Why You Should Use a Fixed Deposit Calculator?

Fixed Deposits are term deposit schemes provided by many banks and Non-Banking Finance Companies. They are considered one of the most trustworthy and favorable investment alternatives in the market as they provide high returns within a short Tenor. You can invest in an FD by opening a fixed deposit account and depositing any amount above INR 25,000 for a fixed duration of time and get it back at the end of the Tenor along with interest. However, before investing in an FD, it is important to check the total amount you can earn and the interest applicable to your investment amount. One of the easiest ways to do it is by using the FD calculator.

How to Use the FD Calculator?

Use of FD calculator is simple, let’s learn how by using the Fixed Deposit Calculator provided by Bajaj Finance. First of all, you have to choose the type of customer. If you are applying for an FD and you are already a customer of Bajaj Finance, you can get additional interest.  Furthermore, if you are a senior citizen, you can avail an interest rate of 9.1%. After selecting the type of customer, you can choose the type of deposit (cumulative or non-cumulative). If you want payouts at a regular duration, you can choose non-cumulative, otherwise, the cumulative option is right for you. After doing so, you can set the amount that you are willing to invest and the Tenor of the investment, which ranges from 12 months to 60 months. By adjusting these parameters, you can see the interest earned and the maturity amount.

Benefits of Using the FD Calculator

• By adjusting the investment amount, you can plan the investment according to your budget. An investment should always be in tandem with your budget and your savings, so you can take care of daily expenses and emergencies. However, if you need to withdraw the amount invested in the FD, you can do so, but there are penalties and you will not get the full range of benefits.
• As the FD calculator allows options between cumulative and non-cumulative investments, you can flexibly adjust the regularity of payouts that you receive from your investment. By doing so, you can rely on a source of regular income and earn interest at the same time.
• By using FD calculators, you can see the exact amount of interest earned and the total maturity amount that you will get after investment. This helps you in knowing where you can get the best deal, as the rate of interest and terms and conditions can be different for every bank or NBFC.
• For instance, if you are investing an amount of INR 1,00,000 for 24 months, you can earn an interest of INR 16,964 at the rate of 8.15%. If you increase the Tenor up to 60 months, you can avail an interest rate of 8.75% and earn an amount of INR 52,106 as interest. So knowing the exact income earned helps you make an informed decision, thereby allowing you to plan your future expenses carefully.
• If you are using the Bajaj Finance FD calculator, you can observe that there is an additional option for choosing the special tenor scheme. By going with this option, you can avail a higher interest income for a Tenor of 15 months.

Benefits of Investing in FD with Bajaj Finance

Bajaj Finance provides Fixed Deposit Scheme for individuals who wish to grow their investments in a safe avenue. The features provided under this scheme are:

• An interest rate on FD is 8.75% – 9.10% available under this scheme.
• It provides and FD calculator for calculating maturity amount and estimating an individual’s returns in advance.
• Flexible tenors are provided under this scheme for a period of 12-60 months.
• There is a special tenor for 15 months which provides 0.25% more interest as compared to the 12-month tenor.
• The company has been accredited with MAAA under ICRA and FAAA under CRISIL credit rating agencies in India.
• The company has established 200+ branches in 200 cities for the customers’ convenience.
• Senior citizens under this scheme can avail 0.35% more interest rate as compared to the regular FD.
• This scheme supports the feature of online account management through the online portal, Experia.