Find your suitable insurance plan
205
6 min read
Updated on Apr 27, 2023
Let us understand in this post all about Online Fixed Deposit (FD) Calculator in India starting with the meaning of FD.
FD is an investment option that allows an investor to invest a particular fund/capital for a fixed tenure to earn good returns at a fixed rate of interest. To achieve their financial goal, an investor must consider a maturity amount along with selecting the duration and compounding period of FD to get the desirable interest rate on the investment.
Computing the maturity amount manually might not result in getting the exact value that can be earned. Hence, it is better to use an FD Calculator for precise evaluation of the maturity amount. The tenure of the FD can range from 7 days minimum to up to 10 years.
The FD Calculator is a tool that is used to compute the rate of interest on a FD before planning to invest in the fund. It is recommended to know the precise interest rate you are likely to earn on the FD before putting the sum in the fund. This way you will come to know the exact maturity money you would receive for a particular tenure and at the particular interest rate paid during the tenure of the FD.
To check the return that is earned on the principal amount that you invest, you must calculate the amount of compound interest. The compound interest involves several calculations which are of complex nature. These complex calculations are difficult to get done manually. And hence you need to use the online FD calculator for doing calculations smoothly.
The online FD Calculator is a user-friendly tool where you submit information such as the deposit amount of FD, the tenure of the FD, as well as the interest rate of the FD offered by the financial institution, to know the maturity amount.
The online FD calculator computes the maturity online and gives you the result in no time. Hence, it makes your decision to invest the correct amount so that you can earn the desired return on your FD.
To use the Paybima FD maturity calculator, you need to submit some details in the tool. You can calculate the maturity amount of your FD as many times as possible so that you can choose the desired returns. This is a tool that is very easy to use and offers results that are almost accurate.
Below are the steps to follow to use the online FD interest calculator to get your desired interest rates:
An FD amount can be calculated manually to get the maturity amount. However, it is a very cumbersome process and may offer inaccurate results. Thus, investors these days generally use online FD calculators to avail precise figures by submitting a few basic details.
The formula used by the calculator to calculate FDs simple interest rate:
M = P + (P X R X T/100)
Here,
For instance:
Assume an investor invests INR 1 lakh at 6% rate of interest for a duration of 1 year on yearly compounding frequency. So, as per the formula, the calculation is going to be;
1,06,000 = 1,00,000+ (1,00000 X 6X 1) /100
Here’s the formula to compute compound interest:
M = P + P ((1+ I/100) T – 1)
Here’s an example; for instance, take the value of M = 1,34,686. So as per the formula;
1,34,686 = 1,00,000 + 1,00,000 ((1+6/100) 5 -1)
Here are some benefits of using FD calculators:
An FD calculator is a freely available online tool that offers correct details of FD maturity value. Here, you can choose one of the two approaches available in this regard. They are;
These two approaches can be used to find the right investment amount that should be invested to get the desired maturity value.
To Sum Up
From the above discussion, we can see that there are several benefits of an FD tax calculator. The tool provides valuable information related to your FD maturity, which would otherwise take a lot of time to compute manually.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
View this post on Instagram
Yes, in India you can get an FD done for the shortest tenure of 7 days to up to 10 years depending on your choice and requirement.
The interest earned monthly on your FD amount can be calculated by multiplying the FD interest rate with the principal amount and tenure, and dividing it by 12. You can simply use a FD monthly payout calculator to do the calculations.
Yes, if the investor has deposited the money in an FD fund at simple interest, the interest earned can be withdrawn on a monthly basis.
People who are risk-averse or investors who want to earn interest on their idle funds are best suited for FD investment. You can use a bank FD calculator to compute the maturity amount.
The maturity value of an FD is the sum of the principal amount invested and the interest income earned on the amount.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
An overview of LIC’s popular comprehensive insurance policy - Jeevan Saral - its benefits to the policyholder, and its special feature - the maturity calculator.
May 25, 2023
6 min read 
Everything you need to know about the YSR Pension Kanuka scheme, the eligibility requirements to apply, the benefits of the plan, and the different types.
May 22, 2023 6 min read 
Jeevan Saral Plan comes from the house of LIC, Life Insurance Corporation of India. Also, referred to as Plan 165, Jeevan Saral Policy is one.
May 22, 2023 6 min read 
LIC is one of the most trusted and reliable public sector insurance companies in India. The company has been serving customers with their varied insurance.
May 17, 2023 6 min read 
Unless you have planned well for your life after retirement, you may have to face a financial crunch in your old age. Let us take.
May 17, 2023 6 min read 
If you are willing to invest in market linked plans, there are two ways to do so. One is through single lump sum payment and.
May 16, 2023 6 min read 
FDs or Fixed Deposits are among the safest kinds of investments that anyone can rely on. FDs for senior citizens is the best option for.
May 15, 2023 6 min read 
HRA or House Rent Allowance is a part of a salary compensation offered by organizations to their employees above their basic salary. This post will.
May 15, 2023 6 min read 
India is one of the countries with the biggest number of banks and financial institutions in the world. One such progressive bank, the Karnataka bank,.
May 12, 2023 6 min read 
Calculators are used to calculate premiums, interest rates and other important aspects related to insurance and investments. Let us take a look at the FD.
May 12, 2023 6 min read 
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back