Monthly savings calculator
Enter the amount you want and when you need it. See how much to put aside each month in a recurring deposit.
- Bank RD formula
- Savings you have counted
- Free, no sign-up
Interest is taxable
RD interest is added to your income each year and taxed at your slab rate.
Questions people often ask
Is TDS deducted on RD interest?
Yes, if interest from the bank crosses ₹50,000 in a year (₹1 lakh for seniors). Submit Form 15G/15H if your income is below the taxable limit.
Is RD interest taxed yearly or at maturity?
Each year, as it accrues, even though you receive it at maturity.
How much to put aside
Working back from your target.
- Your target and the date.
- Subtract what your savings will grow to.
- Find the deposit that grows to the rest.
Last reviewed 9 October 2026. The rules in this calculator come from these official sources.
- Reserve Bank of India: deposits and depositors Reserve Bank of India
Common questions
How is the monthly amount worked out?
It's the deposit that, with a recurring deposit's quarterly compounding, grows to your target by the date.
How much to save for ₹5 lakh in 2 years?
About ₹19,467 a month at 6.5%.
Why an RD rate?
For a fixed target and date, a safe deposit suits. For goals five or more years away, see our goal SIP calculator.
What if I already have some saved?
Enter it: it grows at the same rate and the monthly amount falls.
Is the interest taxable?
Yes, at your slab rate, each year.
