Before knowing the benefits of using a BOI FD calculator, here are a few essential features of a BOI fixed deposit:
Flexible tenor options ranging from 7 days up to 10 years
Facility to add a nominee
Can avail up to 90% as loan on deposit
Additional 0.50% interest rates for senior citizen deposits
Various FD schemes available
Option to choose monthly, quarterly intervals or interest payout at maturity
Minimum investment amount to book an FD is ₹10,000 in metro cities and ₹5,000 in rural branches
Using the BOI FD calculator on Bajaj Markets is an extremely simple process. Just enter the details of your investment amount and the period you wish to invest for.
The applicable rate of interest is used to determine the total maturity value and interest earnings payable to you. Use the sliding scale to change the value of investment or the period to assess more profitable returns.
You will have to use the following formula to calculate your interest earnings.
A = P(1+r/n) ^n x t
A indicates the maturity amount
P stands for the investment amount
‘r’ is the interest rate divided by 100
‘t’ means the duration of your tenor
‘n’ implies the frequency of your interest payouts for a year
While you can calculate your earnings manually or using an online calculator, the latter provides an estimate of your earnings with ease. Doing it manually may not only be time-consuming but can also lead to errors.
Furthermore, you can change the variables on a calculator with ease and find terms that offer superior returns. Here is an example to highlight how easy it is to calculate your interest earnings using the Bank of India FD calculator.
Consider an investment of ₹5 Lakhs for a tenor of 1 year at a predetermined interest rate of 7%. Enter the desired value in the calculator and get an estimate of your earnings instantly.
With the following example, here are the results:
Maturity Value: ₹5,35,000
Interest Amount: ₹35,000
Mode of interest payment: Payable at maturity
You can tweak specific parameters in the BOI FD calculator and choose a plan that best aligns with your financial goals.
The BOI FD calculator is handy as it helps investors assess the profitability of their investments before they invest in a fixed deposit. While there is a manual process to do the same, the Bank of India FD calculator makes the process significantly easier and seamless.
Read on to learn more about the benefits offered by the online calculator.
These calculators provide instant calculations, which enables you to save time
The BOI fixed deposit calculator removes the risk of errors that could unknowingly occur when you manually make the calculation
The BOI FD calculator allows you to change the parameters as per the results you get. This is much easier than starting calculations afresh when you are doing them manually
The BOI fixed deposit calculator is essential for those investing in fixed deposits with this issuer. Using this calculator, you know the interest rates you will likely earn on your fixed deposit within a matter of minutes.
This enables you to make better financial decisions and assess the amount you wish to deposit or decide your investment timeline. Additionally, you need to understand that a longer tenor is ideal for maximising your earnings.
Apart from this, your investment amount and payout frequency also affect the interest rate on a deposit. Thanks to the FD calculator, you can easily tweak them to help you understand the best FD plan for you.
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The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.
All Indian residents, including Hindu Undivided Family (HUF) and businesses, are eligible to invest in Bank of India FDs.
An additional interest of 0.50% is offered to senior citizens holding FDs with the Bank of India.
Yes, using the BOI online calculator is free.
Yes, as the Bank of India is one of the leading public sector banks, there is high credibility and reliability. So, investing in an FD with BOI can assure secured returns.
The usual penalty for premature FD withdrawal varies between 0.5-1% of your FD amount. However, in case of a withdrawal below ₹5 Lakhs after completing a tenor of 1 year, you need not pay any penalty.