Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

FD Calculator

Yearly Investment
Tenure
Yr
Interest Rate
%
Your Total Maturity Amount is
₹6,78,035
Maturity ₹6,78,035
Investment ₹3,75,000
Interest ₹3,03,035

A fixed deposit calculator can help you make an informed investment decision by instantly calculating the maturity amount for any fixed deposit plan. After selecting a fixed deposit plan, you are merely required to enter a few variables, including the fixed deposit amount, interest rate and tenure. The FD calculator will then automatically compute the maturity amount and interest earned.

Top Bank Fixed Deposit Interest Rates

Before zeroing in on a fixed deposit plan, you must compare the interest rates being offered by different financial institutions. This will ensure that you get the best returns. Here’s a look at the interest rates (per annum) being offered by the top banks in India.

Bank
Non-Senior Citizen FD Rates
Senior Citizen FD Rates
Min. Deposit
pnb PNB Housing
2.90% - 5.25%
3.40% - 5.75%
Rs. 10,000
pnb Punjab National Bank
2.90% to 5.25%
3.40% to 5.75%
Rs. 10,000
sbi SBI Bank
2.90% to 5.50%
3.40% to 6.30%
Rs. 1,000
hdfc HDFC Bank
2.50% to 5.60%
3.00% to 6.35%
Rs. 5,000
axis Axis Bank
2.50% to 5.75%
2.50% to 6.50%
Rs. 5,000
canara bank Canara Bank
2.90% to 5.25%
2.90% to 5.75%
Rs. 1,000

Disclaimer: The aforementioned Bank standard FD interest rates (upto Rs. 2 Cr) are valid as of 01-Mar-2022, and may be subject to change as per bank announcements.

How to Use an FD Calculator?

If you are wondering how to use the FD calculator on Bajaj Markets? Here’s a look at the easy steps that you need to follow:

 

  1. Visit the Bajaj Markets FD calculator page

  2. Enter your deposit amount

  3. Specify the investment tenor.

  4. Choose the interest rate, use the tables provided above for reference.

  5. From the drop-down, select your choice of interest payout (Yearly, Monthly, Quarterly, Half-Yearly)

  6. The FD interest calculator will now instantly display the maturity amount as well as the interest earned.

How is Fixed Deposit Interest Calculated?

You can invest in two types of FDs, simple interest FD and fixed interest FD. The FD return calculator uses the following mathematical formula for simple interest FD calculation:

M = P + (P x r x t/100);

 

  • where P is the principal amount that you deposit, and

  • r is the rate of interest per annum and t is the tenor 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 fixed deposit interest rate calculator uses the formula as given below:

M= P + P {(1 + i/100) t – 1};

 

  • where P is the principal amount,

  • i is the rate of interest per period, and

  • t is the tenor

 

Using the variables of a FD of Rs. 1,00,000 for 5 years at 10% interest, the equation will read: 1,00,000 {(1+10/100)5-1}= Rs. 1,61,051. Similarly, you can check for monthly interest earned for 1 year, 5 years or tenor of your choice.

How Can an FD Calculator Help you?

Calculating your maturity amount manually can be difficult and cumbersome. Here’s a look at the benefits of an online FD maturity calculator:

 

  • Easy to use and understand: A fixed deposit calculator is easy to use. Just enter the correct variables to know your maturity amount immediately.

  • Compare various FDs: Using the bank FD calculator, you can compare various FDs and select the one that suits your investment objectives and financial goals.

  • Identifying competitive interest rate: The FD interest rates calculator can help you identify the most competitive interest rates across various fixed deposit plans. You can then make an informed decision regarding your FD investment.

  • Hassle-free online process: The Fixed Deposit interest calculator can be used round the clock, from anywhere. You don’t require expertise in mathematics and financial calculations. Once you enter the required variables, such as tenor, FD amount and interest rate, the calculation is instant and accurate.

  • Zero charges for using the calculator: The FD interest calculator online on Bajaj Markets is free for use. What’s more? You can use it for unlimited calculations.

FAQs

  • ✔️How to do financial planning with an FD calculator?

    An FD calculator can help you with future financial planning by helping you know the exact maturity amount. With this information you can then plan to reinvest the amount in a suitable investment product or meet your other financial goals.

  • ✔️What is the minimum amount required to start a bank FD?

    Different banks may have different guidelines for this. For example, you can start an FD with as low as Rs. 1000 in SBI.

  • ✔️What is the minimum tenure of your bank fixed deposit?

    This too depends on the bank you choose to open an FD with. Most banks allow for a minimum period of 7 days.

  • ✔️Is the interest earned on a bank FD taxed, and how?

    Yes, the interest earned on an FD is taxed at 10% at source. Thereafter, depending on your income tax slab, additional deduction may be applicable.

  • ✔️Which forms are to be submitted to avoid Tax Deduction at Source?

    By submitting the Form 15 G (15 H in case of senior citizens), you can avoid the TDS deduction.

  • ✔️Is there a penalty if the FD is prematurely withdrawn?

    Yes, since FD has a lock-in period, if you withdraw prematurely then there are charges to be paid. This may differ for different lenders but usually falls in the range of 0.5% - 1% of the interest earned.

  • ✔️What are the factors that affect FD interest rates?

    With all internal and external forces being stable, FD interest rates depend on your age (senior citizens get higher interest rates), and the tenor of the deposit (usually longer tenors are associated with more returns).

  • ✔️Are there separate FD deposit calculators for different banks?

    The underlying process of FD interest calculation remains the same for all banks. For a better experience, you can use the Bajaj Markets FD calculator for any bank or NBFC’s FD.

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