Do you save money on a regular basis? If you do, a Recurring Deposit (RD) account can be ideal. A Recurring Deposit is a great way to save regularly while earning interest. With StockGro's BOI RD Calculator, you can easily calculate your returns and determine how much you'll earn at the end of the term. It makes the process quick and straightforward, so you can plan your savings better. So, let’s see how the BOI RD Calculator helps simplify your savings journey.
The BOI RD Calculator is an online tool designed to help you calculate the returns on your Bank of India Recurring Deposit.
With this tool, you can easily know the total maturity amount and interest earned on the deposits after a specific period based on the amount, interest rate and tenure you invest.
This tool saves you from the hassle of manual calculations and gives instant, accurate results. With just a few inputs, you can plan your savings and investment goals more effectively.
The Bank of India (BOI) RD Calculator helps you calculate the maturity amount for your Recurring Deposit (RD). You provide details like the monthly deposit amount, interest rate, and deposit tenure. The calculator uses the formula:
M = R × [(1 + i)ⁿ - 1] / i × (1 + i)
Where:
It calculates the compound interest applied on your deposits, ensuring accurate results.
Example: Invest ₹5,000 per month for 3 years (36 months) at an annual interest rate of 6%. Your total investment of ₹1,80,000 (₹5,000 × 36 months) would grow to approximately ₹2,05,232, earning you around ₹25,232 in interest.
Monthly Deposit (₹) | Tenure (Years) | Annual Interest Rate (%) | Maturity Amount (₹) |
---|---|---|---|
5,000 | 3 | 6 | 2,05,232 |
This table illustrates that investing ₹5,000 per month for 3 years at an annual interest rate of 6% will yield a maturity amount of approximately ₹2,05,232.
The BOI RD Calculator simplifies this computation, allowing you to quickly assess the potential growth of your recurring deposit investments.
The BOI RD Calculator helps you easily calculate the returns on your recurring deposit. It saves you time and effort, providing accurate results within seconds. Simply enter your monthly investment, interest rate, and tenure, and the calculator will show the maturity amount you can expect. This tool makes planning your savings much simpler, ensuring you know exactly how much you’ll earn.