Axis Bank RD Calculator

Axis RD Calculator

Recurring deposits are investment options akin to fixed deposits that allow individuals to park a fixed portion of their income into the account each month to earn interest at the rate offered by respective financial institutions. Compared to other investment options like Mutual Funds, equity and equity derivatives, these investment options are stable and help individuals to build a saving corpus over the tenure.

Axis Bank, India’s 4th largest bank according to market capitalisation, offers attractive interest rates on the systematic recurring deposits, depending on the instalment amount and deposit tenure. Recurring Deposit is a profitable avenue for investors looking to invest a percentage of their income and avail fixed returns.

Furthermore, individuals can also avail an?Axis Bank RD calculator?to calculate their returns from the investment and make sound financial decisions regarding them.

Also Read,?Axis Bank Recurring Deposit (RD) Interest Rates

How can an Axis Bank Recurring Deposit Calculator be Beneficial?

The interest offered on Axis Bank recurring deposits is compounded quarterly and enables investors to earn higher returns on their systematic deposit amount, than what is earned from other recurring deposit accounts.

The recurring deposit accounts of Axis Banks attract interest at the rate of 7.6%. Investors can then avail an RD maturity amount calculated in accordance with the following parameters –

• Amount deposited.
• Tenure.
• Interest compounding frequency.
• TDS rate and its applicability.

By using an?Axis Bank RD calculator, investors can easily calculate their returns from the investment without hassles. Following are a few benefits of using this calculator –

• It enables individuals to determine the right tenure to realise their investment goals.
• It allows individuals to calculate their returns more accurately compared to the more cumbersome process of manual calculations.
• Axis Bank RD calculator?helps investors make better long and short term financial decisions.

Axis Recurring Deposit Calculator Formula

With the?RD calculator for Axis bank, the interest amount is compounded quarterly and is calculated by using the following formula –

M = R[(1+i)^n-1]/{1-(1+i)^(-1/3)}

Where M is the maturity amount, R denotes the monthly instalment amount, n is the number of quarters in the tenure, i is the rate of interest/400.

For example, if a person decides to invest in an RD and with Rs. 1000 per month for one year, at the interest rate of 7.6%, the total maturity value can be calculated as follows –

M = 1000 [(1+7.6/400)^(48-1)/ [1-(1+7.6/400)^(-1/3)]

M = Rs. 56,187 (approx.)

Benefits of Using Groww Recurring Deposit Calculator Axis Bank

Using the?RD calculator for Axis bank?from Groww can provide investors with several benefits, viz. –

• The calculator can be accessed 24×7 and according to the convenience of investors.
• It can help in more efficient planning.
• It can also help calculate the maturity amount receivable after TDS deduction.

Thus, with these benefits of the calculator, individuals can suitably plan their recurring deposit investment to maximise the returns from it and accumulate a substantial savings corpus from it.