IOB RD Calculator

The Indian Overseas Bank (IOB) RD Calculator helps you estimate the maturity amount and interest earned on your Recurring Deposit (RD). By entering basic inputs like monthly deposit, tenure, and applicable interest rate, you can get a clear idea of how much your investment will grow by the end of the RD term.

How the IOB RD Calculator Works

An RD is a fixed monthly savings plan that earns compound interest. The IOB RD Calculator uses the standard compound interest formula for recurring deposits:

Maturity Amount Formula

M = P × [(1 + r/n)^nt – 1] ÷ [1 – (1 + r/n)^–1/3]

• P: Monthly deposit amount
• r: Annual interest rate (in decimal)
• n: Compounding frequency (quarterly for IOB = 4)
• t: Tenure in years

Interest in IOB RDs is compounded quarterly, as per standard Indian banking norms.

Inputs Required

• Monthly Deposit Amount: The fixed amount you plan to deposit every month
• Tenure: Duration of the RD, ranging from 6 months to 10 years
• Interest Rate: Current IOB RD interest rate, which varies based on the deposit period and age (senior citizens get a higher rate)

As of Q1 FY 2024–25, IOB offers RD interest rates between 6.00% to 7.25% p.a., depending on the tenure and customer type.

Benefits of Using the IOB RD Calculator

• Instant results: View maturity value and total interest in seconds
• Accuracy: Based on actual bank compounding frequency
• Planning tool: Helps you plan savings for short- or long-term goals
• No login needed: Free and accessible anytime

Example Calculation

If you invest ₹5,000 per month for 3 years at an interest rate of 7.00% p.a.:

• Maturity Amount: ≈ ₹1,96,850
• Total Interest Earned: ≈ ₹16,850

Note: These values are approximate and may vary slightly based on exact compounding dates.

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.