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What is the Bank of India RD Calculator?
Recurring Deposits (RD) allow you to save a predetermined amount monthly to help build a substantial savings corpus. Similar to FDs, the returns on your RD are determined by interest rate, tenure, and investment amount. Most investors wish to know how much their investment would yield before committing a regular amount. An RD calculator comes in handy for this. If you have opened an RD account with the Bank of India, you can use Angel One’s BOI RD calculator to estimate your returns.
The online BOI RD calculator allows you to enter certain details, such as the monthly deposit amount, interest rate, and tenure, to automatically compute your maturity and interest amounts. You can enter various combinations of parameters to decide what best suits your financial goals.
How Does an BOI RD Calculator Work?
The Angel One BOI RD calculator makes it easy to determine your RD returns. It uses a standard formula that involves variables such as the principal, interest rate, and tenure. By inputting the necessary details, the calculator computes near-accurate maturity amounts and interest earned while saving you time and effort.
The calculator is also free to use and can be accessed anytime, anywhere.
What Is the BOI RD Calculator Formula?
- Use the formula below to calculate your RD’s maturity value. The BOI RD calculator formula is also the same:
- M = R [(1+i) ^ n-1]/(1- (1+i) ^ (-1/3) )
- Where,
- M is the maturity value,
- R is the monthly deposit amount,
- i is the rate of interest/400
- n is the number of quarters
How to use the Bank of India RD Calculator Online?
Angel One’s BOI RD calculator is user-friendly and simple to use. You just need to enter certain parameters, and your estimated returns shall be displayed in a moment. Here’s how you use the Angel One online BOI RD calculator –
- Enter the monthly deposit amount you want to invest in the RD
- Slide to input the applicable interest rate on the slider
- Enter the tenure (in years)
The Angel One online BOI RD calculator will instantly display the estimated maturity value and the total interest you will earn on the recurring deposit.
Here’s an example for a clear understanding.
Suppose you opened a regular RD account with BOI. You want to invest Rs. 7,000 monthly for 3 years. Assume that the applicable rate of interest is 7% per annum.
Then, the Angel One online BOI RD calculator shall display the total value of your recurring deposit upon maturity as Rs. 2,80,961. The estimated returns shall amount to Rs. 28,961.
Benefits Of Using an BOI RD Calculator
Below are the benefits of using an online BOI RD calculator –
- Convenience and accessibility: The online BOI RD calculator can be used anytime, anywhere, without requiring you to visit a branch or contact customer service. This convenience saves you time and effort.
- Accurate and instant results: With the online BOI RD calculator, you can obtain accurate results instantly. Also, the online BOI RD calculator helps eliminate human biases and errors caused due to manual calculations.
- Financial planning: An online BOI RD calculator allows you to experiment with different investment amounts, tenures, and interest rates to determine the best combination that aligns with your financial goals. This enables you to assess the potential returns and adjust your investment strategy accordingly, whether you are saving for a specific milestone, like a down payment or a future expense.
- Comparison and evaluation: The online BOI RD calculator facilitates easy comparison and evaluation by providing a clear picture of the returns you can expect from your RD. By evaluating the outcomes of various scenarios, you can make an informed decision about the investment that suits your financial objectives.
FAQs
What is the BOI RD calculator?
The Angel One BOI RD calculator is a simple tool that helps you calculate the maturity amount and interest earned on your RD.
How to use the online BOI RD calculator?
You can access the BOI RD calculator from the Angel One Website. All you need to do is enter the required variables, such as investment amount, interest rate and tenure, and in seconds, your returns shall be displayed.
Is the BOI RD calculator free to use?
Yes, the online BOI RD calculator is free to use. You can access it on the Angel One website without any charges.
How do you calculate the RD maturity amount?
You can use the formula: Maturity Amount = M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) ), where P is the monthly deposit amount, i is the rate of interest per annum divided by 400, n is the number of quarters, and t is the tenure or the number of years. It is easier to calculate using the RD calculator on the Angel One website than to do so manually.
Which is better, FD or RD?
When deciding between Fixed Deposits (FD) and Recurring Deposits (RD), it's important to consider the differences in their interest rates and investment methods. RDs typically are more flexible and allow for premature withdrawals in certain cases. Also, you can start an RD with a nominal amount.
