In this article, the design and development of a real-time heart rate (HR) and respiratory rate (RR) monitoring device is reported. The proposed device is designed to impose minimum data acquisition hazards on the subject. In standard bedside monitors, HR and RR are derived from ECG and respiration signals, respectively, and different electrodes are required for capturing the 12-lead ECG and respiration via a chest belt, which is cumbersome for patients and healthcare providers. Respiration signal has an impact on ECG due to anatomical proximity of the heart and lung, and ECG is modulated by respiration,a phenomenon known as Respiratory Sinus Arrhythmia (RSA). In the proposed method, the ECG signal is acquired using clip electrodes at the wrists and the respiration signal is extracted from the ECG using an Arduino Uno microcontroller-based real-time processing of ECG. RR is then derived from ECG-derived Respiration (EDR). The prototype is tested on healthy subjects and compared to measurements taken using a standard MP45 data acquisition device associated with a Biopac Student Lab (BSL). A mean percentage error of 5.54±8.48% was observed under normal breathing conditions and an error of -3.41 ±3.27% was observed for a single subject tested under a variety of breathing conditions, such as resting, stair-climbing, and paced breathing. The proposed algorithm can also be used in combination with standard ECG monitoring systems to measure HR and RR, without any data acquisition hazard to the subject.