A fixed deposit lets investors deposit a fixed sum of money for a predetermined period. It earns interest till maturity at an interest rate that is already promised to the investor. You don’t need to worry about fluctuating market conditions as an FD grows at the same interest rate at which it was booked at.
To know how much amount you will be receiving upon completion of the fixed deposit tenor, you can use an FD calculator. It is an online tool that tells you the interest gains and returns that you will receive from an FD before you invest in it. Therefore, every individual who is interested in opening a fixed deposit account should know how to use the fixed deposit calculator. If you want to learn how to calculate the maturity amount, you will need to follow the process listed below:
Step 1: The fixed deposit rates determine your returns at maturity. You will know the interest rate that an FD plan offers only after entering values like principal amount and tenor in an FD calculator. Before entering these values you will also need to select your customer category i.e. the type of customer that you are to a bank or finance company.
For example, if your age is above 60 then you are a senior citizen and therefore, you will need to select the category that is meant for senior citizens.
Step 2: Once you confirm your customer category and enter the FD amount and tenor, you will need to confirm whether you are investing in a cumulative or non-cumulative FD because the interest rate, interest payout options, and final maturity amount will vary as per your choice.
Step 3: Now you can press the ‘Calculate’ button by clicking on it once and the calculator will reveal the interest and maturity amount immediately.
It is quite obvious that the fixed deposit plans offer higher returns only if the interest rate is impressive. To find which financier provides the highest FD interest rate, you can use the FD calculators that will be given on their respective websites. One of the best FD plans in the market is the one that is provided by Bajaj Finance. Its FD plans excel when it comes to FD rates as you will get the highest FD rate of up to 7.25% here. Apart from this, you will be receiving these perks and facilities when you deposit in its FD plans:
Bajaj Finance provides a paperless i.e. online procedure for FD investments. You can visit their website and fill the online FD form to invest in a fixed deposit scheme. Get your documents verified online, enjoy the seamless online procedure, and even get a 0.10% additional FD rate for opting for the paperless procedure!
The option of opening multiple FD plans at once and that also with a single cheque gives you the option of laddering your deposits easily. Even the tenor, FD type, and amount can vary for each of the FDs that you open by utilizing this feature.
Investing in multiple FDs will enable you to invest at a better FD rate in the future and also provides multiple liquidity points that can come in handy during a financial emergency.
After investing in these FD plans, you can also opt for a loan against them. The sanctioned loan amount will depend upon the deposit value as up to 75% of the FD value is provided as a loan. You can apply for this loan whenever you need funds immediately as no collateral is required for it.
As you already know the deposit amount, interest rate, and tenor before depositing in a fixed deposit plan, it is quite easy to calculate the amount that you will receive as an interest at maturity. If you have chosen the non-cumulative FD, you will get the interest payout after every month, quarter, or year as per your requirements, or else the whole interest will be paid at maturity. If you want to invest in high-return investments then you can think of Bajaj Finance FD as it offers a high FD rate and hassle-free online investment procedure.
Not only that, you will get a 0.10% additional FD rate for using the online investment process and a 0.25% extra FD rate is provided to senior citizens. The multi-deposit facility from Bajaj Finance enables you to ladder your deposits easily and you can avail a loan against your deposits whenever you need funds immediately, All these features and perks make it a high-paying and flexible investment option for you.