Recurring Deposits (RDs) are popular in India for saving money. They encourage regular savings and offer a fixed return. IDFC First Bank has a competitive RD scheme for its customers. To help them, we have introduced an IDFC RD calculator for 2024. This calculator helps customers estimate the maturity amount of their RDs.
If you are a part of IDFC’s Recurring Deposit Scheme and willing to know the Maturity amount i.e. the amount you get on return after maturity, this calculator is surely going to help. The Idea here is very simple. You simply provide the Monthly amount that you goes to your RD account and select the Customer type. Then you need to select the time period for which you wan to see the maturity amount.
IDFC RD Calculator
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What is a Recurring Deposit (RD)?
A recurring deposit is when you put a fixed amount of money into your RD account each month to earn interest. Putting your money in RD is a disciplined money saving approach and is considered risk-free.
How IDFC RD Calculator Helps?
The IDFC Bank RD Calculator is a simple and efficient online tool that helps you calculate the maturity amount of your RD based on the monthly installment, duration, and the interest rate offered by IDFC Bank. It helps you plan and manage your finances better by showing you the expected returns clearly.
How to Use the IDFC Bank Recurring Deposit Calculator 2024?
Using the IDFC Bank RD Calculator is quite simple, just follow these steps:
1. Enter the amount you plan to deposit each month into your RD account. 2. Select the number of months or years for which you intend to keep the RD. 3. Select the user type. You need to choose from General & Senior Citizen. 4. Hit the Calculate Button 5. The calculator will provide you with the maturity value, including the total investment and the interest earned.
Benefits of IDFC Bank RD Schemes
Choose from a variety of tenures to fit your financial goals with IDFC Bank’s attractive RDs. You can easily open an RD account online and manage it from home. Plus, you can get a loan against your RD and nominate beneficiaries for your account.
Things to Consider
Interest rates for RDs can change, so it’s important to monitor the current rates set by the bank.
The interest earned on RDs is taxable under the Income Tax Act, and TDS may be applicable as per the current tax laws.
Withdrawing the RD amount before maturity may attract a penalty, reducing the overall returns.
IDFC First Bank Current RD Interest Rates
Periods (in months)
General Rates (w.e.f. Sep 13, 2024)
Senior Citizen Rates (w.e.f. Sep 13, 2024)
6 months
4.50%
5.00%
9 months
5.75%
6.25%
12 months
6.50%
7.00%
15 months
6.50%
7.00%
18 months
6.50%
7.00%
21 months
6.00%
6.50%
24 months
6.00%
6.50%
27 months
6.00%
6.50%
36 months
6.00%
6.50%
39 months
6.00%
6.50%
48 months
6.00%
6.50%
60 months
6.00%
6.50%
If you are using our IDFC Bank RD Calculator, you need not to worry about the changes in the interest rates because as soon as interest rates are revised, we update the calculator. This way, you always get the most accurate information.
The IDFC Bank RD Calculator 2024 is an essential tool for anyone looking to invest in a Recurring Deposit with IDFC Bank. It helps you make informed decisions by providing clarity on the returns you can expect from your investment. By utilizing this calculator, you can tailor your savings plans to meet your financial objectives with greater precision.
If you are interested to Know RD Returns from Other Banks, Click Here
