Shriram Finance Fixed Deposit Calculator is perhaps the most suitable because it shows the exact amount that the depositor can expect at maturity. It is easy to use, reliable and gives accurate results in a few seconds. It can be found on the official site of the company and is free to use!
7.5%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Accuracy, reliability, and guarantee are the top priorities of every individual when it comes to money. The Shriram FD Calculator fulfils all of that. It is accurate because it uses an auto-calculator to calculate the interest amount. Therefore, when one looks for investing, the Shriram FD Calculator tells the exact amount that will be returned at the end of the investment tenure. This helps in making proper financial plans for the future.
When one invests money, he/she does it to either grow it or secure it. No one wants to lose it. The interest amount that the FD calculator shows is a guaranteed return along with the principal amount!
This tool offers a flexible range of options for choosing the investment amount and the investment time. The investment can range anywhere between 5K to 1CR, and the investment time can be anywhere between 12 to 60 months. This means that the investor can decide the amount and time that suits them best.
The easy-to-use interface of the calculator makes it user-friendly. It asks for just two things – the amount that the investor wants to invest and the time for which the amount will be invested. As soon as the numbers are entered, it calculates and displays both the cumulative and non-cumulative interest returns.
What are cumulative and non-cumulative interest returns? Once you invest a certain amount in an FD, you will get the interest at a certain rate which the bank or NBFC fixes. This rate differs from bank to bank and company to company. Cumulative interest return means that the interest amount is paid to the customer after the term period is over. Non-cumulative means that the interest amount is paid to the customer in certain intervals as chosen by the customer itself. The Shriram Finance Fixed Deposit Calculator has four options in the non-cumulative section – monthly, quarterly, half-yearly, and yearly. This means if a customer opts for the monthly scheme, then he/she will be getting the interest every month and similarly for other cases. It also shows the rate of interest for each case that is being applied. This upholds transparency as the customer knows everything before deciding to invest.
There are two methods of deciding interest – simple and compound. When simple interest is applied to a certain investing amount, it means that the interest will be earned on that principal amount only. On the other hand, compound interest is faster and hence, a better method to grow money. It is simply because applying compound interest means that the interest will be earned not only on the principal amount alone but also on the interest earned on that amount. Therefore, compound interest is always a smarter choice.
The formula for Simple Interest calculation is:
SI= (P*R*T )/ 100.
Here, P is the original amount of principal, R denotes the rate of interest, and T denotes the time.
The formula for Compound Interest calculation is:
CI= P(1+R/N) ^ (N*T).
Here, P is the Principal, T is the time, R is the rate of interest, and N is the number of times the rate of interest is applied.
Generally, simple interest is only used by banks when the investment time is less than 6 months. Any investment period above that uses the compound interest to decide its interest rate. This ensures an increased return, and hence, money grows faster, which is ultimately the goal of an investment. The Shriram FD Calculator also uses compound interest to decide its rates.
The following table shows the calculation of the Shriram Finance Fixed Deposit Calculator for an investment amount of 10k for a time of 12 months using the compound interest formula. This is the cumulative interest return rate.
Interest rate |
Interest Amount |
Final Amount |
7.01% |
INR 720 |
INR 10,720 |
The following table shows the non-cumulative interest return rate for the same amount and time:
Period |
Interest Rate |
Interest Amount |
Monthly |
7.01% |
INR 59 |
Quarterly |
7.06% |
INR 177 |
Half-yearly |
7.12% |
INR 357 |
Yearly |
7.25% |
INR 726 |
It is an extremely easy-to-use tool. One needs to visit the official site, and under the calculators' drop-down option, the Shriram FD Calculator can be found. It would ask the customer to enter the amount and the period. Within a fraction of seconds, the calculator would display the results. It is advised that the investor knows beforehand how much he/she wants to invest and for what amount of time. This would speed up the process and reduce confusion.
It can be used as many times as required. Hence, the investor can try a different combination of the variables. This will help in comparing, and it would be easy to choose between the different results. It shows both the cumulative and non-cumulative returns in one place, which makes it even more helpful.
If the customer is a senior citizen, then he/she needs to click on the senior citizen option. As it is known, the rate of interest for senior citizens is a bit higher than regular customers. Hence, it would show results accordingly.
The following table displays the calculations of the Shriram FD Calculator for an investment of 15k for 12 months using the compound interest formula under the senior citizen scheme. This is the cumulative interest return:
Interest Rate |
Interest Amount |
Final Amount |
7.41% |
INR 1,140 |
INR 16,140 |
The following table shows the non-cumulative interest return rate for the same amount and time under the senior citizen scheme:
Period |
Interest Rate |
Interest Amount |
Monthly |
7.41% |
INR 93 |
Quarterly |
7.46% |
INR 281 |
Half-yearly |
7.53% |
INR 566 |
Yearly |
7.67% |
INR 1,152 |
The Shriram FD Calculator is one of the best in the market as it has a wide range of advantages:
*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
A1. It means depositing a sum of money to secure it or grow it. It is one of the safest forms of investment with guaranteed returns.
A2. Yes, fixed deposits are ideal for beginners in the field of investment.
A3. They are tools provided by banks and NBFCs to calculate the fixed deposit returns concerning their institution only. They help customers compare between institutions so that they can select the ideal FD plan for themselves.
A4. The lowest amount that can be invested is 5k, and the highest amount that can be invested is 1cr.
A5. The minimum is 12 months, and the maximum is 60 months.
A6. They are safe. No risks are involved, money is kept secure, and promised returns are possible. They are the best way to save money. Customers with fixed deposits can also get tax reductions and loans against the amount deposited.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
**Tax benefit is subject to changes in tax laws. Standard T&C apply.