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The IOB RD calculator is an online tool that helps individuals estimate the maturity value and interest income of their recurring deposits (RD) with the Indian Overseas Bank (IOB).
The online IOB RD calculator calculates the amount based on factors such as the invested amount, interest rate, and deposit duration. The Angel One IOB RD calculator is free to use and provides instant calculations, making it convenient for individuals planning their savings with IOB. The calculator can also aid in making informed decisions by helping users compare different deposit periods and interest rates.
An RD calculator simplifies the process of calculating returns on your RD investment. To use it, you need to input relevant details about your RD, and the calculator will compute the maturity amount and interest income instantly.
The Angel One IOB RD calculator works by applying the appropriate interest rate to your deposit and considering the tenure of the investment to determine the final maturity amount. Here’s how to use the calculator to calculate your returns.
The online IOB RD calculator will display the maturity value, total investment amount, and total interest income.
You can use the formula given below to calculate the maturity value of your recurring deposit:
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
Here’s how you can use the Angel One online IOB RD calculator:
Once you have entered the above information, the IOB RD calculator formula will be applied, and the calculator will display the maturity value of the RD. It will also display the total amount you have invested and estimated returns.
Here’s an example to have a clear understanding of the same.
Suppose you invest Rs. 5,000 per month for 3 years and the applicable rate of interest is 7%. Upon entering these values, the Angel One online IOB RD calculator will display the maturity value of your recurring deposit. In this case, it will be Rs. 2,00,686.
The IOB RD calculator will also display the total amount you have invested, i.e., Rs. 1,80,000. The estimated returns will amount to Rs. 20,686.
Here are the key advantages of using the online IOB RD calculator:
The IOB RD calculator is an online tool that you can use to calculate the maturity amount and interest of your recurring deposit (RD) account with Indian Overseas Bank.
You can visit the Angel One website to use the online IOB RD calculator. Enter the required details, including the deposit amount, tenure, and interest rate. The calculator will instantly provide the maturity amount and interest earned on your RD account
Yes, the online IOB RD calculator is free to use. You can access it on the Angel One website without any charges.
The minimum amount required to start an RD varies from bank to bank. The minimum requirement IOB sets is Rs. 50.
The choice between a fixed deposit and a recurring deposit depends on your financial goals and requirements. FDs are suitable for individuals who wish to invest a lump sum amount, while RDs are ideal for those who want to save a fixed amount regularly over a specific period. FDs generally offer higher interest rates, but RDs provide the advantage of regular savings. Consider your investment horizon, liquidity needs, and expected return before deciding which option is better for you.
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