Fixed Deposit Calculator
The digital age has made life a lot simpler for us. From using the various online services to make investments to using the free online tools to check the returns, there indeed is a lot we can do. The fixed deposit calculator is one such online tool that allows us to check the interest rates available on the chosen fixed deposit scheme. By doing so, you can also get a correct estimate of how much you will earn after your FD matures. Take a look at this article to know more about the various fixed deposit calculators available and find out how they can use them.
Benefits of the fixed deposit interest rate calculator
Here are some benefits you get when you use an online fixed deposit interest calculator before you start your FD investment:
1. Easy to use
The FD interest rate calculators are very useful. All you have to do is go online and visit the portal of any bank or NBFC that offers fixed deposit schemes. You can use the free fixed deposit interest rate calculator on the website and see what the maturity benefit will look like in that very instant. The process is quite uncomplicated and can be completed in just a couple of minutes, making it highly beneficial.
2. Free of charge
The online fixed deposit calculators are available free of charge. No website asks for money to make this tool available to you. If you come across a website where you are asked to pay for this service, stay away and go to another website. If you have a preferred bank from where you want to start the fixed deposit, use the calculator on the bank’s official portal.
3. Helps plan investment
Before you start any investment, it helps to have a fair understanding of it and to know what kind of returns you can expect from it. When you use an online fixed deposit calculator, you know what kind of returns you can earn and what the investment value would be at the end of your chosen fixed deposit tenure. This helps you to plan your finances and get the maximum value out of the fixed deposit investment that you make.
4. Safe and reliable
The fixed deposit calculator is very safe and reliable. The results you get after you feed in the details regarding the principal, tenure, etc are absolutely accurate and on point. This helps you to know exactly what kind of interest and dividend you will earn, making it easier for you to allocate funds and find the best-fixed deposit scheme.
4. Widely available
And last but not the least, fixed deposit online calculators are widely found on the internet. As mentioned above, every single bank and NBFC that offers fixed deposit schemes also offer these free and useful online tools. As a result, you never have to look too hard or too long. You can find a good calculator easily and can then use it to calculate your fixed deposit investment figures.
These benefits make it almost mandatory for you to use a well-fixed deposit interest calculator before you lock in your investment. If you do not do so, you may not have proper and complete knowledge about your fixed deposit investment and that may prove to be harmful in the long run.
How to use the online fixed deposit calculator?
It is very easy to use an online FD calculator. Here are some easy steps to follow:
- Enter the duration of the fixed deposit that matches your requirement.
- Enter your principal amount
- Check your applicable fixed deposit interest rate
- Check the final result, and get a fair estimate of the maturity benefit that you stand to earn from the fixed deposit investment
To wrap it up
Keep all the points mentioned above in mind and use a good calculator such as the SBI fixed deposit calculator and plan your financial roadmap with ease. As you can clearly see from the points mentioned above, the calculator is very easy to use and it does not cost you any money either. So what are you waiting for? Go online, find a good calculator and get to work right away! A fixed deposit is a very beneficial investment. It allows you to invest your money in a safe and risk-free manner. You get assured returns. The fixed deposit interest rate stays fixed for the entire duration of the FD and you need not worry about the financial markets going up and down. You can also get tax benefits up to INR 1.5 lakhs a year if you invest in a tax-saving fixed deposit.
Keeping these benefits in mind, look to start a fixed deposit account right away. But before doing so, ensure you have used a fixed deposit calculator to know what your investment would fetch you.
