Tips to Grow Your Savings with a Fixed Deposit Calculator

A fixed deposit rate chart gives basic information about how much interest you will fetch on the fixed deposit as per the amount and tenor. It will help you understand how your savings in the FD will grow over the years. An FD interest calculator is a reliable tool to map the growth of your savings in the most accurate manner.

Why use an FD Interest Calculator?

The usual mathematical formula for calculating returns on FD is quite complicated and takes time for calculation. It is calculated as:

A = P (1 + r/n) ^ (nt)

where,

A is Maturity Amount

P is Deposit Amount

r is Rate of Interest

n is Compounded Interest Frequency

t is Tenor

Let’s say you want to invest Rs. 2 lakhs at an annual interest rate of 6% for 5 years in a fixed deposit. Using the formula, the calculation will be:

A = 200000 (1 + 0.06/1) ^ (1*5) = 202,028

Just imagine how much work it will be for you to do these manual calculations, especially if you have multiple FDs to invest across different tenor and interest rates! 

An online FD Interest Calculator saves you from the trouble. All you need to do is to enter three parameters – amount, interest rate, and tenor. It will automatically fetch the maturity amount, maturity date, and total interest payout in less than a minute. If you have opted for monthly, quarterly, half-yearly, or yearly payout, then the calculator will also give you the interest rate and payout values for that period. All these calculations are computerized, so you can rest assured about the precision level.

The FD calculator gives you a reliable and accurate picture of how your savings will grow in an FD. Using this calculator, you can forecast your returns and plan your FD investments strategically as per your financial goals. 

It is also very user-friendly and hence, easy to use. One of its unique features is that it allows you to calculate the rate based on your customer profile – existing customer, new customer, senior citizen, or an employee of the Bajaj group.

If you need cash on an urgent basis, you can also use the FD calculator to see how much interest is due upon maturity and accordingly decide if you would like to go for a premature withdrawal or take a loan against the FD.

Ensuring optimum growth of your savings

To ensure optimum growth of your savings, you should look at high paying company FDs such as Bajaj Finance FD. The current annual fixed deposit rate offered by Bajaj Finance FD goes up to 7.85%, which is one of the maximum rates across all banks and NBFCs. Bajaj Finance FD is also known for its highest safety ratings from premier credit rating institutions such as CRISIL and ICRAIt also offers a unique feature- i.e. Systematic Deposit Plan which lets you invest in small monthly deposits rather than investing in a huge corpus in an FD. Each of these monthly deposits is treated as a separate FD and you can avail all the benefits of an FD with an SDP plan. 

There is also a multi-deposit facility offered by Bajaj Finance FD if you want to invest in multiple FDs with varying interest rates and tenors with a single payment cheque. 

When you invest in an FD, make sure you use the online FD interest calculatorYou will get an accurate snapshot glance at the growth of your savings in just a few minutes. You can use this calculator to determine the maturity amount, interest payouts, or periodic income as per the rate and tenor you have chosen. This will make it easier for you to plan your financial goals, make FD investment in a disciplined manner and maximize the returns from your investment.

Harshvardhan Jha
Harsh Vardhan Jha is an Indian business blogger. He believes that Content and Social Media Marketing are the strongest forms of marketing nowadays and also know how to work on. You can contact him...

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