Bank FD Calculator

Fixed Deposit offers one of the best ways to secure your investment. It not only helps you to save money but also helps you to earn a good amount of interest in it. Bank FD interest rates help the depositor to get a good return on Investment over a fixed tenure. Under the fixed deposit scheme, the depositor deposits the money only once at the time of opening the account.

The interest earned on a Fixed Deposit scheme depends on the deposited amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on FD can be calculated monthly, quarterly, half-yearly and annually. The interest rate for senior citizens is usually higher than the normal rates.

What is a Bank FD Calculator?

An FD calculator helps you calculate the exact amount of the maturity value of the invested amount. You can use the online FD calculator to know about the returns on your investments based on following factors:

  • Deposit Amount – This is the amount which you invest once in your FD account. Minimum deposit amount should be ₹ 1,000.
  • Interest Rate – FD interest rates vary depending upon deposit tenure.
  • Deposit Tenure – One of the main factors is the tenure for which one invests the money in an Fixed Deposit scheme. Generally, FD tenure ranges from 7 days to 10 years.
  • Compound Frequency – This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency 

How to use a Bank FD Calculator?

FD Calculator makes your task much easier by calculating the interest rate you earn on your fixed deposit. It helps you to use the online FD calculator available on Finserv MARKETS. Mentioned below are the steps to calculate your interest using the intt. Calculator–

  • Choose the customer type category you fall into – Existing Customer of Bajaj/New Customer/Bajaj Group Employee/Senior Citizen. This is important as it determines the interest rate that will be offered to you.

  • Select the type of FD you wish to go with – Cumulative or Non-Cumulative.

  • Choose the FD investment tenure you wish to go with. This is important as it will help determine the rate of interest that you will earn on your investment.

  • Specify your Fixed Deposit investment amount. The minimum you can invest in a Bajaj Finserv Fixed Deposit is Rs. 25,000.

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The FD calculator uses a simple formula to easily calculate the maturity amount. The fixed deposit calculator for simple interest FD uses the following formula –

M = P + (P x r x t/100), where –

P is the principal amount that you deposit

r is the rate of interest per annum

t is the tenure in years

For example, if you deposit a sum of Rs. 1,00,000 for 5 years at 10% interest, the equation reads –

M= Rs. 1,00,000 + (1,00,000 x 10 x 5/100) = Rs. 1,50,000

For compound interest FD, the FD return calculator uses the following formula –

M= P + P {(1 + i/100) t – 1}, where –

P is the principal amount

i is the rate of interest per period

t is the tenure 

Benefits of Bank FD Calculator

There are several benefits of Bank FD Calculator. Some of them are as follows:

  • Competitive interest rate

  • 6 flexible FD investment tenures to choose from

  • Easy to use Fixed Deposit investment calculator

  • Online hassle-free investment process

  • Access to our Customer Portal to keep track of FD account 

FAQs

  • ✔️How is the interest on a bank FD calculated?

    The Interest earned on a bank FD with a tenure of less than 6 months, is calculated at simple interest and is considered on the number of days. Whereas the interest earned on FDs having a tenure of 6 months and above, is compounded quarterly i.e. is interest earned during the previous quarter is added to the principal for calculation of interest.

  • ✔️Is the FD calculator free to use?

    Yes, an FD calculator is completely free to use and calculate the exact maturity amount of your investment.

  • ✔️How does the FD calculator help in future financial planning?

    The FD calculator calculates the maturity value of the invested amount hence helping you plan your future finances better.

  • ✔️What are the details required to use an FD Calculator?

    To use the FD calculator, all you need is the following details:

    • Principal amount that you deposit

    • The rate of interest per annum

    • The tenure of investments in years

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