A Recurring Deposit (RD) lets you save a fixed amount every month. Interest is compounded quarterly.
Where: P = Monthly deposit, n = Total number of months, r = Annual interest rate.
You decide to save ₹5,000 every month in an RD account for 5 years at a 7% annual interest rate. You will deposit a total of ₹3,00,000 over 60 months. At maturity, you will receive ₹3,58,095.