Plan for Your Dreams, One Deposit at a Time

The Recurring Deposit (RD) Calculator is a helpful tool that allows you to estimate the interest earned on your Recurring Deposit at maturity. ICICI Bank provides competitive interest rates, making it easier for you to plan your savings and investments with the RD Calculator.

Using the RD Calculator is simple:

• Choose the type of deposit (Senior Citizen or Normal RD).

• Select the monthly investment amount.

• Choose the tenure of your Recurring Deposit.

• Adjust the amount and tenure to suit your preferences.

• After entering the details, you’ll see the calculated maturity amount instantly.

Interest on a Recurring Deposit is compounded quarterly. The formula used to calculate the RD interest rate is:
M = R[(1 + i)^n - 1] / (1 - (1 + i)^(-1/3))
Where:

• M = Maturity Value

• R = Monthly Instalment

• n = Number of Quarters

• i = Rate of Interest / 400
  For example, if you invest ₹5,000 per month at 8% interest for one year, the maturity amount will be ₹62,647.

• Fixed Interest Rate: The interest rate is determined at the time of opening the RD based on the tenure and investment amount.

• Taxable Interest: The interest earned on RDs is taxable, and TDS (Tax Deducted at Source) is applicable.

Both Recurring Deposits (RDs) and Fixed Deposits (FDs) are good investment options.

• FD: Suitable for those with lump sum funds available.

• RD: Ideal for those who want to save small amounts regularly.
  Choose an RD if you prefer starting small and building savings month by month.

• Tenure: The minimum RD tenure is 6 months, with an option to extend in 3-month increments.

• Monthly Instalment: Start with a minimum deposit of ₹500 per month, and increase in multiples of ₹100.