A Simple Guide to Using a Fixed Deposit Calculator
If you are considering investing your savings in a fixed deposit, but do not know how much it yields, did you ever wonder how you can calculate FD interest rates or calculate maturity amount on FDs? FD calculators are online tools that are designed by experts that help you do just that. These calculators feature a simple layout and a user-friendly interface that makes calculating your FD returns easy. These calculators are tools can be used even before investing to forecast the quantity of gains their investment would yield over the tenor. They also help investors make the final decision of whether or not to invest in an FD.
How to Use the Fixed Deposit Calculator
- Select your customer type. For example, whether you are a new or existing customer or a senior citizen.
- Choose whether you want a non-cumulative or cumulative FD.
- Enter the fixed deposit amount that you wish to invest, along with the tenor.
- Once this is done, you will automatically see the interest and maturity that you will gain.
Applications of a Fixed Deposit Calculator
Since these calculators are handy tools, they allow an investor to calculate and gain clarity on various aspects like the interest rates, the tenor and even the maturity. Here are some of the top uses of fixed deposit calculators:
- To Gain Insight About the Interest Rates: These calculators showcase a range of various interest rates for different tenor. This provides the investor exposure to the range of interest rates offered on the FD. Knowledge of this can help an investor get an estimate of rates that the investment would be applicable to.
- For Understanding the Range of Tenor Options: The tenor for a fixed deposit ranges from 12 months to 60 months. By using a calculator, an investor can speculate the various lengths of tenor and the maturity for the various tenors available. This can help you in deciding the period over which you want your investment to grow.
- To Figure Out the Range of Principals that Can be Invested: The principal amount is the amount that you invest in the FD. Using the calculator can show you the minimum and maximum range of sums that the financial institution allows you to invest. It also lets you see the interest rates for that amount and the maturity.
- To Calculate the Maturity of Your Investment: This is the primary use of the calculator. Its main aim is to show you the overall maturity of your invested amount over the period of the tenor. It showcases the amount of interest you would have received at the end of the tenor; the amount of money you would make either periodically or at end of the tenor, depending on whether your FD is non-cumulative or non-cumulative.
Benefits of Using a Fixed Deposit Calculator
- It helps you calculate the overall maturity amount that your FD would yield.
- Can help you make the final decision of whether or not to invest.
- Helps you forecast the interest rates that would be applicable to your investment.
- Shows you the range of the tenor and principle amounts that you can choose from.
- Helps you see the maturity figures over each and every interest rate, tenor and principle in the range.
You can instantly calculate maturity of your FD. Investing with Bajaj Finance can provide you with immense financial gains and introduce you to rewarding facilities.