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A Fixed Deposit or an FD is a savings deposit scheme offered by all banks and non-banking financial institutions. Under an FD, you are required to deposit a lump sum amount for a pre-decided time period for the purpose of earning interest. The rate of interest is predefined as well. It is a safe investment option with minimum risk, high returns and flexible tenures. An FD calculator is a free online tool which helps in calculating the rate of interest for a sum deposited over a period of time. The tool is freely available on all banking websites. You simply need to enter the requested information such as amount, duration etc. and it will automatically calculate the interest earned. You also have the option to calculate the maturity amount, interest earned on an annual, quarterly, semi-annually or monthly basis. It is an excellent tool for calculating your investment before investing in an FD.
The FD calculator works on the basis of the input provided. Simply put in the amount value and the tenure, and it will automatically calculate the maturity amount and interest that will be earned as per the prevailing rate of interest. You can select the various tenures suitable to your investment. The initial invested amount will be calculated on the basis of simple interest or compound interest as per the policy of the bank/financial institution. An FD calculator is an excellent tool for calculating the interest earned before opening a fixed deposit account.
You can calculate your fixed deposit maturity amount with the help of an FD calculator. Simply visit any of the FD calculator tool available online and submit the following details:
You can calculate monthly interest on your FD by using the FD calculator. Enter all the requested details and submit. Post submission, the calculator will showcase your monthly interest earned on an FD.
There are two types of fixed deposits:
SI = PTR/100 SI=Simple Interest P=Principal Amount T=Time Period R=Rate of interest
A = P (1+ r/n) n*t A= Amount to be received
P=Principal amount R=Rate of interest N=Number of times the interest is compounded per year T=Tenure
A few factors to consider before calculating the rate of interest with an FD calculator:
|Bank Name||FD Interest Rates Regular Citizens||FD Interest Rates Senior Citizens|
|Kotak Mahindra Bank||7.30%||7.80%|
|Bank of Baroda||6.70%||7.20%|
Note: FD Rates are subject to change as per the banks discretion.
Why use FD Calculator?
You should use an FD calculator as it is an excellent tool to calculate the maturity amount and interest earned. It is a simple tool available online for free. It helps in better planning of your investments.
Can we get monthly interest on fixed deposits?
Yes, you can get monthly interest on FDs.