Axis Bank FD Calculator

The Axis Bank FD Calculator is available at the bank’s official portal. The investment is locked for varying periods starting from as low as 7 days to as long as 120 months attracting different interest rates. Axis Bank offers a wide range of flexible options and competitive interest rates to build an FD portfolio. It is here that the Axis Bank FD Calculator becomes handy to understand the impact of investing and the quantum yield as the deposit matures.

How Can Axis Bank Fixed Deposit Calculator Help?

Like all others in the Indian banking industry, Axis Bank offers multiple options in the Fixed Deposit product range to suit individual preferences. More often than not, these multiple options lead to investor confusion about the right product to choose. It is imperative to understand that the interest rate applied in the Fixed Deposit depends on the key factor denote by the deposit’s tenure. As a thumb rule, the higher is the interest rate, and the higher is the yield.

The Axis Bank FD Interest Calculator provides the platform to inform the applied rate and the final yield. This information is only indicative that help’s the investor make an informed choice. It also depicts a clear picture about the size of the corpus on maturity, depending on the chosen period matching one’s life goals. It is essential to understand that the interest rate is populated in the Axis Bank FD Interest Calculator only for the prospective investment is under Rs 2 Crore an FD with a higher amount must be discussed with the nearest Axis Bank Branch for clarity.

How Axis Bank FD Calculator Work?

Axis Bank provides multiple options to the investors in their FD range to cover a wide range of individual preferences. Fixed Deposit and the Fixed Deposit Plus are the popular products in their bouquet. It is essential to learn about the interest rates applied in the two to comprehend how the Axis Bank FD Interest Calculator works to help the investor design a tailored account.

Fixed Deposit interest rates for domestic customers and NRI’s are quoted separately at varying rates. Senior citizens are offered preferential rates, which are higher than the others. Accordingly, different Axis Bank FD Interest Calculator charts are described below:

The above charts show that the primary factors that directly impact the interest quantum and the deposit maturity are the investment amount, term, compounding frequency, and the applicable interest. Thus, it is understood that the Axis Bank FD Calculator works by using these factors as input to deliver the desired outcome.

Simple Interest vs. Compound Interest

The critical point to remember is that the Fixed Deposits attract simple interest for periods lesser than six months while those invested for more prolonged periods enjoy compounding at quarterly rests. What does interest mean? In simple terms, interest is the percentage of the “principal” or the initial amount added to the principal over a defined period. There are two types of interest – simple and compound. Let us see how the two are defined:

Simple Interest: It is the percentage of the principal added to the principal regularly on the defined period. The formula expresses it:

• I = pnr, where I denote the interest amount, p is the principal, n is the period, and r is the applicable rate of interest.

Compound Interest: The percentage of the principal amount also comprises the previously accrued interest.

The Axis Bank FD Calculator determines the maturity value where the compounding frequency is quarterly. The following formula generates the returns in the Axis Bank FD received by the investor, which is always higher than achieved through simple interest application.

A = P (1+ r/n) ^ n*t, where

• A is the maturity amount
• P is the initially invested principal
• r is the applicable interest rate
• n is the compounding frequency in a year
• t is the FD tenure

How to Use PolicyBazaar Axis Bank Fixed Deposit Calculator?

The Axis Bank FD Interest Calculator works using the essential information needed to calculate the desired outcome. The process is simple and user-friendly at the bank portal. A similar principle is employed at the Policybazaar Axis Bank FD Calculator to help the investor model a suitable deposit. The steps involved are well defined and simple for any layman to use and plan investments meeting individual needs. The following steps are indicative:

• Visit the PolicyBazaar portal and invoke the FD calculator.
• Select the Axis Bank FD Calculator.
• Input the principal amount.
• Select the investment tenure.
• Choose the type of deposit, whether reinvestment, quarterly, or monthly payout.
• Click on the calculate button to get the outcome displayed.

There is no bar on the number of times the calculator is used to evaluate the FD returns and chalk out an investment plan.

Advantages of Using the Calculator:

By now, it is amply clear how important and beneficial it is to use the Axis Bank FD Interest Calculator. The primary reason for using it to evaluate the financials of an investment is its simplicity and round-the-clock availability at multiple digital points. It further eliminates the cumbersome manual, error-prone calculation. Some of the critical advantages of using the Axis Bank FD Calculator are:

• It is operated seamlessly.
• It is readily available online at multiple portals.
• It displays the final maturity value receivable by the investor by automatically populating the applicable interest rate.
• It factors in the TDS, where applicable, in its final output.
• It calculates the outcome accurately.

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