Equitas Small Finance Bank Fixed Deposit (FD) Interest Calculator

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:

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.

Try our SIP Calculator to complement your SIP strategy.

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 FD 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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