The recurring deposit calculator is used to calculate the interest earned on saving in and RD account. It is an online tool to calculate the RD accounts. This facility is given by the banks to its customers so that they can be well acquainted with their earned interest. To calculate RD, we have to log in to a particular website of any bank. This is a convenience as well as the facility given by the banks to its customers for a better understanding of this thing. RD calculator helps you to find out the maturity value in minutes.
There shouldn’t be any confusion between FD and RD. They both have their terms and conditions. Some of them are here:
- Recurring deposits
Banks offer a special kind of term deposit to those whose income is regular. They have to deposit a fixed amount in the recurring deposit account and can earn interest at the rate applicable to the fixed deposits. This is very much similar to the fixed deposit, where you can deposit the amount in fixed installments. By following some instructions by the banks to the customers, one can start depositing money in the recurring deposit account to earn interest.
- Fixed deposits
Fixed deposits are the financial tools given to the customers by the recognized banks. The fixed deposit accounts help the depositors to enjoy a large amount of interest than the normal savings account. In a fixed deposit, money can’t be withdrawn as compared to the recurring deposits before maturity. There are benefits of fixed deposits as banks give to their customers like the process of taking a loan becomes easier.
Why recurring deposits?
The recurring deposit provides its customers to deposit the amount of their choice every month and save money accordingly. Recurring deposit accounts are offered by many banks. The tenure range can be of 6 months to 10 years. It is also very much comfortable for senior citizens as they can avail of their money at any point in time. The interest rates for senior citizens are higher than any other regular accounts.
The recurring deposit calculator is a better option for those customers of the banks who are deciding to invest in the bank or they have already invested in the recurring deposit account. The recurring deposit calculator will immediately calculate the interesting pattern and facilitate the customers with the current details of their bank accounts.