Tell me how to calculate recurring deposit interest?
See, you don’t have to be a math expert to calculate your RD interest. Don’t think it is that complex at first. Use the evergreen formula or an online calculator. Based on my experience, a digital tool will work the best for you in this case.
You will only need to enter the necessary details accurately and with relaxation.
- Monthly investment
- Rate of interest (per annum)
- Tenure
For better understanding, let me show the calculation with an example.
Suppose you want to invest ₹2,000 every month with an annual interest rate of 6.5% for 24 months. Put these values on the calculator and let the calculator show the total interest amount you will earn from this investment. It will be ₹3,370, which means you will receive 51,370 by investing ₹48,000 for 2 years.
So, use this tool, calculate the RD interest within the blink of your eye and avoid human error.