## Recurring Deposits

A recurring deposit (RD) is a type of term deposit offered by banks and financial institutions that allows individuals to save a fixed amount of money regularly over a specific period of time. It is a popular investment option for individuals who want to accumulate savings for future goals.

## RD Calculation Formula

The formula to calculate the maturity amount of a recurring deposit is:

```    M = P * [(1 + r)^n - 1] / (1 - (1 + r)^(-1/3))
```

Where:

• M is the maturity amount
• P is the monthly deposit amount
• r is the rate of interest per quarter
• n is the number of quarters

## RD Interest Rate

The interest rate for recurring deposits varies from bank to bank and can also depend on the chosen tenure. Typically, RD interest rates are similar to fixed deposit rates, but they may be subject to change as per the bank's policies. It is always advisable to check with the bank or financial institution for the latest interest rates before opening an RD account.