A recurring deposit is a savings scheme that requires the investor to make regular deposits. These deposits attract a fixed interest rate that supports wealth multiplication. This scheme is offered by and leading banks in India. The tenure for this scheme ranges between 6 months to 10 years. For such individuals, savings schemes such as recurring deposits and fixed deposits are the go-to options. If you are someone who has been planning to invest in these savings schemes, make sure you use an and a recurring deposit calculator.
These online tools
Today, we will be discussing the basic differences as well as similarities between an FD interest calculator and a Recurring deposit calculator. But before executive email list we talk about that, let us take a moment to discuss recurring deposits and fixed deposits. Differences Between Recurring Deposits and Fixed Deposits Even though the objective of both savings schemes remains the same – multiplying wealth to help individuals save up for a secure financial future; they differ chiefly on the payment frequencies.
Differences Between Interest Calculator
Know Similarities and Differences While a fixed deposit invites a lump-sum deposit, a recurring deposit invites regular/ monthly deposits. The interest rates differ CRYP Email List and vary according to the bank. There is no risk of default in FD as the deposit is one-time. RD, however, carries a risk of default. A fixed deposit also comes with an auto-renewal feature, whereas a recurring deposit does not.
A fixed deposit provides an individual with the flexibility to choose their investment amount and investment tenure according to their financial preferences and objectives. The tenure for fixed deposit ranges between 7 days to 10 years. It is offered by numerous banks and financial institutions. Consequently, the interest rate provided by them differs from one another. You may use an FD interest calculator to get an estimate of the maturity amount.
