Fixed deposits have been among the most popular investment options since they provide assured returns at a high rate. The FD rates are decided by the banks or finance firms that you choose. However, you can calculate the FD ROI (Return on Investment) by yourself as its interest rate is predetermined.
To make things easy for investors, banks and finance companies offer FD maturity calculator on their website. An FD calculator is nothing but an online tool that calculates the interest and returns provided by a particular FD plan once you enter a few details like amount, tenor, FD type, etc.
The interest calculation depends on the customer type as well. It also varies according to the fixed deposit type i.e. whether you choose a cumulative FD or non-cumulative FD. Financial advisors and experts recommend you to use an FD calculator because it is important to know the exact value of your FD before you apply for it. Here are some other ways in which they can help you to plan your finances:
Saves time and effort
Fixed deposit schemes are offered by numerous banks and NBFCs in India and their interest rates, tenor range, minimum deposit amount, etc. vary accordingly. Therefore, you will need to devote a lot of time to explore the features and benefits of each and every FD plan.
A fixed deposit calculator helps you to explore all these plans rather quickly. Also, there is no need to calculate the returns of different FD plans manually as the FD calculator does that automatically with the help of a software program. Therefore, it minimizes your efforts as well.
Assists in choosing the right FD plan
- With the assistance of an FD calculator, you can analyze the benefits of fixed deposit plans by comparing them based on their interest rates, tenor flexibility, and other features. As a result, they help you to find a fixed deposit plan that suits your financial goals and requirements.
How to choose an FD calculator?
A perfect FD calculator is the one that provides the necessary information of all the available FD plans so that you can compare them seamlessly. Also, you should choose an FD calculator that requires minimum human intervention.
For example, Bajaj Finance FD rate calculator provides sliders to enter the principal amount and tenor. Therefore, you do not have to enter the values manually and this nullifies the chances of errors.
Moreover, it reflects the interest rate and returns of both cumulative FD and non-cumulative FDs that are offered on the same tenor and amount. Therefore, it becomes easy for you to compare different plans at once and you can pick an appropriate FD plan conveniently.
As the returns of a fixed deposit plan depend on its interest rate, you should prefer to invest in those FD plans that offer a higher interest rate. However, it is also important to ensure the safety of your deposits and look for ratings from credit rating agencies before investing in a corporate FD.
Your investment can grow steadily with a Bajaj Finance FD as it is offering interest rates up to 7.10% for regular customers and senior citizens get interest rates up to 7.35%. By booking an FD online, you will get 0.10% additional FD rate as well.
You can fill an FD online form to book an FD without any hassles today! Also, its fixed deposits have received FAAA/stable ratings by CRISIL and MAAA/stable ratings by ICRA that make it a safe bet for your invested capital.
A fixed deposit is an instrument that provides assured returns and its fixed interest rate allows you to calculate the final maturity value before investing. An FD maturity calculator is provided to make these calculations smooth and easy for you. It also helps you to plan your finances as it carries all the data that is required to compare multiple FD plans at once. Apart from eliminating the need for manual calculation of interest, it also helps you to track the ongoing FD rates as per the tenor and FD type you select. Bajaj Finance provides an FD calculator that provides all of the above-mentioned information. If you are searching for the best FD interest rates 2020 then you can book a Bajaj Finance FD as it is providing interest rates up to 7.35%.
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at Highlight Story.