SBI RD Calculator 2025
Calculating interest rates and net returns need some financial planning. This planning can be done quickly with the help of the SBI RD calculator.
You can open a recurring deposit account with State Bank of India (SBI) if you hold an account with the lender. You have to deposit a certain sum of money for a certain period of time.
Once the deposit period is over, you can withdraw the money for your future needs. Based on the deposits made, you can earn interest on it. The maximum interest rate which you can earn on your deposits is 5.70%.
However, before opening an RD account, you must calculate the maturity amount you will stand to earn based on your deposit amount. In order to calculate this, you can use an RD calculator offered by SBI. We will know more about RD Calculator SBI .
Components of the SBI RD Calculator 2025
The components of SBI RD Calculator are given below:
- Deposit amount - You will have to enter the amount you wish to deposit on a monthly basis.
- Tenure - You will have to choose a tenure during which you will deposit the amount to your RD account.
- Interest Rate - Based on your tenure, the bank will provide you with an interest rate which you will earn on the deposits made by you. Once the tenure comes to an end, the interest rate earned on your total deposit will determine the maturity amount you will earn.
How to Use the SBI RD Calculator
Given below are the steps you will have to follow while using SBI RD Calculator:
- There are various third-party websites who offer RD Calculator sbi facility to its customers. You can visit any one of these websites to use the tool.
- Enter the amount you wish to deposit on a monthly basis.
- Enter the tenure during which you will continue to make deposits.
- Enter the interest rate.
- Click on 'Calculate'.
- You will be able to view the maturity amount you are likely to earn. You can enter different deposit amount, tenure, and interest rate to determine the maturity amount you feel will be suitable for you to take care of your financial needs.
How to Calculate Interest with the SBI RD Calculator
Given below is the formula applied to determine the maturity amount you will earn:
M =R[(1+i)n - 1]/1-(1+i)(-1/3) where
- M = Maturity value
- R = Monthly deposits to be paid
- n= Tenure during which the deposit is to be made
- i= Interest Rate
Advantages of Using the SBI RD Calculator
Some of the advantages of using SBI RD calculator are given below:
- It is a convenient tool to calculate the maturity amount you will earn based on your deposit.
- RD Calculator is accurate.
- You can use the calculator anywhere, anytime.
- You can use it any number of times to calculate the maturity amount depending on the deposit amount and interest rate.
Features of SBI Recurring Deposit Scheme
The following are some of the significant features of SBI recurring deposit schemes:
- The maximum and minimum period of deposit is 120 months and 12 months, respectively
- RD account can be opened at any SBI branches
- The minimum deposit amount is Rs.100 and can be deposited in the multiples of Rs.10
- On failing to pay six consecutive installments, account will be closed prematurely, and balance will be paid to the accountholders
- Penalty will be charged on the depositors for delayed payments
- Maturity instruction should be provided by the depositors while opening the RD account with SBI
FAQs on SBI RD Calculator
- What is the maximum tenure offered if I open an SBI RD account?
The maximum tenure for which you can deposit to your SBI RD account period is 10 years.
- What is the minimum amount I can deposit?
The minimum amount you can deposit is Rs.100.
- Will I have to pay anything to use SBI RD Calculator?
No, SBI RD Calculator is free of cost. You won't be required to pay anything to use the tool.
- Is the interest rate the same for senior citizens?
No, senior citizens earn 0.5% more than the one offered to an individual by SBI.
- Is it mandatory to have a bank account with the bank to open an RD account?
Yes, you must be a primary bank holder with SBI to open an RD account.
- How are RDs taxed?
The recurring deposits are taxed if the interest earned on the deposits exceeds Rs.40,000 for regular customers and Rs.50,000 for senior citizens. The RD deposit will be subject to 10% TDS (Tax Deducted at Source) and 20% if PAN is not provided under Section 80C of the Income Tax Act.
- Does SBI provide loan against RD?
Yes, State Bank of India (SBI) offers loan against your RD deposit. You can avail yourself of a loan of 90% pf the RD deposit amount and the RD account can be used as collateral for loan. The loan will have to be repaid at an interest rate more than that of the RD interest rate.
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