Do you wish to know how much interest your principal amount may have at the end of the year? Use fixed deposit calculator to ascertain the total amount of investment you may get after the maturity period. It is a necessary thing to do beforehand as you can decide on the interest rate and tenure for the amount you wish to employ in any of the fixed deposit schemes with your bank. If you start investing early without postponing further, chances of earning fair returns for the longer term becomes stronger.
Fixed deposit calculator shows you the road map where your investments are heading to when it comes to planning your investment by deploying only FD as your financial instrument. The compounding of interest every year, if you keep on automating your FD post-maturity substantiate better returns until your retirement period.
Fixed Deposit Calculator Components-
Fixed Deposit Tenure:
The customers have the flexible option to choose their time period or tenure for which the sum gets invested or blocked. You can get your FD for a tenure ranging between 7 days and 10 years. Different banks or financial institutions provide different tenure options. However, it is best if you compare fixed deposits provided by different financial institutions and banks and then make a choice wisely. It is to be noticed that the tenure you decide will also help you to select the interest rate which the bank ultimately offers you. The longer the tenure higher would be the FD interest rate.
Fixed Deposit Interest Rate:
The interest rate on FD is higher as against your savings bank account and depends upon the Fixed Deposit amount and tenure. Interest rates on Fixed Deposit differ from one bank to another, however, several customers tend to compare Fixed deposit rates of different banks to make a smart choice. The interest payout or compounding frequencies differ from FD-to-FD, is generally based upon quarterly, half-yearly or annually basis. However, it is to be considered that the interest rate for tax-saving FD is ascertained at the beginning of every financial year by the government and is similar across banks.
Investment amount: Investment in a fixed deposit is made only once and the minimum amount required for opening an FD tends to differ from different banks and financial institutions. However, customers are required to start with as low as ₹ 1000 and invest even upto ₹ 10 crores and more.
Benefits of Fixed Deposit Calculator- Let's see how you make your investment grow in leaps and bounds by using fixed deposit calculator:
Accuracy: Fixed deposit calculator helps you to ascertain the accurate results which can be calculated by taking into account both the interest rate and the sum of maturity. With a mere entry of the principal value, the rate of interest, period of deposit and compounding frequency, the calculator shows you the expected maturity sum which includes the interest component.
Easy to Use: The calculator is simpler and easier to use while entering the details of principal, tenure and rate of interest. And then what happens, you may get spontaneous result from the calculator which is expected to achieve at the end of the maturity period.
Time-Saving: The calculator saves your precious time by eliminating all the requirements of getting the result arriving out from a complex formula. The entry of key variables such as principal amount, interest rate and tenure, will let you calculate the sum.
Now you know about fixed deposit calculator, next to know about several interest rates and tenure which the most trusted and widely chosen bank deploys the same in the financial marketplace.
SBI Fixed Deposit Interest Rates-
State Bank of India is the largest, reputed and the strongest banking institution of India. It is widely considered by customers across India with an assured belief that their money strive to get protection. which are in accordance with the Governmental rules and regulations. Whether you are a salaried or a self-employed businessman or a non-working professional having small or big dreams, fixed deposit is the best investment avenue where you can park away your money to get handsome returns in the longer term.
The interest rates applicable to general public are as follows :
- 7 days to 45 days the rate of interest is 3.75%
- 46 days to 210 days the rate of interest is 3.85%
- 211 days to less than 1 year the rate interest is 4.00%
- 1 year to less than 3 years the rate of interest is 6.00%
- 3 years to 10 years the rate of interest is 5.50%
The interest rates applicable to senior citizen are as follows:
- 7 days to 45 days the rate of interest is 4.25%
- 46 days to 210 days the rate of interest is 4.35%
- 211 days to less than 1 year the rate of interest is 4.50%
- 1 year to less than 3 years the rate of interest is 4.75%
- 3 years to 10 years the rate of interest is 4.75%
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