Use FD Calculator to See How Much Money You Can Make from a Fixed Deposit
Keywords: fd calculator online, fd interest rates calculator, fixed deposit calculator
The importance of saving money is crucial and is to be understood in depth. This is because it enables people not to depend on their monthly salary to sustain their current lifestyle. For example, around one and a half years ago, when I got my first job, I was all set to reserve a chunk of my monthly income for savings.
So when I learned about the attractive FD rate of interest, I immediately used my FD interest rates calculator to know what was best for me and invested accordingly.
What is a Fixed Deposit?
Also known as Term deposits, a Fixed deposit is a scheme where a person puts a lump sum amount in the bank for a fixed time period at an agreed rate of interest. Further, when the tenure ends, the person receives the amount invested plus the compound interest.
Unlike other forms of investments, for example, stocks, the FD returns are assured. So, the return on investment doesn’t depend on the market.
What are the benefits of a Fixed Deposit?
For years, Fixed Deposits have been one of the most desirable investment schemes for Indians due to the assured returns. With time, it has evolved into a highly versatile and flexible financial scheme offering several benefits.
● Assured Returns
When you invest in FD, you get assured returns. Here, the Rate of Interest remains constant throughout the tenure, and you know exactly what you’ll be getting in return.
Using a FD calculator online is always a good idea before investing, as it helps experiment and compare. Then, once you get to know what is suitable for you and your financial needs, you can invest in a single go.
● Flexible Tenure
Starting from a month to up to a whopping ten years, an FD can be taken for a tenure of your choice as per suitability. For example, suppose you have planned a significant event in the coming ten years; then you can invest in an FD to meet your financial requirements by then.
● Easy withdraw
A Fixed Deposit can be withdrawn at any time but remember, and it comes with a price. So, a minor penalty is involved if you are planning to withdraw money before the end of the tenure.
Which is the best FD calculator?
Undoubtedly, personally speaking, Bajaj Finserv is one of the best apps to use when it comes to investments. The fixed deposit calculator in this app is the best tool you can use to plan your finances and invest in a planned manner.
Here is a step-by-step guide on how to use this calculator –
- Download the Bajaj Finserv app from the App Store/ Play Store.
- Sign up after entering your personal information
- Log in
- On the home page, tap on three bars situated on the top right.
- Choose the ‘Try our Calculators’ option.
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator’.
- Fill in the required details
- Experiment as per your requirement.
All in all, if you are planning to invest in Fixed Deposit, using a fd calculator online is highly recommended. Moreover, this is not a promotional write up so readers are free to use a tool of their own choice.