Andhra Bank Fixed Deposit Calculator

How does Andhra Bank Fixed Deposit Calculator Work?

As is the case with many other banks, Andhra Bank offers a number of products under its banner of Fixed Deposit investment schemes. The investor may choose a product that is most suited to his needs and invest in it. The Regular Deposit scheme is one of the more popular investment options chosen by multiple customers.  The Fixed Deposit calculator comes into play in such circumstances to help an investor work out the best scheme for himself.

It is mandatory that the investor has a sound knowledge of the different rates of interest that he can take advantage of before investing. The Andhra Bank FD Calculator allows the investor to make an informed choice by providing him with the maximum information possible.

Rates of interest differ for domestic and foreign investors. Senior citizens may avail higher rates of interest. Listed below are various Andhra Bank Fixed Deposit Calculator charts:

Rate of Interest for an amount less than 2 Crore w.e.f. September 1 2020

Rate of Interest for domestic deposits w.e.f. July 12, 2017

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Rate of Interest for NRO and NRE w.e.f July 12, 2017

Simple Interest vs. Compound Interest

In layman terms, interest means the sum of money that is added to the initial investment amount over a period of time. It is calculated as a percentage of the initial amount deposited.

Interests are basically of two types:

Simple Interest and

Compound Interest

All fixed deposits that are locked in for a period of fewer than 6 months will gain interest according to the simple interest pattern. Fixed deposits with a longer tenure gain the benefit of compounding on a quarterly basis.

Explained below are the two terms, Simple Interest and Compound Interest:

Simple Interest

When a small portion of the initial sum invested is added to that sum, it is known as Simple Interest at regular intervals. It is calculated as follows    I = (p*n*r)/100

where;

I = Interest

P = Principal

n = Tenure of deposit

r = Rate of interest.

Compound Interest

The formerly accumulated interest is added to the initial sum invested in percentage form. This can be easily calculated using the Andhra Bank Fixed Deposit Calculator. It is to be remembered that maturity amounts will always be greater when compound interest is applied instead of simple interest. The following formula is used to calculate compound interest A = P (1+r/n) ^n*t, here

• A = Maturity Amount

• P = Initial investment (Principal)

• R = Rate of interest

• n = Frequency of compounding

• t = Term of the FD

How to use Andhra Bank Fixed Deposit Calculator

Using the Andhra Bank FD Calculator is simple. Anyone on the company website can access the tool. Once the investor fills in the details that have been requested, he can get an idea of the maturity amount he can expect for the amount that he wishes to invest.

Andhra Bank Fixed Deposit Calculator helps investors reach their financial goals in life by providing them with a plan that will be suitable for their needs. An investor must implement the following steps if he wishes to use the calculator:

• Locate the Fixed Deposit Calculator on the insurer's website.

• Choose Andhra Bank FD Calculator

• Enter the amount he wishes to invest (principal)

• Enter the term of the FD.

• Select deposit type.

• Click on the “Calculate” tab.

The probability of error while using this calculator is nil, and it can be used any number of times by an investor to view the maturity amount on different fixed deposit schemes.

Advantages of using Andhra Bank Fixed Deposit Calculator

Andhra Bank Fixed Deposit Calculator is time and effort-saving to the investor. This digital tool ensures that investors have a good amount of information at hand before they make a decision to invest their money. This gives them a much greater probability of high returns. Underlying are a few of the advantages of using this tool:

• It is a self-explanatory tool that anyone can operate.

• It is completely accurate.

• An investor can calculate the maturity amount without leaving his home.

• It takes into account taxes applied while giving results.

• It is free to use on several websites.

How can Andhra Bank Fixed Deposit Calculator help?

Andhra Bank has a large number of options when it comes to investment in fixed deposits. This might often lead to confusion in the investor's mind. Here is where the Andhra Bank Fixed Deposit Calculator comes into play. It provides the investor with a clear picture of the return on investment he can expect on the amount he is willing to invest. The interest rate on a fixed deposit scheme depends on the initial amount invested, rate of interest applied, the frequency with which the interest is compounded, term of the investment, and TDS application.

Making calculations to ascertain the maturity amount before investing in fixed deposits is a complex process. It involves a number of different variables and factors. The Andhra Bank Fixed Deposit Calculator saves the investor time and effort by making these calculations for him. There is also no scope for inaccuracy as it is an automatic digital tool designed specifically for this purpose. Since this tool is free, the investor may use it multiple times to ensure the investments he is making and the returns he expects on them.

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