Here’s How The Online FD Interest Calculator Helps You
Investing in fixed deposits can be a good choice if you like to predict the returns of an instrument before investing. This is possible due to the fixed interest rate and tenor offered by fixed deposit plans. Also, you have the option of using a fixed deposit calculator to manage the calculation of returns and interest gains easily.
A fixed interest calculator or FD calculator allows you to calculate the FD returns online. You only need to provide some basic details like the deposit amount, tenor, and FD type in which you are interested in and the calculator will predict the maturity amount and interest gains based on the interest rate that is applicable for you.
However, you need to be careful while selecting your customer type as certain financiers offers better interest rates to certain types of customers. For instance, Bajaj Finance FD offers a 0.25% extra FD interest rate to senior citizens and online customers get an opportunity to grow their savings at a 0.10% higher interest rate. Therefore, choosing the right customer category can bring a sizable difference in the interest gains. Apart from providing the right information related to interest gains and maturity amount, you can use the FD interest calculator for these reasons:
Comparison between FD plans
An FD calculator allows you to compare multiple FD plans easily. You just need to visit an online FD calculator page and submit the details as explained above. Now, you can just change the interest rates as per the FD rates offered by various FD plans to find the better paying FD plan.
For example, a post office FD offers an FD rate of 5.5% for 1-year, 2-year, and 3-year FD whereas Bajaj Finserv offers 5.75% if you invest in an online fixed deposit for 1 year and you get 6.20% and 6.60% if you invest in online fixed deposit for 2 and 3 years respectively.
Suppose that you are a non-senior citizen who chooses an online investment method to invest Rs. 20,00,000 in a Bajaj Finance FD for 3 years. The comparison table for post office FDs, bank FDs, and Bajaj Finance FD for the same tenor and investment is given below:
|FD Plan||Investment Amount||Tenor||Interest Rate||Interest earnings||Maturity Amount|
|Bank FD||Rs. 20,00,000||3 years||5%||Rs. 3,21,509||Rs. 23,21,509|
|Post Office FD||Rs. 20,00,000||3 years||5.5%||Rs. 3,56,136||Rs. 23,56,136|
|Bajaj Finance FD||Rs. 20,00,000||3 years||6.60%||Rs. 4,22,711||Rs. 24,22,711|
Planning your finances
With an FD calculator, you can choose the tenor, amount, and FD type that can help you achieve the desired growth for your savings. Also, you can utilize it to choose the tenor and the principal amount smartly while laddering your deposits.
Bajaj Finance FD offers a multi-deposit facility that enables you to ladder deposits seamlessly by picking a unique FD tenor, deposit amount, and fixed deposit type for every FD. Moreover, just one cheque needs to be submitted for depositing the required amount in multiple FDs simultaneously. Therefore, by using the FD calculator and the multi-deposit feature, you can expect to gain the benefits of laddering without any hassles.
Exploring interest rate
By using an FD calculator, you can know about the FD rates offered by a financier for different tenors. You can also check the interest rates offered by both cumulative and non-cumulative FD types. The interest payout options and amount can also be checked by using this online tool.
Bajaj Finance FD allows you to pick between six-monthly, yearly, quarterly, and monthly interest payouts if you are planning to invest in a non-cumulative FD. The interest rate and interest payout options will be reflected in the FD calculator page itself. You can invest in Bajaj Finance FD plans because without worrying about the safety of your investment as CRISIL and ICRA have rated it highly. Also, the user-friendly features and high interest rate it provides make it one of the highest paying FDs in India.