Maturity amount calculation for recurring deposit in MS Excel

Maturity amount calculation for recurring deposit where interest is compounded quarterly, using the function FV:

Maturity amount = FV( (Rate of interest)/4, 4 * (Period in years), - (Value of each instlament) * (3 + (Rate of interest) / 2))

For example, an RD of Rs. 5000 each month for a period of 1.5 years at interest 7.5% p.a. compounded quarterly yields on maturity and amount of:

FV(7.5%/4, 4 * 1.5, -5000 * (3 + (7.5%/2))) = Rs. 95,504.78

The above formula is a general formula and individual banks might use a slightly different formula.  For example, the Indian Banks' Association uses the following formula for computing the maturity value where interest is compounded quarterly (Source: http://www.iba.org.in/formula.asp):

Maturity amount = ((Value of each instlament) * ((1+i)^n-1))/(1-(1+i)^(-1/3)),

where i = (Rate of interest) /4
    and n = number of quarters.

Hence, taking the same example of RD of Rs. 5000 each month for a period of 1.5 years at interest 7.5% p.a. compounded quarterly, the maturity value, according to this formula is:

((5000) * ((1+(7.5%/4))^6-1))/(1-(1+(7.5%/4))^(-1/3)) = Rs. 95502.35

Extending the formula to other compounding periods:

For Monthly compounding: 
Maturity amount = ((Value of each instlament) * ((1+i)^n-1))/(1-(1+i)^(-1))

where i = (Rate of interest)/12
   and n = number of months.


For half-yearly compounding: 
Maturity amount = ((Value of each instlament) * ((1+i)^n-1))/(1-(1+i)^(-1/6))

where i = (Rate of interest)/2
   and n = number of years * 2.

Download the following app on your android phone to compute the maturity amount for fixed and recurring deposits: http://goo.gl/olkbN.  You can also do these calculations online at https://bank-interest.multisocialshare.com/

Maturity amount calculation for fixed deposit

Maturity amount calculation for fixed deposit where interest is compounded quarterly:

Maturity amount = Principal * ( 1 + (Rate of interest)/4 ) ^ (Period * 4)

For example, deposit of Rs. 1,00,000 deposited for a 5 year period, at 9% per annum interest compounded quarterly, yields on maturity an amount of:

Rs. 1,00,000 * (1 + 0.09/ 4) ^ (5 * 4) = Rs. 1,56,050.92

You can do fixed deposit and recurring deposit maturity amount calculations at https://bank-interest.multisocialshare.com/

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