SBI Fixed Deposit (FD) Interest Calculator

Fixed deposit or FD is a risk-free investment scheme offered by different banks, including the SBI. A person can invest his/ her savings in an SBI FD account to earn attractive interest until maturity. The interest of an SBI fixed deposit can be calculated monthly, quarterly, semi-annually and annually. Moreover, the State Bank of India provides higher FD rates to senior citizens as compared to the general public.

How Can SBI Fixed Deposit Calculator Help?

SBI offers a range of fixed deposit schemes to their customers. The applicant should invest in an FD scheme that best suits their investment purpose and maturity goals. The FD rate of interests varies according to the maturity period selected. The SBI offers fixed deposits for a minimum tenure of 7 days to a maximum of 10 years. An SBI FD interest calculator can be helpful for an investor in the following ways:

• Estimate Maturity Amount - An SBI fixed deposit calculator helps a person to get an idea of the maturity amount they will get at the end of their FD tenure. This helps them to choose the FD scheme that provides a maturity amount closest to their expectations.
• Determine FD Tenure - It can help a person to ascertain which FD tenure is most beneficial for them. They can use the SBI FD interest rates calculator to determine which FD tenure will help them earn the maximum returns.
• Plan Investment Goals - It helps them to easily plan their short-term as well as long-term investment goals. They can check the maturity amount for various tenures using the calculator and decide which scheme helps them to achieve their investment goals.
• Greater Accuracy - The results of an SBI fixed deposit interest calculator is more accurate than manual calculations. Thus, it helps you to get a more accurate idea of the maturity amount so that you can invest in an FD accordingly.
• Saves Time - A person can save a lot of time by using an SBI interest rates FD calculator as you don’t have to visit the Bank to find out the maturity amount.

An SBI FD rates calculator uses a formula to calculate the maturity amount for a fixed deposit. The formula is as follows:

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

where ‘A’ refers to the maturity amount that you get at the end of the FD tenure,

‘P’ refers to the investment amount,

‘r’ refers to the applicable SBI FD rate of interest,

‘n’ refers to the frequency of interest calculation or the number of times the interest is calculated and

‘t’ refers to the FD tenure.

Please note that 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.

For example: A person wants to invest Rs 1 lakh in a State Bank of India FD account for 3 years at an interest rate of 7% compounded half-yearly. In this case,

P = Rs 1 lakh

r = 7%

n = 2

T = 3

Therefore, if you apply the formula, it comes to A = 1,00,000 (1+7%/2)^2*3, the maturity amount equals to Rs 1,22,925 at the end of 3 years.

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Simple Interest vs. Compound Interest

The interest on an SBI fixed deposit amount can be calculated in two ways - simple interest and compound interest. Take a look at the differences between simple interest and compound interest:

The SBI fixed deposit interest rate calculator can be used effortlessly on policybazaar.com. All you need to do is follow the procedure given below to use an SBI Bank FD calculator:

• Login to policybazaar.com
• Go to the SBI FD calculator
• Enter the amount you want to invest
• Fill in the FD tenure and the applicable SBI FD rates
• Choose if you are a senior citizen or not
• Submit the details by clicking on ‘Calculate’
• The maturity amount that you will earn on your FD amount will be shown

The SBI FD interest rates calculator comes with the following benefits:

• It allows a person to know the maturity amount that he/ she will get if they invest in a fixed deposit by SBI.
• It helps a person to easily plan their investment portfolio.
• The tool helps a person to compare different FDs with SBI as well as of different banks and choose the FD scheme he/ she wants to invest in.
• The SBI FD interest calculator is easy to use and can be used by everyone.
• It is an online tool and hence, can be used anytime anywhere.
• FD calculator tool can be used free of cost.

SBI Fixed Deposit Calculator - FAQs