How to Make the Most of Your Fixed Deposits with a Fixed Deposit Calculator in 2024

Fixed deposits, with their guaranteed returns and relative stability, remain a popular choice for many investors. However, getting the best value from your fixed deposits requires a strategic approach. This is where the fixed deposit calculator emerges as a powerful tool, empowering you to make informed decisions and optimise your financial goals.

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What are Fixed Deposits?

A Fixed Deposit (FD), also known as a term deposit or time deposit, is a financial instrument offered by banks and other financial institutions. It is a savings account where you deposit a lump sum amount for a specific period at a fixed interest rate. The principal amount, interest rate, and tenure are predetermined, providing a guaranteed return on the investment.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Features of Fixed Deposits:

  • Fixed Tenure: Deposits have a predetermined maturity period.

  • Fixed Interest Rate: FD Interest rates remain constant throughout the deposit period.

  • Principal Protection: The principal amount is secure and returned at maturity.

  • Interest Payment Options: Choose between regular interest payouts or reinvestment.

  • Penalty for Premature Withdrawal: Penalties may apply if funds are withdrawn before maturity.

Benefits of Fixed Deposits:

  • Stability: Provides a stable and low-risk investment option.

  • Guaranteed Returns: Assures a fixed return on investment.

  • Liquidity Options: Choose payout frequency based on financial needs.

  • Tax Efficiency: Tax-saving options are available in some FDs.

  • Financial Goal Planning: Ideal for short-term and long-term financial goals.

  • Diversification: Adds diversity to a portfolio with a secure asset class.

What is a Fixed Deposit Calculator?

A Fixed Deposit Calculator is a financial tool that helps individuals estimate the maturity amount and interest earnings on their fixed deposits (FDs). It is a convenient online tool provided by banks and financial websites to assist investors in planning and managing their investments. The calculator requires input parameters such as the principal amount, the tenure of the fixed deposit, and the applicable interest rate.

fd return beater

What are the Benefits of Using a Fixed Deposit Calculator?

A Fixed Deposit (FD) calculator is a financial tool that helps individuals calculate the potential returns on their fixed deposit investments. Here are some benefits of using a Fixed Deposit calculator:

  • Precision Planning: Accurate calculations for precise financial planning.

  • Time-Saving: Removes manual work, providing quick results.

  • Comparative Analysis: Easily compare different deposit options for informed decisions.

  • Risk-Free Predictions: Reduces errors with error-free, automated calculations.

  • Customization: Tailor calculations to individual preferences.

  • Easy Comparison: Compare with other investments for better decision-making.

How to Use Policybazaar’s Fixed Deposit Calculator?

Follow the 3 simple steps to calculate the FD returns online using the Policybazaar FD Interest Rates Calculator:

  • Open the official Policybazaar FD Calculator on their website.

  • Customize the details according to your preferences, including the principal amount, interest rate, and investment tenure.

  • The Fixed Deposit interest calculator will then provide you with an estimate of the expected interest and corresponding maturity returns.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

What are the Benefits of Using Policybazaar’s FD Calculator 2024?

Listed below are some of the major benefits of using FD Interest Calculator 2024:

  • Time-Saving: Policybazaar FD calculator is fast and makes it easy to make interest return calculations.

  • Accuracy: You can make error-free fixed deposit interest calculations using an online FD calculator 2024.

  • Double Check Not Required: There is no need to double-check the calculation values in this online FD calculator, unlike in manual calculation.

  • Interest-rates Comparison: A fixed deposit interest calculator helps you to compare the returns on various interest rates offered by different financial institutions.

  • Choose FD Plan: The FD interest calculator 2024 makes it easy for you to decide the best FD schemes along with the ideal maturity amount.

  • Flexibility and Efficiency: Fixed Deposit Calculator 2024 is the most efficient tool to calculate the periodic interest on your Fixed Deposit account deposits at varying tenures and amounts

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ESAF Small Finance Bank FD Interest Rates

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Tamil Nadu Grama Bank FD Interest Rates

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Telangana Grameena Bank FD Interest Rates

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Tripura Gramin Bank FD Interest Rates

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Ujjivan Small Finance Bank FD Interest Rates

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Union Bank of India FD Interest Rates

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Vijaya Bank FD Interest Rates

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Yes Bank FD Interest Rates

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FAQs

  • How do I get the maximum return on a fixed deposit?

    • Opt for longer tenures: Longer tenures typically offer higher fixed deposit rates

    • Choose cumulative FDs: Reinvesting interest leads to higher compounded returns.

    • Use the FD laddering strategy: Invest across different tenures for flexibility and potential higher returns.

  • Can I put 10 crore in FD?

    Yes, there is no limit on the maximum amount you can invest in an FD. However, banks may have different rules and procedures for large deposits. It's recommended to discuss this with the bank directly.
  • How do I get the highest interest rate on my FD?

    • Compare rates from different banks: Use online comparison tools or visit bank websites.

    • Consider small finance banks (SFBs) or non-banking financial companies (NBFCs): They often offer higher rates than traditional banks.

    • Invest in tax-saving FDs: Though they offer lower rates, they provide tax benefits.

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+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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