Central Bank FD Calculator

Central Bank FD Calculator is a free online tool that helps the investor to plan their FD investment. Based on the kind of returns they want. This tool is ideal to suggest a suitable plan to the customer if he enters the details regarding his investment principal, tenure, and interest payout frequency.

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Since the Central Bank FD Calculator calculates your premium amount and FD returns on a real-time basis, it significantly reduces the percentage of error from the manual calculation.

How does the Central Bank FD Calculator work?

The Central Bank of India offers a wide range of FD schemes to customers based on their individual preferences. Among these are schemes like Fixed Deposit Receipt, Money Multiplier Deposit certificate, Monthly Interest Deposit Receipt, etc. It is imperative that the customer is aware of the interest rates of all these schemes so that it is easier for them to comprehend how the Central Bank FD Calculator works. Once they're aware of the working of this tool, the customer can easily tailor an account based on their needs and requirements.

For several schemes in FD, the Central Bank offers different rates of interest. The rates not only vary on the type of scheme but also the profile of the customer. Senior citizens yield a higher amount of interest than an average young individual. Also, the tenure time explicitly determines the interest and hence directly affects the maturity corpus. The Bank offers higher rates of interest for an investment made for a longer duration, like five or ten years. The table below should help you in understanding the various rates and maturity terms:

Tenure General citizen FD rates Senior Citizen FD rates
7-14 days 2.75% 3.25%
15-30 days 2.90% 3.40%
31-45 days 2.90% 3.40%
46-59 days 3.25% 3.75%
60-90 days 3.25% 3.75%
91-179 days 3.90% 4.40%
180-270 days 4.25% 4.75%
271-364 days 4.25% 4.75%
1year-1year 364 days 4.90% 5.40%
2years-2years 364 days 5.0% 5.50%
3 years-4years 364 days 5.10% 5.60%
5 years-10 years 5.10% 5.60%

The above chart will help the customer to plan their FD investment according to their budget and needs. Based on the tenure and rate, they can take the help of the Central Bank FD Calculator to determine their maturity corpus and buy the most beneficial policy for themselves.

Simple interest vs. Compound interest

One notable point here is that Fixed Deposits earn returns in simple interest if the investment is made for the short term or tenure policies of less than six months. At the same time, they earn a little more in terms of interest if the investment is made for a longer duration, preferably more than six months. To determine how the bank calculator calculates your interest, let us first understand a few key terms used in the calculation formula.

  • Deposit amount

This amount is also known as the principal amount. It is submitted to the Bank at the inception of the policy. The Central Bank of India may allow higher rates of interest-based on the customer’s deposit amount. The Central Bank of India offers a principal range of 1000 to no limit.

  • Period of deposit

The customer's period of deposit is one of the key components that determine his/her final corpus and rate of interest. The Bank offers low simple interest for a short tenure and higher rates of interest for a longer tenure. The customer can refer to the table above to take help in deciding their tenure time.

  • Interest compounding frequency

This is also one of the key features that directly affect the customer's maturity amount. How many times your interest is compounded depends on the type of scheme you've selected and the type of interest your policy will earn. This compounding frequency can be monthly, quarterly, half-yearly, and annually. The Central Bank of India offers quarterly interest on its fixed deposits.

  • Rate of interest

Interest rate is the rate on which your principal will be multiplied. At the end of the tenure of your policy, all the interest earned will be added to the principal and handed over to the beneficiary. We have discussed before that the rate of interest is higher for policies of longer tenure, and as the tenure time comes down, the rate of interest also decreases. The highest rate offered by the Central Bank of India is 5.10% for a deposit amount below Rs 1 Crore for the tenure of 3-10 years. The Bank offers two types of interest to its customers: simple interest for short-term deposits and compound interest for long-term deposits. The customer can use the following mentioned formula to calculate their interest amount manually and then crosscheck it with the Central Bank FD Calculator:

  1. Simple Interest

    SI = PRT/100

    A= SI + P

    SI = simple interest

    P = principal

    R = rate of interest allowed by the bank

    T = tenure time of the policy

    A = maturity corpus

  2. Compound interest

    A = P *(1+R/100) ^(n*T)

    A = amount received on maturity

    P = principal or deposit amount at the inception of the policy

    R = rate of interest allowed by the Bank

    n = number of times the interest is compounded

    T = tenure time of the policy

    The policy that allows compound interest will earn more corpus at the end as the amount will also comprise of the previously accrued interest, and for the next time, it'll become the principal on which the interest will be paid.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

How to use the Calculator?

The Central Bank FD Calculator works on the information provided by the customer. It picks up the essential information and calculates the desired outcome. Using the calculator is a simple and easy process. The customer can get free access to the calculator at the Bank's portal and follow the below-mentioned steps to tailor their investment and meet their needs.

Step 1: Visit the website of the Bank and look for the calculator

Step 2: Select the Central Bank FD Calculator

Step 3: Input the deposit amount

Step 4: Select the investment tenure

Step 5: Choose the type of deposit 

Step 6: Then click on the calculate tab to get the desired result

The calculator can be used numerous times consecutively. There’s no limit to it. The customer can use the calculator to assess their FD returns before fixating on a plan and tailor their investment well.

FD interest have fallen consistently over the last 5 years.
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Advantages of using Central Bank FD Calculator

The customer must be well aware of the fact that how utterly beneficial this calculator will be for them to plan their investment. The main reason for using Central Bank FD Calculator is its free and easy accessibility. It can be used simultaneously on multiple platforms and multiple devices. The manual calculation can be tedious and allows human errors. The customer can use this online tool to eliminate any chances of error in their calculation and plan their investment well. Below mentioned are the benefits of using the Central Bank FD Calculator:

  • It is easy and very smooth to use
  • It is available free of cost to the customers online
  • It can be assessed at multiple sites and also on multiple devices
  • It requires just a few basic information to calculate the maturity corpus, and it automatically fills in the applied interest rate for the said deposit amount and tenure 
  • It is accurate and eliminates any chances of human error
  • It also factors TDS wherever applicable

How can the Calculator help?

Being a leading public sector bank in India, Central Bank offers a multitude of FD options to its customers. These schemes are all pre-designed keeping in mind the individual preferences of various customers. More often than not, so many options can lead to a lot of confusion among the customers regarding the right scheme for their liking. It is noteworthy that the customers understand the two main pillars that determine the interest rate applied in a fixed deposit. These two are the deposit amount and the deposit tenure.

The Central Bank FD Calculator is easily accessible from the Bank's official website. The customer can use the tool to find out the applied rate and final amount. It depicts the maturity corpus and all the additional interest and is only meant to assist the customer in making an informed choice based on his life's goals. Based on the customer's information to the Central Bank FD Calculator, the calculator suggests a suitable scheme to the customer. The Central Bank FD Calculator is devised to calculate the interest and maturity amount and hence, provides the customer with a clear picture of their final corpus. The customer is advised to visit the nearest bank branch and get in touch with an agent for any additional information.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Written By: PolicyBazaar - Updated: 14 October 2021

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