SBI FD Calculator

What is an SBI FD Calculator?

The SBI FD calculator is highly useful for accurately determining the potential returns on your fixed deposit. By factoring in your total investment amount, SBI FD interest rates, and duration. The FD calculator is useful for planning with special schemes like the SBI Amrit Vrishti Scheme 444 Days FD, SBI Green Rupee Term Deposit, and SBI Wecare (for senior citizens), as it helps you with higher interest rates and boosts your maturity amount to get the maximum returns.

How Does the SBI FD Calculator Work?

The SBI FD Calculator takes five variables into account to project the probable maturity amount of your FD investments.

Note: The value of 'n' is '1' if the interest is compounded annually, '2' if compounded half-yearly, '4' if compounded quarterly, and '12' if compounded monthly.

Understanding SBI FD Returns Calculation with Examples

Example 1:

Let's say, Amit Sharma, 65 years old, wants to invest ₹6,00,000 in a fixed deposit for 5 years at 7.05% annual interest compounded yearly. Now, how much interest will he get in return?

Investment amount (P) = ₹6,00,000

Applicable FD Interest Rate (r) = 7.05%

Number of times interest is compounded (n) = 1

FD Tenure (t) = 5 years

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

Hence, A = 6,00,000 (1 + 7.05/1) ^ 1*5

The final amount Amit will get after FD maturity will be:

Total Investment: ₹6,00,000

Interest Earned: ₹2,43,499.07

Maturity Amount: ₹8,43,499.07

Important: The 5-year lock-in period under Section 80C of the Income Tax Act. It is a feature of tax-saving FDs to qualify for a tax deduction. The TDS rules apply to all FDs; however, senior citizens receive special benefits. In addition to higher SBI Senior Citizens FD rates, they also have a higher TDS exemption limit of ₹1,00,000 on interest earned annually, which means no tax will be deducted at source from Amit’s investment. 

Example 2:

Let’s understand with another example, Suraj Singh, 45 years old, a general citizen, wants to invest ₹1,00,000 in a Fixed deposit for 1 year at 6.25% per annum. 

Investment amount (P) = ₹1,00,000

Applicable FD Interest Rate (r) = 6.25%

Number of times interest is compounded (n) = 1

FD Tenure (t) = 1 year

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

Hence, A=1,00,000×(1.0625)=1,06,250

The final amount Amit will get after FD maturity will be:

Total Investment: ₹1,00,000

Interest Earned: ₹6,250

Maturity Amount: ₹₹1,06,250

How to Use the SBI FD Calculator

The SBI FD calculator is a handy tool that helps you quickly estimate your FD's maturity value and the interest you'll earn. Just follow these easy steps:

• Step 1: Open the Calculator: Open the SBI FD calculator on an authorised insurance platform.
• Step 2: Enter the Deposit Amount: Enter the information asked:

Investment amount

Rate of Interest (Yearly)

Time Period

• Step 3: Click "Calculate": Once all the details are entered, click the "Calculate" button.
• Step 4: Adjust the values to explore different possibilities and choose the combination that suits your long-term financial plan.

Advantages of the Policybazaar SBI FD Calculator

The advantages offered by the Policybazaar SBI FD Calculator are:

1. Accurate Maturity Amount:

   The Policybazaar SBI FD Calculator helps you get an idea of the maturity amount you will get at the end of your FD tenure. This helps you to choose the FD scheme that provides a maturity amount closest to your expectations.

2. Know the Tenure You Should Choose:

   The Policybazaar FD calculator can help you ascertain which FD tenure is most beneficial. You can use the SBI FD interest rates calculator to determine which FD tenure will help you earn the maximum returns.

3. Align with Your Investment Goals:

   It also helps you to easily plan your short-term as well as long-term investment goals. You can check the maturity amount for various tenures using the Policybazaar SBI FD calculator and decide which scheme will help you achieve your investment goals.

4. Ensure Calculation Accuracy:

   The fixed deposit calculator provides results that are far more accurate than manual calculations. It removes the possibility of human error, giving you a precise estimate of your maturity amount. This reliability allows you to make more confident and informed investment decisions.

5. Smart Financial Tool: 

   You can save a lot of time by using the SBI FD Calculator, as you don’t have to visit the Bank to find out the maturity amount; you can easily find it on the Policybazaar SBI FD Calculator Page. 

Wrapping Up

The SBI FD Calculator is a convenient online calculator that will help you precisely calculate the maturity amount and interest income from your SBI fixed deposits. All you need to do is key in the amount of money you have invested, the interest rate, and the tenure, and it will give you the correct results. Using this FD calculator tool, you can plan your short- and long-term investments to earn assured returns. The SBI FD calculator also gives you an idea about tax benefits on eligible deposits and TDS on interest earned.