Fixed Deposits are also known as Term Deposits. As the name suggests, these deposits have a fixed tenor which means your invested amount is locked in it for a fixed period. The tenor can vary according to cumulative and non-cumulative types of Fixed Deposits. It is essential to determine how much returns your investments can make in a certain period. It not only helps you to manages your finances better, but also provides you multiple options about how you can divide your money in different FDs. To efficiently calculate all these figures, you can now use an online FD calculator provided by various banks and NBFCs.
Leading NBFCs like Bajaj Finance offer you a simplified user interface while calculating such amounts through their Online FIxed Deposit (FD) calculator. All you have to do is choose the type of customer you are – existing customer or a new one. The second step takes you to choose between cumulative or non-cumulative FDs. Thirdly, simply fill the amount you want to invest and a preferred tenor by seamlessly moving the slider. The calculator will show you the exact amount of earnings along with the maturity amount.
How a Fixed Deposit Calculator Simplifies Your Calculations
- Gone are the days when you sit down with a calculator, pen and a notebook to calculate your investments. Manual calculations can often lead you to wrongly calculate the amount. Moreover, the interest rates vary depending on the institutions too and the tenor for which you are investing. Finances are an essential thing which need proper care. Hence, to simplify all these processes, an FD calculator works as your saviour.
- Since FDs have a fixed tenor, you can choose your preferred tenor anywhere between 7 days to 10 years. Additionally, you might want to know about two types of FDs which vary according to their interest rates. Cumulative FDs are the deposits in which interest is paid on the maturity of the FD. Whereas, Non-Cumulative FDs are the ones in which you have the option to pay interest per month, per quarter, six-monthly, or yearly basis.
- An FD calculator allows you to compare the interest rates provided by different institutions by browsing their websites and filling up your information. Since the interest payable will be decided according to the duration you have chosen, it is better to compare all the different options available to you. This can give you an idea about which tenor will be able to yield you higher returns on investments.
- Using an FD calculator also allows you to gain an understanding about the principal amount. Principal amount is the sum you would want to invest which has a minimum and maximum limit set to it. NBFCs like Bajaj Finance offer you the advantage of investing an amount as low as Rs. 25000 at an interest rate charged between 8.75% – 9.10%. Hence. you can also see for yourself how much interest you would be paying for the principal amount when the FD will mature.
FD Calculator Provided by Bajaj Finance
High-Rated NBFCs like Bajaj Finance provide you the stability and assurance that your investments are safe with them. With ICRA’s MAAA and CRISIL’s FAAA accreditation, you can rest assured that there are no risks when you open an FD with them. You can select a tenor depending on your affordability between 12 months to 60 months. Moreover, there is a special tenor scheme of 15 months in which interest rate is offered at an additional 0.25% over the base rate. Apart from that, you can avail an additional interest rate of 0.35% over the original rate when you open an Fixed Deposit for a senior citizen. The online application process is very simple as you only have to submit minimal documents, instead of waiting for long hours in queues.