How to Calculate your FD maturity Amount using an FD calculator
Just as you prefer a fixed deposit for its guaranteed returns, you may also want to know exactly how your finances will pan out during the next couple of years. Alternatively, you may be eager to create or revise your financial plan so as to suit your long-term or short-term goals. Irrespective of the reason, your need to plan your finances is justified. Adequate planning is the only way you can be financially ready to face any situation and live a financially healthy life.
To do so, use an FD calculator, which is an easy online tool that can help you bag the right FD offering, giving you your exact returns instantly.
The importance of an FD calculator
Using the FD Interest Calculator, you will be able to decide whether you want to invest in a bank FD or on an NBFC FD based on your earnings. While NBFCs offer better interest rates, all company FDs are not created equal. In fact, some are better than others. One such FD is the Fixed Deposit offered by Bajaj Finance. This FD offers you soaring FD interest rates of up to 8.75% on an FD offering interest at maturity started for at least 3 years.
Moreover, as a senior citizen, you can acquire an interest rate of up to 9.10% for the same scheme. Bajaj Finance also offers an additional increase of up to 0.25% upon renewal of your FD or for existing customers. You can also use the special tenor scheme to gain from a short tenor of 15 months that offers 0.25% interest higher than a 12-month FD. The best part? Bajaj Finance has an FD calculator that inputs the interest rate relevant to you, based on your customer profile, tenor and payout option.
The ease of using a Bajaj Finance FD calculator
Forecast your returns by following these simple steps:
● Log on to the Bajaj Finance FD calculator webpage.
● Select whether you will be opting for the special tenor scheme or not by clicking on yes or no.
● Select the customer type from a dropdown menu and specify whether you are a ‘new customer’, ‘senior citizen’ or ‘existing member of the Bajaj Finance family’.
● Choose your deposit option and decide whether you want to access the interest on maturity or at regular intervals.
● If you have chosen the regular interval option then, select your preferred payout frequency.
● The FD interest rate is automatically populated as per your inputs.
● Choose the amount you would like to invest.
● Select the period of tenor that you would like to invest for.
You will now be able to see the principal amount, maturity amount, and interest earned in the boxes under this section.
For instance, if you wish to invest a sum of Rs.50,000 for a tenor of 5 years:
● As a new customer, under the interest at maturity deposit option, the maturity amount you will receive is Rs.76,053 and your interest gained on the investment will be Rs.26,053.
● As an existing member of the Bajaj Finance family, for the same FD option, you will receive a maturity amount of Rs.76,931 and your earned interest will be Rs.26,931.
● As a senior citizen, for this FD option, your maturity amount will be Rs.77,285 and the interest you will earn will amount to Rs.27,285.
These amounts and results will vary if you select the special tenor scheme option or change your deposit option to interest at regular intervals.
If this simplicity and convenience has piqued your interest in the benefits offered by a Bajaj Finance FD, wait no more and bag the recently increased interest rates by filling out an application form within minutes. Invest in an FD today and build a brighter tomorrow!