By ToolzHive
About this tool
A Deposit Pension Scheme (DPS), also known as a recurring deposit (RD), lets you save a fixed amount every month and earn interest on your growing balance. This calculator shows how much you will have at maturity, how much you deposited, the interest earned and a year-by-year savings schedule. You can also add a starting deposit.
How to use Recurring Deposit (DPS) Calculator
- Enter an optional starting deposit and your monthly deposit amount.
- Enter the annual interest rate and the term in years or months.
- Pick the start date and review the maturity amount and yearly schedule.
Worked example
Saving 10,000 a month for 5 years at 9% (compounded monthly) builds about 759,900: 600,000 of deposits plus about 159,900 in interest.
How is DPS interest calculated?
This calculator assumes each deposit is made at the start of the month and interest compounds monthly, the most common method. Some banks calculate differently, so check their schedule.
What happens if I miss a DPS installment?
Banks usually charge a small penalty or reduce the rate. Missing several payments can close the scheme early.
Is DPS better than a fixed deposit?
A DPS suits people who save from their monthly income. A fixed deposit suits a lump sum you already have. Many savers use both.
Put this guide into practice
- Recurring Deposit (DPS) Calculator — Calculate the maturity amount of a monthly DPS or recurring deposit.