Recurring Deposit Calculator
Estimate the maturity value of a fixed monthly deposit over a set term.
Enter your details below.
How to use
- Enter the amount you will deposit every month.
- Enter the annual interest rate and the term in months.
- Press Calculate to see the maturity value, total deposits and interest earned.
About this tool
This calculator estimates a recurring deposit, where the same amount is deposited every month for a fixed term. It uses the standard simple-interest approximation for such deposits: interest = monthly deposit times n times (n + 1) divided by 2, times the annual rate divided by 1,200, where n is the number of months. The maturity value is the total deposits plus this interest.
Frequently asked questions
Why is this called an approximation?
A recurring deposit pays interest on each monthly deposit for a different length of time, and the standard formula summarises that with a simple-interest approximation. Actual bank calculations may differ slightly by their own rules.
What happens if I miss a deposit?
Missing deposits reduces both the total deposited and the interest, because that month's money earns nothing. This calculator assumes every monthly deposit is made on time.