2,000 monthly in SBI RD

  • For a period of 2 years

  • At an SBI RD interest rate of 7% p.a.

  • 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:

  • Save time and energy

  • Easy to use

  • Gives accurate results

  • Offers instant comparisons between 2 or more bank RD interest rates

  • 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. 

The SBI RD Calculator is a user-friendly, time-saving, and reliable tool that assists customers in managing their finances effectively.

FAQ's

  • 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. 
    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:
    Tenure RD Interest Rate 
    (% p.a.)
    RD Interest Rates for Senior Citizens 
    (% 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.
    *Including additional 0.50% special FD interest rates u/ “SBI We-Care” FD Scheme.
  • 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% 
    Punjab National Bank (PNB) 5.10% 
    Post Office RD 6.20% 
    ICICI Bank 7.10% 
    HDFC Bank 7.00% 
    Axis Bank 7.20% 
  • 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.

Past 5 Year annualised returns as on 01-07-2024

^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 lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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