RD Calculator 2020 And Benefits
A regular deposit abbreviated as Rd is a special type of deposit offered by banks where people with regular incomes deposit a fixed amount of money into their recurring deposit account and earn interest rates as per the agreements. An Rd calculator will help you calculate the rate and maturity value of your recurring value. One of the best features of regular deposits is that you do not need a lamb sum of money to open the account. You can begin with very little amount of money.
Recurring deposits have very many benefits, some of them include;
- No penalty if you miss to make monthly deposit
- Save for a very short time
- Simple documentation
- Earn more Interests
No Penalty For A Missed Installment
Unlike many other savings plans and investments, whereby if you miss making an installment you will be penalized, we have put this in the plan for you so that you are not penalized for missing a payment installment as we aid you to save and earn interest.
Save For A Short Period Of Time
The savings time is reduced to as low as six months, if a person is not planning to save for a long period of time, then this is the best place for you. You may just need to have a six-month saving plan, with the principal also paid in installment, it makes it easier to manage a short time savings plan.
You don’t need many processes to be signed up for a recurring deposit account, you only need an identity proof and an address proof. Anyone above ten years can open a regular account, those who are below are also not left out, all you need is a guardian and an account will be opened for them.
A recurring account gets you saving instead of spending immediately and it also helps you earn interest instead of piling up cash on your savings account. The recurring deposits account calculator will help you know how much you can earn on the much you want to save over the period you have set. Another great way of earning interest is by intra-day trading, this is where you can sell your financial securities in a short time frame and make profits from the securities price movements. The sales normally take place on the same day. They require two parties, one should be a buyer and the other should be a seller