How maturity value is calculated in recurring deposit?

How maturity value is calculated in recurring deposit?

Unlike fixed deposits, where you have to deposit lump sum amounts, recurring deposits only require you to deposit fixed amounts on a monthly or quarterly basis. The interest for a recurring deposit is compounded quarterly. There are three variables used in the formula to calculate the maturity value of a recurring deposit: the interest rate ®, the tenure (t) and the compounding frequency (n) which is the number of quarters. If P is your principal amount and M is your maturity value, the formula to calculate M is -
M = P*(1+r/n)^(nt)
You can use an online recurring deposit maturity value calculator to save you the trouble of calculating the value manually.