How to Use Axis FD Calculator for Smart Investments?
Ever caught yourself wondering, “If I lock away my savings now, what will it grow into a few years down the line?” Well, good news – you do not need to have a crystal ball or a fortune teller to find out. Thanks to simple online tools like the Axis FD Calculator, working out your fixed deposit returns is easier than ever. This online handy calculator gives you a clear estimate of the interest you will earn as well as the final maturity amount that you can get based on your total deposit and tenure. No complicated jargon, no fiddling with formulas, and no old spreadsheets needed.
So, whether you are saving up for a new bike, your dream overseas vacation, or just want to grow your money in the background, understanding how your fixed deposits can grow is undoubtedly a smart decision. In this article, we will go over what an Axis FD calculator is and how you can make smart decisions with this handy online tool.
What is the Axis FD Calculator?
The Axis FD calculator is an easy-to-use online tool provided by Axis Bank. This calculator helps you calculate the maturity amount and total interest that you will earn on your fixed deposit investment. All you need to do is punch in a few details, and the online tool will do the rest for you, showing you exactly how much you will pocket when your fixed deposit matures. Think of it like having a finance assistant whom you can rely on when looking to get a fixed deposit investment.
How do You Use the Axis FD Calculator?
Here is a step-by-step guide on how to use the Axis FD calculator:
- Head over to the Axis FD calculator website.
- Choose the type of customer you are – normal or senior citizen. Senior customers enjoy a higher rate of interest on their fixed deposit.
- Pick the type of fixed deposit that you will be making – reinvestment, quarterly payout, monthly payout or short-term deposit.
- Enter the amount you wish to deposit. Whether it is Rs. 5000 or Rs. 2 lakhs, the calculator will process the returns accordingly.
- Choose your preferred fixed deposit tenure. This will affect your rate of interest, so choose wisely.
- The calculator will display your estimated maturity amount, maturity date, aggregate interest amount and total interest earned.
- You can click on “Open FD” to explore more fixed deposit options.
And that’s it – no complicated stuff involved. Here’s a quick example:
Let’s say you are planning to invest Rs. 50,000 for 3 years in an Axis Bank fixed deposit. Plugging this into the Axis FD calculator with a 6.90% rate of interest will show you a maturity value of Rs. 61,391 with a total interest amount of Rs. 11,391.
This allows you to instantly see if your investment matches your plans, whether it’s funding your dream trip to Ladakh or upgrading to that shiny new smartphone. If not, you can look for other investment options that can help you achieve your goals in time.
Things to Keep in Mind
Here are some things you need to remember when using the Axis FD calculator:
1. Interest rates change over time:
Banks revise interest rates on fixed deposits based on RBI policies and other market conditions. So, it is recommended to double-check the latest rates on the fixed deposit you are planning to invest in.
2. Type of FD matters:
Senior citizens enjoy a much higher interest rate on fixed deposits than young customers. So, if you are above the age of 60, you should go for a senior citizen FD to maximise your earnings.
3. Premature withdrawals:
The calculator shows you the total amount that you will receive after your FD has matured. But if you decide to break your FD before that, your actual returns may differ.
4. Tax implications:
Interest that you earn from fixed deposits is taxable. This calculator provides you with the gross amount that you will receive, so factor in taxes while planning your total returns.
Author Bio
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 21 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.
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