Deposit calculator

Recurring deposit (RD) calculator

Find the maturity value of a monthly recurring deposit using the quarterly-compounding formula published by ICICI Bank, with a year-by-year view of how the balance builds up.

Your result

Maturity value: –
Total deposited: –
Total interest: –

The quarterly-compounding convention

ICICI Bank states that RD interest is compounded quarterly and publishes the formula below on its RD calculator page (Source: ICICI Bank, checked 26 October 2026):

M = R × [(1 + i)ⁿ − 1] ÷ [1 − (1 + i)^−1/3]

R = monthly instalment.
i = yearly rate ÷ 400, the quarterly rate.
n = number of quarters (months ÷ 3).

It is the same as letting each instalment grow at the quarterly rate for the time it stays in the deposit, counted in thirds of a quarter: the first instalment grows for the full tenure and the last for one month. The calculator adds the instalments one at a time, which also works for tenures that are not a whole number of quarters.

RD interest rates usually follow the bank's term deposit rates; SBI states its RD rate is the rate applicable to term deposits, and it charges a penalty on delayed instalments (Source: State Bank of India, checked 26 October 2026). A missed or late instalment changes the result, and this calculator assumes every instalment is paid on time.

Worked examples

ICICI Bank's own example: ₹5,000 a month for one year at 8%. i = 8 ÷ 400 = 0.02 and n = 4. (1.02)⁴ − 1 = 0.082432; 1 − (1.02)^−1/3 = 0.006579. M = 5,000 × 0.082432 ÷ 0.006579 = ₹62,646.63, which rounds to the ₹62,647 the bank shows.
₹3,000 a month for 36 months at an example 6.5%: you deposit ₹1,08,000 and the maturity value is ₹1,19,473, so interest is ₹11,473.

Sources

RD Calculator: how RD interest is calculated (formula and worked example). ICICI Bank. Checked 26 October 2026.
Recurring Deposit, last updated 30 April 2026. State Bank of India. Checked 26 October 2026.

Spotted an error or an outdated figure? Send a correction.