Yes Bank RD Calculator

Yes bank is one of the renowned financial institutions in the market space that offers a variety of services and products specially designed keeping their customers in mind. Generally, 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.

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Yes Bank 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

Recurring Deposits and Fixed Deposits work on a very similar terminology. Even though both are beneficial in their way, Recurring Deposits are considered to be better for 2 primary reasons:

  • They do not have a fixed withdrawal period just like the Fixed Deposits.

  • Investments can be made as low as Rs. 10 monthly.

What is a Recurring Deposit?

Recurring means occurring on a regular basis. Recurring Deposits are the kind of deposits in which regular monthly installments are made for a fixed tenure. It is a risk-free investment option available for every individual in India. Some financial institutions offer the RD account facility to their NRI (Non-Resident Indians) customers as well.

Recurring Deposits interest rate varies from one institution to another. The current interest rate of the Yes Bank RD account ranges from 5.00% to 7.00%. Also, the minimum tenure for RD Deposit is 6 months whereas the maximum can be up to 10 years. RD Calculators are used in calculating the maturity amount by banks because the manual calculation of RD interest rates is a little difficult.

Yes Bank RD Calculator

Yes Bank RD Calculator helps in the computation of the maturity amount just by entering a few basic details of the RD account and the account holder. RD Calculator is hands-down easy to use and hassle-free when compared to manual calculations as it reflects the accurate amount with almost no chance of error.

As the RD interest rate remains constant throughout the tenure, calculation of RD maturity amount becomes less complicated compared to other investment instruments.

How to Use the Yes Bank RD Calculator?

Yes Bank RD Calculator is an easy to use tool with no complications involved. All investors need to follow these simple steps to compute the maturity value of the RD account:

  • Put in the monthly invested amount in the Recurring Deposit account

  • The tenure selected to make investment

  • The rate of interest provided by the bank as per the tenure selected

  • The maturity amount will be calculated in a fraction of seconds

Benefits of Yes Bank RD Calculator

The main advantages of using a Yes Bank RD Calculator is:

  • When compared to manual calculation, energy and time are saved

  • An easy to handle tool with very less complications

  • 100% accuracy with no chances of error

  • Can compare the rate of interest of 2 or more banks easily that will help in making a better decision

  • Returns are calculated precisely that helps in planning the future

Recurring Deposit Interest Formula

Sometimes, investors do not trust the online calculator and wish to compute the maturity value of the Recurring Deposits they make to the bank. Even though manual calculations are tricky and have a scope of error, still the following formula can be used to compute the maturity value of the deposits made.

M =R X [(1 + i) X (n – 1)] / 1 - (1 + i) (-1 / 3)

Here,

R = Monthly deposited amount

n = The tenure

i = Rate of Interest divided by 4 

M = Maturity value

For Illustration:

Rs. 1,000 have been deposited monthly by Mr. Singh in his Yes Bank Recurring Deposit account for a period of 10 years. Assuming the Rate of Interest to be 10%, the maturity amount receivable at the end of the tenure will be: 

M =R X [(1 + i) X n – 1] / 1 - (1 + i) (-1 / 3)

Maturity amount = 1,000 X [(1 + 10) X 40 – 1] / 1 – (1 + 10) (-1 / 3)

Maturity amount = Rs. 2,06,552

Yes Bank RD Interest Rates

Tenure

General Interest rates (p.a.)

6 months

5.00%

9 months

5.25%

12 months

6.00%

15 months

6.00%

18 months

6.00%

21 months

6.00%

24 months

6.00%

27 months

6.00%

30 months

6.00%

33 months

6.00%

3 years to 10 years

6.25%

Eligibility Criteria for a Yes Bank RD Account

  • Individuals

  • Indian residents

  • Hindu Undivided Family (HUF)

It is important to note that the above-mentioned categories are eligible only if they have active savings account with Yes Bank.

Document Required to Open Yes Bank RD Account

  • The Yes Bank Recurring Deposit account application form

  • PAN Card copies

  • KYC Documentation

  • Passport size photographs

  • Identification proof

  • Address proof

  • Other relevant documents

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