Steps to Use the Fixed Deposit Interest Rates Calculator Online
A fixed deposit interest calculator helps you calculate the maturity amount for your deposit based on the prevailing interest rate for a particular tenor. The calculator is easy to use and will help you compare different tenures with different interest rates. It will make it easier to decide what amount and tenor give you the highest maturity amount for your fixed deposit.
Fixed Deposit Calculator
When investing in a fixed deposit, the amount you deposit earns interest as per the prevailing FD interest rate. This interest keeps compounding over time and helps you grow your savings. Investors looking to estimate their FD maturity amount, interest earned, and payout amount can use the Bajaj Finance Fixed Deposit Calculator to plan their investment.
What is a cumulative fixed deposit?
When you invest in a cumulative fixed deposit, your interest is compounded annually but paid at maturity. You can analyze your returns using the online FD interest rate calculator.
What is a non-cumulative fixed deposit?
When you invest in a non-cumulative fixed deposit, you can periodically avail of your interest payouts. You can opt for payouts monthly, quarterly, half-yearly, or annually. If you aim to receive regular payouts, you can opt for a non-cumulative FD. You can compute your monthly interest using the online FD calculator.
How to use the Bajaj Finance Fixed Deposit Calculator?
Using the online FD interest rates calculator is a simple process.
Follow these steps:
- Choose your customer type, i.e., Customer below 60 years or senior citizen
- Choose the type of payout that you want, i.e. cumulative or non-cumulative
- Choose your fixed deposit amount
- Choose the preferred tenor of the fixed deposit
- The fixed deposit interest calculator will automatically display your interest payout and the total amount earned at maturity
Using the Bajaj Finance Fixed Deposit return calculator can be a great way to determine your returns before investing. It can help you streamline your finances efficiently and maximize the returns on your investment.
The fixed deposit calculation formula
A = P(1+r/n)^n*t
Where
A is maturity amount
P is the principal amount
r is the rate of interest
t is the number of years
n is compounded interest frequency
To understand this better, let’s consider an example. Suppose a senior citizen is investing Rs. 1 lakh in a fixed deposit for a tenor of 3 years at an interest rate of 7.05% p.a., which is compounded annually (n=1). As per the formula provided, here’s the calculation you need to make:
A = 100000*{[1+(0.0705/1)]^(1*3)}
A = 100000*1.22676
A = 1,22,676
Thus, your final amount is Rs. 1,22,676. While calculating the interest manually can be taxing, you can instantly evaluate your returns using the Bajaj Finance Fixed Deposit Calculator. With the FD interest rate calculator, all you need to do is enter your chosen tenor and investment amount. The amount receivable at maturity will be displayed automatically.
You lock in your investment for a fixed period when you invest in a fixed deposit. Using the Bajaj Finance Fixed Deposit Calculator, you can easily find the maturity amount and interest earned when you invest in a Fixed Deposit.
FD calculators are a valuable financial planning aid to assist your decisions on how much capital investment will yield a particular amount on maturity. It is most helpful to know how to fulfil a financial obligation, and the time the money will be available. You can use this calculator to know when to invest and plan your spending accordingly.
With a simple and user-friendly interface, you can plan the amount of money you should invest in getting stable returns. It can help you gauge your yield over your chosen tenor.