Equitas Small Finance Bank FD Calculator

Equitas Small Finance Bank is a financial institution based in Chennai. They have several fixed deposit schemes that customers may invest in to safeguard their savings and earn interest on their deposits.
Fixed deposits are usually long-term investments where the customer may lock a certain amount of money and earn guaranteed returns on them. The Equitas Small Finance Bank FD calculator will help the customer to determine the suitable fixed deposit scheme for his needs.

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What is Equitas Small Finance Bank FD Calculator?

The Equitas Small Finance Bank FD Calculator is a digital tool that helps the customer determine the maturity amount that he can expect at the rate of interest provided by the bank.

It allows the customer to decide the investment amount and know relevant returns. Equitas Small Finance Bank FD calculator is a quick, accurate, and dependable device that saves time and resources.

How Does Equitas Small Finance Bank FD Calculator Work?

A customer is required to enter the data requested by the Equitas Small Finance Bank FD calculator and click on the ‘Calculate’ button. Within minutes, the customer will know the maturity value and other information regarding their investment. This calculator is simple to operate, and anyone can handle it hassle-free. In addition, it is accessible on the company website to anyone. 

The table below gives a rough idea of the rates on interest offered by Equitas Small Finance Bank. These are the rates for domestic as well as NRI customers:

Tenure

Interest Rates

Annualized Yield

7 – 14 days

3.5

3.5

15 – 29 days

3.5

3.5

30 – 45 days

3.5

3.5

46 – 62 days

4

4

63 – 90 days

4

4

91 – 120 days

4.75

4.75

121 – 180 days

4.75

4.75

181 – 210 days

5.25

5.32

211 – 270 days

5.25

5.32

271 – 364 days

5.25

5.32

1 year to 18 months

6.35

6.5

18 months 1 day to 2 years

6.25

6.4

2 years 1 day 887 days

6.35

6.5

888 days

6.5

6.66

889 days to 3 years

6.35

6.5

3 years 1 day to 4 years

6.25

6.4

4 years 1 day to 5 years

6.25

6.4

5 years 1 day to 10 years

6.5

6.66

Simple Interest vs Compound Interest

In straightforward terms, interest can be explained as the amount of money that is added back to the principle that the customer invests. However, there are two types of interest that a customer might earn. 

The first is the simple interest which is calculated as follows:

I=p X n X r

Where; 

I = Interest

p= Principal

r= rate of interest 

This is usually the way interest is calculated for investments made for a period of fewer than 6 months.

The other type is compound interest, which is a bit more complicated. It is calculated as follows:

A = P (1+r/n) ^n*t

Where;

A = maturity amount

P = Principal

r = Rate of interest

n = Frequency of compounding 

t = Tenure of FD

Usually, investments made for 6 months or longer are compounded at the quarter of every financial year.

Compound interest provides more benefits to investors. It is advised larger sums of money be invested for an extended period to receive maximum benefits.

These calculations can help understand the process of using the Equitas Small Finance Bank FD Calculator.

Advantages of Equitas Small Finance Bank FD Calculator

Listed below are the benefits customers can gain from using the Equitas Small Finance Bank FD Calculator:

  • It instils the habit of financial discipline. Upon usage of the calculator, the customers will be able to develop the habit of saving regularly. This will help them to generate a large corpus.
  • It is hassle-free.  Using the calculator is relatively easy, and all the steps are self-explanatory.
  • It is free of cost. Therefore, there will be no additional charges that the customer has to bear to use this digital device.
  • It allows the customer the opportunity to make comparisons. For example, the customer can easily compare the rate of interest.
  • It can be operated from anywhere. Therefore, the customer may access this digital tool at any time of the day from anywhere at any time at his convenience.

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Written By: PolicyBazaar - Updated: 26 August 2021
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