An FD Calculator is a popular online tool that helps you estimate the interest earned and the total maturity amount from your fixed deposit (FD) investments. The fixed deposit calculator is a fast and simple method to compare the potential returns for multiple fixed deposit tenures and at different FD interest rates. In this article, we will explain the use of the FD interest calculator and how it helps you choose the best fixed deposit schemes in 2023.
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The FD Calculator is an online tool that helps you plan your fixed deposit (FD) investments. It allows you to compute the future value of your maturity returns earned from the best FD interest rates in India. Various banks and financial institutions offer attractive FD rates on your fixed deposit investment options.
The FD calculator 2023 considers the following factors to provide an output:
Tenure of FD (number of years you want to stay invested)
Principal Amount of Investment
Type of Fixed Deposit Scheme
Fixed Deposit Interest Rates
An FD interest calculator helps you simplify the process of growing your investments and secure a stable return on your investment plans.
The FD Calculator 2023 makes it fast and easy to estimate your fixed deposit interest amount even before opening an FD account.
Follow the 3 simple steps to calculate the FD returns online using the Policybazaar FD Interest Rates Calculator:
Step 1: Open the Policybazaar FD Calculator on the official website.
Step 2: Adjust the following details as per your choice:
The Principal amount you want to invest
Rate of interest
The number of years of investment (Tenure)
Step 3: The Fixed Deposit interest calculator will suggest your expected interest and related maturity returns.
Fixed Deposit interest calculation in a FD Calculator follows the two ways:
Simple Interest Calculation in an FD
Compound Interest Calculation in an FD
Let us have a look at both methods in the sections below.
Illustration of Simple Interest Calculations in an FD Calculator:
If the particulars of your FD plan are as follows:
Principal amount (P) = Rs. 1.5 lakhs
Period of FD investment (t) = 6 years
Rate of interest for the tenure (r) = 6.50% p.a.
Interest earned on deposits (SI)
SI = 1,50,000 × 0.065 × 6
SI= 1,50,000 × .39
SI = Rs. 58,500 (approx.)
Maturity Amount= 1,50,000+ 58,500
= Rs. 2,08,500
Illustration of Compound Interest Calculations in an FD Calculator:
If the particulars of your FD plan are the same as above and the interest is compounded quarterly, then the compound interest calculation will be as follows:
Maturity Amount (A)
A = 1,50,000 (1+ 0.065/4)^ (4×6)
A = 1,50,000 (1.4723)
A = Rs. 2,20,853 (approx.)
Compound Interest (CI) = Rs. 2,20,853 - Rs. 1,50,000
CI = Rs. 3,70,853
Listed below are some of the major benefits of using FD Interest Calculator 2023:
Time-Saving: Policybazaar FD calculator is fast and easy to make interest return calculations.
Accuracy: You can make error-free fixed deposit interest calculations using an online FD calculator 2023.
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 2023 makes it easy for you to decide the best FD schemes along with the ideal maturity amount.
Flexibility and Efficiency: Fixed deposit calculator 2023 is the most efficient tool to calculate the periodic interest on your Fixed Deposit account deposits at varying tenures and amounts
People Also Read: Which Bank has the Highest Interest Rate for Fixed Deposit?
A fixed deposit interest calculator is a useful tool that helps you accurately calculate the interest earned and total returns on your FD investments. It saves your time by comparing interest rates with flexibility in calculating the returns. The use of the FD interest calculator 2023 is an efficient way to plan your investments.
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Generally, most banks offer 0.5% additional interest rates to senior citizens aged 60 years and above. But, when it comes to SBI’s Wecare Fixed Deposit Scheme, the interest rate offered to senior citizens is up to 0.80%.
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Fixed Deposits are hugely popular amongst the masses because they are safe, government-backed, and offer guaranteed returns to their customers for decades. FDs for senior citizens are considered one of the best options for future security. The payouts are made monthly, quarterly, semi-annually, and annually based on the requirement.
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After the hike in repo rates by the Reserve Bank of India recently by 140 points, many banks, and financial institutions have raised their interest rates. This rise in interest rate has brought a sigh of relief for the depositors, especially the senior citizens and retirees dependent on FD income.
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A new interest rate revision has been made on FDs below Rs. 2 crores for the Equitas Small Finance Bank, effective from 8th September 2022. The new rates range from 3.50% to 7.25% for a tenure of 7 days to 10 years, respectively.
New FD Rules Introduced by RBI: Less Interest If Left Unclaimed!
08 September 2022
The Reserve Bank of India has introduced a new amendment for the interest rates on overdue FDs. After the recent modification of the interest rates in both private and government sector banks and financial institutions, the interest rates have been reduced on overdue or unclaimed FDs.
SBI Multi Option Deposit Scheme: Withdraw Anytime Without Paying Penalty!
07 September 2022
In general, investors who withdraw their FD before the maturity date are bound to pay the penalty. State Bank of India has come up with SBI's Multi Option Deposit Scheme, wherein investors can withdraw whenever they wish to without any penalties levied.
Rise in FD Interest Rates for NRIs: Yes Bank
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Due to the monetary policy tightening, the RBI has temporarily allowed banks to raise their interest rates on deposits and loans. Yes Bank FD Rates has recently increased for NREs (Non-Resident Externals) and NRIs (Non-Resident Indians) by 50 to 75 basis points.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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