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Work out the maturity value of a monthly recurring deposit.
Enter your monthly deposit, rate and tenure.
M = sum over k of P x (1 + r/4)^(4 x t_k)
Each monthly instalment earns quarterly compounded interest for the time it stays invested, so earlier instalments grow the most. The calculator adds up every instalment individually.
Depositing 5,000 a month for 3 years at 6.5%.
You deposit 1,80,000 and receive about 1,98,800 at maturity, roughly 18,800 in interest.
A fixed deposit takes one lump sum. A recurring deposit takes a fixed amount every month, so later instalments earn interest for less time.
Banks usually charge a small penalty and the maturity value falls. Recalculate using the number of instalments you actually expect to pay.
Yes, most Indian banks compound recurring deposit interest quarterly, which is what this calculator uses.
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