Fixed Deposit Interest Calculator: What are the Benefits of Using It?

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 Fixed deposit schemes are popular among investors because they provide guaranteed returns with minimum risk to the capital. Before investing in any instrument, you would like to align it with your financial goals and budget. For this, you should be aware about the deposit money and lock-in period you need to opt for your deposits and also the kind of returns you would be expecting at the end of the FD tenor. To make these calculations simpler, you can use an FD calculator.

What is an FD calculator?

Fixed deposit calculator is an online tool that predicts the interest gains and maturity amount of a given FD plan. You need to furnish details like deposit amount, tenor, FD type, etc. to it. Also, additional details like customer category need to be submitted in case the financier offers a higher FD rate to select categories.Benefits of using an FD calculator

Benefits of using an FD calculator

Error-free calculation

The most impressive feature of an FD calculator is that it calculates your FD returns in seconds and that too without making a single error! This eliminates the possibility of errors that manual calculations are prone to.

For perfect combination of tenor and principal amount

You will not need to pay any charges for using an FD calculator. Therefore, you can utilize it any number of times you want till you get a combination of tenor and amount that suit your financial plans perfectly.

Comparison of FD rates

If you want to compare various FD plans on the basis of their interest rates then FD interest calculator is your go-to investment tool. This is because it tells you the interest rates applicable for different customer categories, FD types, and tenors.

Comparison of FD rates is a must before investing as it tells what kind of money you would be earning at maturity. One of the highest FD rates in India is currently offered by Bajaj Finance. Bajaj Finance FD comes with an interest rate of up to 7.25%. You can also invest in Bajaj Finance FD plans due to the following reasons:

Flexible investment options

You can select the tenor and deposit amount as per your choice. The minimum deposit amount is Rs. 25000 and the tenor can be between 12 and 60 months. Also, you can invest from the comfort of your home as an online procedure is provided for the same. You will also be entitled to a 0.10% additional FD rate on selecting the online process.

Loan against FD

You can avail a loan against FD whenever you need funds urgently. As a result, you need not withdraw your deposits before maturity. The withdrawal policies are also lenient as your deposits only have to complete the minimum deposit period and you can withdraw them by paying a nominal penalty.

- Deposit plans for NRIs

NRIs can now invest in Bajaj Finance FD by using an NRO account. They get a tenor range from 12 to 36 months and FD interest rate of 7% is offered to them.

A 0.25% additional FD interest rate is provided to all senior citizens and they also get to pick periodic monthly, quarterly, six-monthly, and yearly interest payouts by investing in a non-cumulative FD plan.

Bajaj Finance FD is a safe place to invest your savings as it has been accredited by CRISIL and ICRA for providing stability for the depositor’s money. As a result, it proves one of the best FD plans in India right now.

FD rate calculator is a tool that helps you estimate your returns prior investing. It provides error-free FD interest calculations and also makes comparison between plans easy. However, the FD rate should be high enough to earn surplus returns at the end of the FD tenor.

Therefore, you can invest in Bajaj Finance FD that is providing one of the best FD rates in India currently. It offers FDs for NRIs as well and is considered to be a safe investment avenue as it has received high ratings for securing the depositor’s money. Also, the additional interest rate provided to senior citizens and online depositors make it one of the better investment options for you.

Fixed Deposit Interest Calculator: What are the Benefits of Using It? Fixed Deposit Interest Calculator: What are the  Benefits of Using It? Reviewed by Newzpot on 12:02:00 Rating: 5
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