Indian Bank FD Calculator

Indian Bank FD Calculator is a digital tool to assist investors in chalking out a financial strategy in harmony with their financial objectives. Indian Bank offers a host of options in their Fixed Deposit range, usually referred to as Term Deposit.

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As the name suggests, the Term Deposit remains invested for a specified period to earn attractive interest rates depending on the chosen tenure. The Indian Bank Fixed Deposit Calculator provides the necessary impetus to design a product to the customer’s satisfaction. Moreover, it is available as a digital platform to be accessed anywhere and anytime at one’s convenience.

How Does an Indian Bank FD Calculator Work?

The Indian Bank Fixed Deposit Calculator is a versatile online tool designed to project future financials derived from a few essential information. However, it is easier said than done due to the FD variants offered by the bank. There are options to invest for cumulative benefits and receive the earned interest component every month or quarterly every 3 months. Investments are made in Tax Saver FD or in Recurring Deposit, which accumulates investment in monthly installments. It must be understood that the applied interest depends on the FD design stated above, providing either simple or compound interest based on tenure.

Accordingly, the outcome is readily obtained by inputting the amount, customer type – whether regular or senior citizen, type of the FD scheme, tenure, and the registration date. The Indian Bank FD Calculator picks up the relevant applicable interest rate based on the input and displays the outcome instantly.

Simple Interest vs. Compound Interest:

Indian Bank offers Fixed Deposit products in different flavours to cater to individual customer preferences. FD is a broad term encompassing all Term Deposits providing fixed tenures ranging from 7 days to 10 years. There is Money Multiplier, Recurring, Fixed, with monthly or quarterly interest payout, Tax Saver, and Short Deposits for this range. The names suggest their fundamental nature but may have different regimes of simple and compound interest applications.

As a thumb rule, the Indian Bank FD Calculator computes simple interest for product tenures not exceeding 180 days while it is quarterly compounding for the others. It is important to remember that the interest rates are reviewed periodically and revised. However, the revised rates are applied to the new deposits and do not impact the existing FDs. However, what is simple and compound interest in the first place? Let us find out:

  • Simple Interest: It is a straightforward calculation of interest payable on the invested amount, called the principal. While the interest is applied, the principal remains constant, signifying that the interest amount is also constant. The following formula calculates the simple interest.

SI = PxNxR/100 (The variables used are SI = simple interest, P = principal, N = tenure, and R = interest rate)  

  • Compound Interest: It is more complex as the principal changes on every occasion when interest is applied. In simple words, the compounding principle translates into interest paid on the already accrued interest added to the previous principal. Thus, the incremental interest accrual is paid as the cumulative maturity value on the tenure’s expiry. The Indian Bank FD Calculator uses the following formula for calculation:

MA = P (1+ R/N) ^ N*T (The variables used are MA = maturity sum, P = principal, R = interest rate, N = interest application frequency in a year, and T = tenure)

After learning the intricacies of the interest application, let us now check the Indian Bank FD Calculator interest rates.

Grid No. 1:

Domestic and NRE interest Rate w.e.f. 05/02/2021 (% PA)

Deposit Term

Less than Rs 2 Crore

Rs 2 Crore to Rs 5 Crore

7 d to 45 d

2.90

2.90

46 d to 90 d

3.25

2.90

91 d to 180 d

3.95

2.90

181 d to < 12 m

4.40

3.25

1 y

5.00

3.55

1 y to < 3 y

5.10

3.25

3 y to < 5 y

5.25

3.25

5 y

5.25

3.25

Above 5 y

5.15

3.25

Legend

d is days, m is month, and y is years

In the above grid, the preferential rates applicable to Senior Citizens have not been described. Suffice to say, they are eligible for a higher interest by 50 basis points over the card rate. Special rates have been provided to the Senior Citizens over and above the special rate, and an additional rate for the Super Senior Citizens over 80 years in age.

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

Grid No. 2:

Domestic  Interest Rate as of  14/05/2021 (% PA) for Bulk Deposits

Deposit Term

Rs 5 Crore to < Rs 25 Crore

Rs 25 Crore to < Rs 100 Crore

Rs 100 Crore to < Rs 500

Rs 500 Crore and above

7 d to 45 d

3.00

3.00

3.00

3.00

46 d to 90 d

3.00

3.00

3.00

3.00

91 d to 180 d

3.10

3.10

3.10

3.10

181 d to < 12 m

3.20

3.20

3.20

3.20

1 y

3.50

3.50

3.50

3.50

1 y to < 3 y

3.50

3.50

3.50

3.50

3 y to < 5 y

3.50

3.50

3.50

3.50

5 y

3.50

3.50

3.50

3.50

Above 5 y

3.50

3.50

3.50

3.50

Legend

D is days, m is month, and y is years

Grid no. 2 describes the interest rates applicable for bulk deposits. It is only of theoretical value as these rates are quoted by the Indian bank’s Treasury on a day-to-day basis.

FD interest have fallen consistently over the last 5 years.
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How to Use Policybazaar Indian Bank FD Calculator?

We are already aware that the Indian Bank Fixed Deposit Calculator is available at the bank’s official portal and a host of aggregators. PolicyBazaar is significant among them. The basic principle driving the calculator is uniform across all the facilitators. The cardinal factors essential for the calculator to function are the customer type, deposit type, investment amount, and tenure. The PolicyBazaar portal has an additional field to choose from, the bank name. The aggregator caters to almost all the banks operating in India. The following steps are enough to obtain the desired output.

  • Select the bank from the dropdown list.
  • Choose the type of customer from existing, new, and Senior Citizens.
  • Enter the proposed investment amount.
  • Input the desired tenure, which can be a day, month, and year.

After the mandatory fields are filled, a single tap at the calculate button displays the maturity value and the interest rate and component. The Indian Bank FD Calculator picks up the applicable rate automatically to calculate the outcome.

Advantages of using the Fixed Deposit Calculator:

The primary function of the Indian Bank FD Calculator is to assess the future financials for the proposed investment and match it with the objectives. The investor can try out different permutations and combinations to design the customized FD matching with the individual needs. The following advantages are worth recalling.

  • It is a versatile, user-friendly tool readily available 24/7 for use at convenience.
  • The service is free, and the investor can use the tool multiple times till satisfied.
  • The output displays the maturity sum and the applied interest rate.
  • The figures help in financial planning for optimum gains.
  • TheIndian Bank FD Calculator is fast and accurate, saving hours of manual toil for obtaining similar results.

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

FAQs:

Written By: PolicyBazaar - Updated: 14 October 2021

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