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.

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

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.

All Banking Solutions RD Calculator
Allahabad Bank RD Calculator
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ICICI iwish calculator
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Tamilnad Mercantile Bank RD Calculator
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TMB RD Calculator
UBI RD Calculator
UCO Bank RD Calculator
Ujjivan Small Finance Bank RD Calculator
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