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Sunday, June 9, 2024

FD Amount Calculator: Calculate Fixed Deposit Interest Rates Online

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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 HighlightStory.

Predicting returns of an investment is one of the key interests of the investors as it helps them to plan their finances well. When it comes to a fixed deposit, it becomes much easier as the capital is invested for a predetermined tenor and at a fixed interest rate. 

The manual formula involves a lot of complex calculations that would result in wastage of time while calculating the interest on FD. However, you can use an online tool called the FD amount calculator to calculate the returns and interest earnings easily. 

Why is an FD calculator useful?

An FD calculator proves to be useful due to the following reasons: 

Aids financial plans:

An FD calculator is a tool that you will find on the websites of most banks and finance companies these days. You can use it to explore the amount and tenor required to meet your financial goals or needs. Therefore, it assists your financial plans and enables you to make a better decision. 

User-friendly interface: 

A fixed deposit calculator that has a user-friendly interface will help you to calculate the returns quickly. For instance, the Bajaj Finance FD calculator has a simple and intuitive interface that enables you to check the returns of different FD plans quickly. It showcases the returns of both cumulative and non-cumulative deposits simultaneously. This not only saves your time but also lets you compare the FD types conveniently. 

Exploring Fixed Deposit rates: 

You can check FD calculators of various financiers to find the best fixed deposit rates in the market. As of now, one of the highest FD rates is offered by Bajaj Finance FD (up to 6.85%).

To get maximum returns from Bajaj Finance FD scheme you can follow these steps:

Premature withdrawals:

A minimum penalty is charged in case you withdraw an FD prematurely. However, you don’t have to disturb your investment anymore as collateral-free loans up to 75% of the FD value is provided against an FD.

Extra FD rate for retirees: 

For uninterrupted growth of investment, you can deposit in a cumulative FD with a longer tenor. The option of receiving a monthly interest payout by investing in a non-cumulative FD is also available. 

This makes it ideal for senior citizens who don’t have a stable income source. Also, senior citizens get a 0.25% additional FD rate with Bajaj Finance FD. 

If you are not a senior citizen then you can use the online FD form to invest in an FD online. This will make you eligible to receive a 0.10% extra FD rate. 

Ladder your deposits 

By laddering deposits, you will not only have multiple liquidity points to fund your financial emergencies but the various maturity dates might help you get relief from taxes as well.

For that, you can split your savings in FDs of multiple types and tenors. The multi-deposit facility of Bajaj Finance lets you invest in multiple fixed deposits with a single cheque.

The option of choosing a tenor from 12 to 60 months for each deposit will allow you to keep enough gaps between the maturity dates.  If your income falls under the basic tax exemption limit, then you can submit Form 15H/G to prevent TDS deduction.
Predicting returns of an investment in advance is crucial for financial planning. The calculation of FD returns is much easier since its interest rate remains fixed throughout the investment period. An FD calculator is provided by financiers to calculate the interest earnings and returns easily. An online FD calculator can be used to compare FD rates and plans. As of now, the highest FD rate is offered by Bajaj Finance and options like multi-deposit facility will help you to ladder your deposits to get tax relief and multiple liquidity points. With Bajaj Finance FD, senior citizens can avail an additional interest rate benefit.

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