When you consider investing in an FD, you look at two basic parameters – the interest rate and maturity amount at the end of the tenor. You know the interest rate beforehand, but it is difficult to calculate the maturity amount. As a result, your investment decision could go wrong if you don’t know how your FD savings will grow during the tenor. That’s where a fixed deposit interest rate calculator, also known as FD maturity calculator, comes in handy.
What is an FD Maturity Calculator?
An FD maturity calculator is an automated online tool that gives you precise information about the maturity amount and interest payout before you invest the amount. This helps you to make an informed decision and plan your FD investment as per your financial milestones.
On the contrary, if you try to calculate the maturity proceeds manually, it can be a challenging and time-consuming exercise. Most importantly, even if you manage to evaluate the returns, there is no surety that the calculations will be accurate. Hence, it is always advisable to use an online FD maturity calculator.
How to Use an FD Calculator?
It is very easy to use this tool, provided you use a reliable and accurate one such as the Bajaj Finance FD maturity calculator. You just have to input the parameters such as customer type (non-senior citizen or senior citizen), investment amount, and investment tenor. The fixed deposit interest rate calculator will auto-calculate the results and give you snapshot information about the maturity amount and returns within a few minutes!
How to Comprehend FD Calculator Results?
As such, there is no rocket science in comprehending the FD calculator results. However, it shows two types of returns: Cumulative and Non-Cumulative which you must be aware of to understand your FD investment better.
- Cumulative FD: In a cumulative FD, you opt to receive the entire interest payout at the end of the tenor with maturity proceeds.
- Non-Cumulative FD: In a non-cumulative FD, you opt to receive the interest income periodically – monthly, quarterly, six-monthly or annually. This is a highly recommended option for senior citizen saving. In fact, anyone looking for regular and stable income to meet their routine expenses can invest in non-cumulative FD.
Let’s take an example of a senior citizen who wants to invest Rs. 10 lakhs for five years for senior citizen saving in Bajaj Finance FD. Currently, Bajaj Finance is offering a high-interest rate up to 6.85% for senior citizens.
When we put these parameters in Bajaj Finance fixed deposit interest rate calculator, we will get the following results:
|Investment Amount||Investment Tenor||Applicable Interest Rate on Bajaj Finance FD||Maturity By||Total Interest Payout||Total Maturity Amount|
|Rs. 10,00,000||60 months (Five years)||6.85%||January 2026||Rs. 3,92,748||Rs. 13,92,748|
|Period||Interest Rate Applicable||Interest Payout|
|Half Yearly||6.74%||Rs. 33,700|
With this kind of information available at their fingertips, anyone can get a comprehensive idea about maturity proceeds and interest payout to plan FD investment through the FD calculator.
Benefits of Bajaj Finance FD
Apart from an easy-to-use FD calculator, Bajaj Finance FD offers the following benefits:
- Flexibility to choose tenor ranging from 12 months to 60 months
- Periodic interest payouts
- Credit ratings of FAAA/Stable by CRISIL and MAAA/Stable by ICRA
- The multi-deposit facility where you can invest in multiple FDs using a single payment cheque.
- Online Application process
- Online loan against FD
- Systematic Deposit Plan where you can invest in FD starting at Rs. 500 per month.
It is reasonable that you want to know about maturity proceeds on your FD investment beforehand. A fixed deposit interest rate calculator can do the needful for you. It is an online tool that auto-calculates the interest payout and maturity amount on your principal amount at the applicable interest rate at the end of the maturity period. If you use the Bajaj Finance FD calculator, it will show you both cumulative and non-cumulative returns to understand how your investment will grow under both options. If you are looking for periodic payout calculations on senior citizen saving FD, then also this calculator is very useful.