Navi Calculator RBL Bank FD Calculator 2023
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The FD interest and maturity amount can be calculated through the compound or simple interest methods. The interest earned and the maturity amount will vary with the frequency of interest payout, which can be annual, semi-annual, quarterly, or monthly, depending on the bank’s policy. Some banks also offer specific FD schemes to cater to the duration of payouts the depositors may desire.
Here is the formula to calculate interest on FD through a simple interest method:
Simple Interest = (P * R * T)/100
Here, P = Principal amount, R = Rate of interest (%) and T = Tenure of deposit
Now, let’s take a simple example to understand how this formula works.
Suppose you deposit Rs. 2 lakh in RBL Bank Fixed Deposit for 10 years at an annual Interest rate of 6%. The interest is calculated on a yearly basis. Here, P = Rs. 2 lakh, R = 10% and T = 6 years.
Simple Interest = (2,00,000 *10 * 6) /100 = ₹1,20,000
Maturity Amount = Principal Amount + Simple Interest = ₹2,00,000 + ₹1,20,000
Hence, the value of FD maturity would be ₹3,20,000.
Let’s now look at compound interest calculation. Here is the formula to calculate RBL Bank FD Interest and maturity through the compound interest method:
A = P (1+r/n) ^ (n * t)
Here, A = Maturity Amount, P = Principal amount, r = Interest Rate, t = Tenure, and n = Number of times compounding in a year
Now, taking the same example as above, suppose you deposit Rs.2 lakh in RBL Bank Fixed Deposit for a tenure of 10 years at an annual Interest rate of 6%. The interest is calculated on a semi-yearly basis.
Here, P = ₹2 lakh, R = 6% and T = 10 years, n= 2 (compounding is done semi-annually).
A = 2,00,000 (1+0.06/2) ^ (2*10)
Maturity Amount = ₹3,61,222
Compound Interest = ₹3,61,222 – ₹2,00,000 = ₹1,61,222
There are several benefits of using the RBL Fixed Deposit calculator. Let us know some of them:
Manual calculations can be complex and time-consuming. As an alternative, you can use the RBL Bank Fixed Deposit calculator to get quick and accurate results.
RBI Bank FD calculator is completely free and can be used multiple times. The user-friendly interface elevates the overall functionality of the calculator.
RBL Bank Fixed Deposit calculator is designed to provide accurate results in a fraction of a second. Just select the values and the calculator will estimate the interest earned and maturity amount in no time.
RBL Bank FD calculator allows you to assess the suitability of a fixed deposit to your financial portfolio. You can use the calculator to better plan your finances and experiment with various deposit amounts and tenure to check the impact on your FD maturity amount.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
RBL Bank recurring deposit interest rate ranges from 3.50% to 8.55% (which includes the super senior citizen scheme). The interest rate varies on the tenure selected by you. Some of the highlights on RBL Bank FD interest rate are stated as follows:
You can calculate RBL Bank Fixed Deposit interest and maturity value in two methods –
The formula to calculate RBL Bank FD interest and maturity value via simple interest method is:
Simple Interest = (P * R * T)/100
Where, P = Principal amount, R = Rate of interest (%) and T = Tenure
Now, let’s understand this with an example. Let’s say you have invested Rs.1 lakh for a tenure of 10 years at a 7% p.a. interest rate. In this case, P = Rs.1 lakh, R = 7%, and T = 10 years.
Simple Interest = (1,00,000 * 7 * 10) /100 = ₹70,000
Maturity Amount = Principal Amount + Simple Interest = Rs.1,00,000 + Rs.70,000
So, at the time of your FD maturity, you will get ₹1,70,000
The other method to calculate RBL Bank FD interest and maturity value is via the compound interest method. The formula is:
A = P (1+r/n) ^ (n * t)
Where A = Maturity Amount, P = Principal amount invested, r = Rate of Interest, n = Number of compounding in a year and t = Tenure
A = P (1+r/n) ^ (n * t)
Here, A = Maturity Amount,
P = Principal amount
r = Interest Rate
t = Tenure, and
n = Number of times compounding in a year
Now, suppose you deposit Rs. 2 lakh in RBL Bank Fixed Deposit for a tenure of 10 years at an annual Interest rate of 5%. The interest is calculated on a semi-yearly basis.
Where, P = Rs. 2 lakh, R = 5% and T = 10 years, n= 2 (compounding is done semi-annually).
A = 2,00,000 (1+0.05/2) ^ (2*10)
Maturity Amount = ₹3,27,723
Compound Interest = ₹3,27,723 – ₹2,00,000 = ₹1,27,723