Understanding Recurring Deposit (RD) Returns on Mullayil.com
A Recurring Deposit (RD) is a systematic savings instrument that allows you to invest a fixed sum every month over a chosen tenure while earning compounded interest. Most commercial banks compound RD interest on a quarterly basis.
Standard Banking Formula
For quarterly compounding, the formula applied to each monthly installment is:
M = P x [(1 + r/4)^(4 x t) - 1]
- P: Monthly installment amount
- r: Annual interest rate (decimal)
- t: Time remaining for each specific installment in years
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