How to use a Fixed Deposit Calculator?

Posted by samratsaini on May 27th, 2019

A fixed deposit calculator is an online tool used to determine various important terms of the investment. You can use it to plan your finances better by determining the maturity amount, interest earned, and various other factors.

Such calculators are essential to plan how you can invest to get the highest returns against. You can also use it to calculate your returns over a tenor of your choice as per your financial requirements and forecast.

How to use an FD Calculator?

Several financial institutions including Bajaj Finance offer intuitive and user-friendly online calculators. Here is how to calculate fixed deposit interest with an online calculator.

1. Navigate to the dedicated page of that fixed deposit calculator.

2. Select your customer type. You will come across options including new or existing customer, senior citizen category, etc. Select the one that is appropriate for you.

3. Choose between cumulative or non-cumulative fixed deposits. Your returns may vary with different types of fixed deposit. For example, you can opt for a non-cumulative FD, and avail periodic interest payout at a monthly, quarterly, half-yearly, or annual basis. You can calculate the amount with an FD interest calculator.

4. Enter the amount you want to invest followed by the tenor you prefer as lock-in period. After entering these details, the calculator will display the interest and total amount you will gain at maturity.

Benefits of using an Online Calculator

There are several usages of these types of online calculator. Let’s take a look at some of them.

• Learn the Interest Rate – Online fixed deposit and FD interest calculators show the range of available interest rate applicable for different tenor. You can learn about the different interest rates and understand the optimum one for your financial requirement.
• Learn the Tenor Options – Bajaj Finance offers Fixed Deposits with 12 to 60 months tenor. You can calculate the maturity amount according to the tenor with the fixed deposit calculator.
• Calculate the Maturity Amount – It is one of the primary utilities of this online tool. Calculate the total money after the maturity of your invested amount as per your preferred tenor.

The FD interest calculator are an easy yet useful tool that every investor should utilise before investing their savings in a fixed deposit. Follow the above-mentioned steps to learn how to use such a tool.