By rapidly calculating the maturity amount for any fixed deposit plan, a fixed deposit calculator may assist you in making an educated investment choice. Upon selecting a fixed deposit plan, you need to input a few factors: the fixed deposit amount, interest rate, and duration. The FD calculator will automatically calculate the highest FD rates in India.
Top Fixed Deposit Interest Rates at Banks
Before deciding on a fixed deposit plan, you should evaluate the interest rates given by several financial institutions. It will guarantee that you get the most satisfactory possible results. Here’s a glance at the annual interest rates offered by India’s leading banks.
Top Fixed Deposit Interest Rates from NBFCs
Fixed deposit programs are also available from Non-Banking Finance Companies (NBFCs). Before you make an FD investment, examine the rates of NBFCs as well, since they may offer more excellent interest rates than banks. Here is a table with the annual interest rates of the most prominent NBFCs:
When investing in a fixed deposit, the three most significant factors to examine are:
- The interest rate.
- The stability of the bank/NBFC supplying the FD.
- The lock-in duration.
As shown in the tables above, Bajaj Finance has the highest interest rates (as high as 7.60 per cent) of the three mentioned, allowing you to get the best return on your investment. It is also one of the most highly-rated investments, with CRISIL’s FAAA/Stable rating and ICRA’s MAAA (Stable) rating. Sundaram Finance and LIC Housing Finance also provide comparable FDs but at somewhat lower interest rates. The market offers a plethora of FDs with varying interest rates, tenures, and lock-in periods. Before investing in any FD that meets your needs and expectations, thoroughly examine the terms and conditions.Manually calculating your maturity amount might be complicated and time-consuming. Get to know about the highest FD rates in India
How Does an FD Calculator Work?
Look no further if you’re wondering how to utilize the FD calculator. Here are the simple actions that you must take:
Enter the amount of your deposit.
Set the investment horizon.
Select an interest rate using the tables given above as a guide.
Choose your preferred interest rate from the drop-down menu (Yearly, Monthly, Quarterly, Half-Yearly)
The FD interest calculator will now show the maturity amount and the interest collected in real-time.
How is the interest on a fixed deposit calculated?
There are two kinds of FDs: simple interest FDs and fixed interest FDs. For basic interest FD computation, the FD return calculator employs the following mathematical formula:
P + (P x r x t/100) = M
where P is the principal amount deposited, and
R is the annual interest rate, and t is the tenor in years.
For example, if you deposit Rs. 1,000,000 for 5 years at 10% interest, the calculation is as follows: M= Rs. 1,000,000 + (1,000,000 x 10 x 5/100) = Rs. 150,000
The fixed deposit interest rate calculator uses the following formula for compound interest FD:
M= P + P {(1 + i/100) t – 1};
If P represents the principal amount,
I am the interest rate per period, and
Using the variables of an Rs. 1,00,000 FD for 5 years at 10% interest, the equation is as follows: 1,00,000 ((1+10/100)5-1= Rs. 1,61,051). Similarly, you may look at the monthly interest generated for one year, five years, or any other tenor.
What Can an FD Calculator Do for You?
Manually calculating your maturity amount might be complicated and time-consuming. Get to know about the highest FD rates in India. Here are some advantages of using an online FD maturity calculator:
Simple to use and comprehend: Utilizing a fixed deposit calculator is simple. Input the appropriate criteria to find out your maturity amount right now.
Compare multiple FDs: Using the bank FD calculator, you may compare numerous FDs and choose the one that best meets your investment and financial objectives.
Identifying competitive interest rates: The FD interest rate calculator will assist you in determining the most competitive interest rates available across different fixed deposit plans. You may then make an informed judgment about your FD investment.
Simple online procedure: The Fixed Deposit is FD full form which uses an interest calculator that may be used at any time and from any location to know about the highest FD rates in India. It would help if you were no expert in mathematics or financial computations. The computation is rapid and accurate as you input the essential factors, such as tenor, FD amount, and interest rate Before deciding on a fixed deposit plan, you should evaluate the interest rates given by several financial institutions. It will guarantee that you get the most satisfactory possible results. Here’s a glance at the annual interest rates offered by India’s leading banks.
The market offers a plethora of FDs with varying interest rates, tenures, and lock-in periods. Before investing in any FD that meets your needs and expectations, thoroughly examine the terms and conditions.
