Recurring Deposit Interest Calculation

[singghg]

Hello Chandooji your site is really great and you are doing an awesome job. I need some help with RD Interest Calculation. I searched your site, but wasn't able to find anything related. I am trying to use FV function but I am not getting the exact amount as per https://www.corpbanknet.com/Recurr_deposit_Calc.html


I am sure you must be having a solution. Thanks and keep posting.

 

[Hui]

Singghg


Firstly, Welcome to the Chandoo.org Forums


Have you had a look at using the FV function


FV Returns the future value of an investment based on periodic, constant payments and a constant interest rate.


FV(rate,nper,pmt,[pv],[type])


Have you tried both Type options 0 & 1 ?


Can you share your parameters or values with us to assist further.

 

[Faseeh]

Hi singghg,


For FV() formula mentioned by Hui, It will give you correct result for type = 1 i.e you are making payment at the beginning of the period. This site mentions the formula used for Maturity Calculation (also has maturity calculator):


http://www.allbankingsolutions.com/Recurring-Deposit-Calculator-India.shtml


Faseeh

 

[SirJB7]

Hi, singghg!


Give a look at this file:

http://dl.dropbox.com/u/60558749/Recurring%20Deposit%20Interest%20Calculation%20%28for%20singghg%20at%20chandoo.org%29.xlsx


Same function FV as posted by Hui, with a monthly detail.

Also calculates effective yield with function EFFECT.


Regards!

 

[Hui]

Singghg


Using the following parameters I get the same values as the web site

[pre]

Periods	12
Interest	10%
Amount	 $10,000
FV =	$126,702.81

[/pre]
Using =FV(IntRate/12, No Periods,-Amount,,1)

 

[NARAYANK991]

Hi ,


Check out the workbook at the following link :


https://docs.google.com/open?id=0B0KMpuzr3MTVSDRscXdJaDRUTEN4dXl4dkc0VkZPQQ


Narayan

 

[SirJB7]

Hi, singghg!


We'd like to know whether or not you could solve your issue. Maybe one of the four contributions posted could have helped you... Let's know if you succeeded. I hope you did, not everyday NARAYANK991, Hui, Faseeh and who writes post the same solution. Please tell us if you've had any trouble checking the posts. Thank you.


Regards!