Recurring Deposit Calculator
The Recurring Deposit calculator enables users to identity the monthly installment amount payable for Recurring Deposit of a certain amount for a specific duration. This calculator is beneficial to user as it gives the user an opportunity to identity whether opening new recurring deposit for a specific amount and duration is preferable or not.
How to reach here:
Dashboard > Toggle menu > Accounts > Recurring Deposits > New Recurring Deposit
To calculate installment of recurring deposit:
- The New Recurring Deposit - Calculate My Installments Calculator screen appears.
OR
Click to book a new recurring deposit.
The Recurring Deposit Booking screen appears.
Field Description
|
Field Name |
Description |
|---|---|
|
Product |
The recurring deposit product where customer wish to invest into. |
|
Target Amount |
The customer is required to define the currency and amount in which the deposit is to be opened. Note: If the deposit product supports only a single currency this field is displayed as a label (instead of a list for selection). |
|
Deposit Tenure |
The tenure of the deposit in terms of a period i.e. years/ months after which the deposit should mature. Note: The minimum and maximum tenure allowed for which a deposit can be opened. |
|
Frequency: Years/ Months |
The amount of time in years, months and/ or days that the customer is willing to deposit the amount. |
|
Inflation Rate |
The current inflation rate of the country. |
- From the Select Product list, select an appropriate recurring deposit product available in application.
- From the Target Amount list, select an appropriate type of currency along with the estimated deposit maturity amount.
- In the Deposit Tenure field, select an appropriate value Years, and Months field enter an appropriate values.
- In the Inflation Rate field, enter the current inflation rate of the country.
- Click .
The system calculates and displays the monthly installment for the recurring deposit required along with the Proceed to Recurring Deposit Booking link.
OR
Click to clear the calculated details.
Note:
1) Click on Proceed to Recurring Deposit Booking link to book a new recurring deposit account. Refer Recurring Deposit Booking screen for more details.
2) The calculator pre-populates the values of previous details entered by the customer.