SBI RD Calculator

Indian banks offer 2 kinds of savings account options that are beneficial in the long run and are completely safe. These are the Fixed Deposit and the Recurring Deposit accounts. Even though both are beneficial in their way, Recurring Deposits are considered to be better as they do not have a fixed withdrawal period just like the Fixed Deposits.

Read more
Best Investment Plans
  • Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • ₹ 1 Crore

    Invest 10k Per Month*
  • Zero LTCG Tax

    Unlike 10% in Mutual Funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Grow Your Wealth !

Best Plans With High Returns Available On One Platform

+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
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

State Bank of India provides an option to its account holders (new or existing both) to open a Recurring Deposit account and save regularly by depositing a fixed monthly amount for a pre-decided period of time.

What is a Recurring Deposit?

One of the reliable sources of investment, a Recurring deposit is also an investment instrument just like a Fixed deposit that helps an investor save money on a regular monthly basis. RDs are considered to bring disciple in an investor’s life as it inculcates a regular investment habit in them. State Bank of India just like other banks in our country provides RD account just like FD account. Both Recurring Deposits and Fixed Deposits mostly work on similar terminology. The main difference is that lump sum deposits are made under Fixed Deposits whereas Fixed monthly deposits are made under Recurring Deposits. 

Recurring Deposits offers an attractive interest rate that varies from one bank to another just like Fixed Deposits. The current SBI RD rates for General Citizens vary from 5.00% to 5.40%. The calculation of RDs is complex and hence RD Calculators are used by banks to calculate the amount to be received at the time of maturity.

SBI RD Calculator

The literal meaning of recurring is continuous. SBI Recurring deposits means continuous deposits that are made to the SBI bank RD account for a defined period of time to save your hard-earned money. The interest rate remains constant throughout the tenure of the RD, making RD Calculation a little less complicated.

SBI RD Calculator helps in the computation of returns in a hassle-free manner within a few seconds. It is quite easy when compared to manual RD Calculation as all you have to do is put in some details related to your SBI RD on the calculator, and it reflects the amount it will accrue after maturity.

Basic SBI RD Details

Tenure

Recurring Deposit Rates for General Citizens

Recurring Deposit Rates for Senior Citizen

1 year to 1 year 364 days

5.00%

5.50%

2 years to 2 years 364 days

5.10%

5.60%

3 years to 4 years 364 days

5.30%

5.80%

5 years to 10 years

5.40%

6.20%

How to Use Online SBI RD Calculator?

The investor has to follow this simple procedure to calculate SBI RD returns online through RD Calculator:

  • Visit the official website of the State Bank of India

  • Enter your valid credentials (User ID and Password)

  • Open the RD Calculator tab

  • Enter the amount deposited every month

  • Fill in the tenure of your RD investment

  • The current SBI RD rate will be auto-filled

  • In the case of using a third party website, the investor has to fill the interest rate offered by their bank

  • Click on the “RD Calculate” button

  • Your RD amount will be displayed immediately

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

Recurring Deposit Interest Formula

SBI Recurring Deposit can be calculated both with the help of SBI RD Calculator and RD Formula. Even though usage of a calculator is more efficient and hassle-free, an investor can also compute the maturity value manually with the help of the SBI RD calculation formula mentioned below:

Maturity value = R [1 + N – 1] – (1 + i) – 13

Here,

R = The Rate of Interest

N = Total number of quarters in the tenure

i = The monthly installments

Illustration:

Mr. X deposits an amount of Rs. 2,000 every month in his SBI RD account for 2 years. Assuming the current rate of interest to be 7%, the maturity amount of the SBI RD accounts will be:

Maturity value = 7 [1 + 50 – 1] – (1 + 5) – 13

Maturity value = Rs. 51,640

Eligibility Criteria for an SBI RD Account

  • An Indian resident

  • A member of HUF (Hindu Undivided Family)

  • NRIs provided they have an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account

  • A minor below 10 years by their parents or legal guardians

Documents Required to Open an SBI RD Account

Following documents are necessary for an RD account to be functional along with any other documents asked by the post office of India:

  • Identification Proof, like:

    • Aadhaar card

    • PAN card

    • Government ID card

    • Senior citizen ID card

  • Application form

  • Passport size photographs

  • Address proof, like:

    • Passport

    • SBI bank account statement

    • Electricity bill

  • KYC documents

Investment plans articles

Recent Articles
Popular Articles
NSC Premature Withdrawal

21 Jun 2022

National Savings Certificate, popularly known as NSC, is a...
Read more
Invest 40 Lakhs for Monthly Income

15 Jun 2022

With Rs. 40 lakhs to invest, you have a lot of options to create...
Read more
Investment Plans for 10 Lakhs

14 Jun 2022

Investing a huge sum of Rs. 10 Lakhs calls for some caution on...
Read more
Kisan Vikas Patra (KVP) Premature Withdrawal

14 Jun 2022

The Indian Post Offices issue Kisan Vikas Patra or KVP to...
Read more
Best Investment Option For Middle Class

02 Jun 2022

In his seminal book Security Analysis, Benjamin Graham, the...
Read more
Best LIC Policies For Investment in 2022
When it comes to purchasing a life insurance plan, 'LIC policies' are the most popular choice for customers. LIC...
Read more
Post Office Monthly Income Scheme - MIS Interest Rate 2022
Are you looking for an investment avenue that is safe and secure, earns substantial returns with a short locking...
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily...
Read more
Best NRE Savings Accounts for NRIs in 2022
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in...
Read more
SBI Life Insurance Plans in India
SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides...
Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL