Bajaj Finance offers an online Fixed Deposit calculator for calculating the interest earned from a fixed deposit scheme. When you enter the details of your deposit and the applicable interest rate, the calculator quickly calculates the amount payable at maturity and also the interest earned over the period.
How the FD calculator works?
The calculator is an online tool which works using the details of the fixed deposit that you have selected and entered into the calculator. To get the results from the calculator you have to enter the following details –
- The amount of deposit that you want to invest
- The term for which you want to hold the deposit
- The applicable rate of interest on the chosen amount and tenure as specified by the financial institution
Calculating fixed deposit amount
You can calculate the fixed deposit amount either using Bajaj Finance’s calculator or through a mathematical formula. The formula for calculating the amount is as follows –
Amount = P (1+R/100) ^N, where,
P = the principal amount deposited
R = rate of interest applicable on the deposit
N = the tenure of deposit
Instead of using this formula, you can easily calculate the amount instantly using the online calculator by providing the three details of the deposit.
Points to note when using FD calculator
- Fixed deposits might allow you simple or compound rate of interest. The calculation of the amount would depend on the type of interest rate offered
- The interest might be calculated and added to the deposit half-yearly or quarterly rather than annually. The formula for calculation would change in such cases. You can, simply, choose the mode of interest calculation on the FD calculator and the correct amount would be displayed
Benefits of using FD calculator
The benefits of using the FD calculator are many. These include the following –
- You don’t have to do elaborate calculations to find out the returns promised by the fixed deposit. The calculation is done instantly through the calculator
- The calculator is flexible and can be used to calculate the amounts for different combinations of deposit amount, tenure and interest rate
- You can also see the returns promised by the fixed deposit instantly
So, if you are depositing in a fixed deposit scheme, calculate the amount and the expected return using Bajaj Finance FD calculator.