Rd Calculator Hdfc Rate Of Interest

RD Maturity Formula:

\[ Maturity = P \times \frac{(1 + \frac{r}{4})^{4 \times t} - 1}{\frac{r}{4}} \times (1 + \frac{r}{4}) \]

Maturity Amount:

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1. What is RD Calculator HDFC?

The RD Calculator HDFC helps you calculate the maturity amount of your Recurring Deposit with HDFC Bank. It uses the compound interest formula to estimate your returns based on monthly deposits, interest rate, and time period.

2. How Does the Calculator Work?

The calculator uses the RD maturity formula:

\[ Maturity = P \times \frac{(1 + \frac{r}{4})^{4 \times t} - 1}{\frac{r}{4}} \times (1 + \frac{r}{4}) \]

Where:

\( P \) — Monthly deposit amount (INR)
\( r \) — Annual interest rate (in decimal form)
\( t \) — Time period in years

Explanation: The formula calculates the maturity amount for quarterly compounded recurring deposits, accounting for regular monthly contributions and compound interest.

3. Importance of RD Calculation

Details: Accurate RD calculation helps in financial planning, understanding potential returns, and making informed investment decisions with HDFC Bank's recurring deposit scheme.

4. Using the Calculator

Tips: Enter monthly deposit amount in INR, annual interest rate in percentage, and time period in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum deposit for HDFC RD?
A: HDFC Bank typically requires a minimum monthly deposit of ₹100 for recurring deposits.

Q2: How is interest calculated on HDFC RD?
A: HDFC calculates RD interest quarterly using compound interest formula on the deposited amount.

Q3: What are the current HDFC RD interest rates?
A: HDFC RD interest rates vary based on tenure and are subject to change. Please check HDFC's official website for current rates.

Q4: Can I withdraw my RD prematurely?
A: Yes, but premature withdrawal may attract penalties and the interest rate may be revised as per HDFC's terms.

Q5: Is TDS applicable on RD interest?
A: Yes, TDS is applicable on RD interest if the total interest income exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.