Allahabad Bank Fixed Deposit (FD) Interest Calculator

The depositor can access the Allahabad Bank FD Calculator via the Bank's official website. Fixed Deposits can be made for various tenure like for seven days to 5 years. Interest rates are different depending on the tenure one opts for. Allahabad Bank offers a wide range of flexible options and competitive interest rates to build an FD portfolio. Here the Allahabad Bank FD Calculator helps to study the various options and analyse them according to their needs.

How Does an Allahabad Bank FD Calculator Work?

Allahabad Bank has many options to suit investor's requirements and preferences. The investor must have an idea of applicable interest rates, the amount deposited, the appropriate tenure of the investment, and the final yield. Tax deductions can also be availed if complied with the Income Tax Act.1961.

Fixed Deposit interest rates vary for domestic customers and NRI's. Also, the age of the investor or depositor plays an important role. Senior citizens enjoy a higher rate of interest.

The below table throws a light on various tenure and rates applicable on the deposit by Allahabad Bank FD Calculator:

If Principal Amount is below Rs 2 Crore

 If Principal Amount is Above Rs 2 Crore

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Allahabad Bank Foreign Currency Non-Resident (FCNR) Fixed Deposit Interest Rates are:

No interest is payable if the Foreign Currency Non-Resident deposit is withdrawn before the completion of one year.

The above charts show that the primary factors like the tenure of deposit, initial investment amount, and the compounding frequency affects the interest rate to be applied and the final yield amount. The Allahabad Bank FD Calculator works by using these factors as input to get the accurate output.

Simple Interest vs. Compound Interest

Fixed Deposits can attract Simple Interest as well as Compound interest. Mostly Simple Interest is preferred for lesser amounts or lesser term. Interest is nothing but a fixed percentage of income earned on the amount invested or deposited. This Amount is known as the ‘Principal’ amount. The investor must study the benefits of both types of interest and then take an appropriate decision.

Simple Interest: It is a fixed amount of interest earned at defined intervals and is calculated on the principal amount invested. The formula for the calculation of simple interest is as follows:

I = PNR, where I denote the interest amount, n is the period/ tenure of investment, P stands for the principal amount, and r is the applicable interest rate.

Compound Interest: The fixed percentage of interest is calculated on the sum of the principal amount and the amount of interest earned previously.

The following formula generates the returns in the Allahabad Bank FD received by the investor; this amount is usually higher than simple interest.

A = P (1+ r/n) ^ n*t, where

• A is the maturity amount
• P is the initially invested amount, also known as the principal.
• R is the applicable rate of interest.
• n is the compounding frequency in a year
• t is the tenure of the deposit

How to use Allahabad Bank FD Calculator through Policybazaar?

The Policybazaar Allahabad Bank FD Interest Calculator uses the same information and follows the same steps required to use Allahabad Bank Calculator. It helps investors compare different investment options and rates and select the most suitable option. The steps are elementary and understandable by anyone effortlessly. To access Policybazaar Allahabad Bank FD Calculator, one needs to go to the Policybazaar's portal and select Allahabad Bank FD Calculator from the Fixed Deposit Calculator tab. After this, one should fill in all the required information / prime factors like tenure of deposit, principal amount, type of investment, and pay-out method. Rate is applied automatically, and the result will be displayed when one taps on the continue button. This fixed deposit calculator can be used as many times as required by the depositor till he finds his suitable and best investment option.

Advantages of Allahabad Bank FD Calculator

Allahabad Bank FD Calculator is a valuable tool for investors or students to learn different investment plans and make a suitable investment. It saves the tedious manual calculations and the amount of time one spends to visit the Banks, gather information, and studies the current rates applicable. Bandhan Bank FD calculator covers all the essential factors and displays the final result, which is easy to understand. It is available on several online portals and can be easily accessed and operated. TDS factors are also considered. The calculator gives accurate results and helps the investor do the analysis and learn about the investment he will make.

How Can Fixed Deposit Calculator Help?

Banks announce various Schemes and options for the investors to deposit their money and earn a reasonable amount of interest. Investors often get confused and find it challenging to select a suitable option. The fixed Deposits model can be understood using the Allahabad Bank FD Calculator.

Allahabad Bank FD Calculator helps to calculate the yield amount easily by entering the necessary information. It analyses all the information filled in and gives an accurate result. By comparing the different amounts of deposits and yield, the investor can make a sound decision. Allahabad Bank FD Calculator is very simple to operate. Even a non-specialist can get help from it without taking much effort.

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