How to use Shivalik Small Finance Bank Recurring Deposit Calculator?
Well, the process is straight forward, enter principal amount, type interest rate and enter tenure. The calculator swiftly reveals your total savings and accrued interest, accompanied by a graphical representation for enhanced comprehension.
How to calculate Interest on Shivalik Bank RD?
The Recurring Deposit interest follows a compound formula:
M = R [(1 + i)^n - 1] / (1 - (1 + i)^(-1/3))
Where:
- R is the monthly RD instalment
- n is the number of quarters (tenure)
- i is the rate of interest divided by 400
This formula unravels the mystery of RD interest calculation, with M representing the maturity value of the RD.
Adopting this style, you can effortlessly create a comprehensive post that guides readers through the intricacies of using the Shivalik Bank RD Calculator and demystifies the formulas behind RD maturity amount and interest calculations.
What is the Minimum Monthly Installment?
Minimum initial booking amount is 1000 INR.
Does Shivalik Bank deduct tax on Interest Amount?
If the total interest earned in the financial year on all deposits exceeds Rs 40,000 then 10% TDS will be deducted. For senior citizens the amount will be Rs. 50,000.