Many banks and NBFCs offer a term investment called Fixed Deposit. With these deposits, you can earn higher interest and increase your savings. The amount you invest in the FD is locked for a pre-decided period ranging between 7 to 10 years. You can use the FD calculator online to calculate the amount and interest you will get after the FD matures.
Importance of using an FD Calculator Online
- FD interest rate calculations are very time-consuming and hectic. The FD calculator online is an automated tool that does all the tough work. You have to provide the required values, and it will give you the desired results.
- Using the FD calculator online, you can plan your future investments as you can determine the return amount and interest you will get after the FD matures.
- The most important benefit of using this online calculator is that you can get accurate results in no time. Enter the deposit amount, duration, type of FD, and interest rate on your fixed deposit; the tool will do accurate calculations.
- You can compare the maturity amount you will get from that of different FD schemes offered by different banks and select the most profitable one. This will help you make better investments and gain high profits.
- The online FD calculator tool is free of cost. You can use it as often as possible and compare different deposit amounts with interest rates and duration.
Steps to Use FD Online Calculator
To use the FD calculator online, you have to follow these quick steps. You must enter the required values, and the FD calculator online will show the desired result.
- Firstly, choose the type of customer, either 60 years plus (senior citizens) or below 60 years.
- Now, select the type of FD, either cumulative or non-cumulative fixed deposit.
- Enter the amount you are planning to invest or have already invested.
- Finally, select the tenure for the deposit and the interest rate.
With this, the online FD calculator will do the required calculations and give you the interest and return the amount you will get once the FD matures.
Along with the fixed deposits, you can also determine RD interest rates. Recurring Deposits (RD) are also similar to FDs. In RD, you have to make monthly deposits, unlike FD, where you must invest the whole amount at once. Using an RD interest calculator, you can also calculate the amount you will get once your RD matures.
Why use the RD Interest Calculator?
An RD scheme is a continuing investment, so the returns on these deposits can sometimes be challenging to track. Variables are involved, and the interest is compounded quarterly, making the calculations difficult.
- With an RD interest calculator, you can avoid the hassle of manually calculating the returns. It also lets the investors know the amount they will get after the RD matures.
- Using this calculator, investors can plan their future finances by knowing the exact amount they will get from the investment.
- You can get accurate and error-free results for future financial planning.
- RD interest calculator is easy to use and has a very simple interface so everyone can calculate their interest amounts without any inconvenience.
Doing manual calculations to determine the FD return amount can be hectic and challenging as multiple variables are involved. To avoid this hassle, use the FD calculator online and do all your calculations quickly and accurately. This is a self-understandable FD calculator where you instantly have to put the required values and get the maturity amount that you will get after a specific duration.
We hope you have understood how you can use an FD calculator online to determine the return amount after the maturing of the fixed deposit. Apart from calculating the FD returns, you can also determine the return amounts on RD maturity using an RD interest calculator. The basic difference between FD and RD is that in the fixed deposit, you have to invest the whole amount in one go. But, in recurring deposits, investments are made in monthly instalments. So, choose the type of investment per your needs and be assured about the interest amounts you will get after the maturity of these deposits.