How to Use an FD calculator to Check the Maturity Amount?
Fixed deposits offer guaranteed returns on your savings. With an FD you can safely invest your money to secure your retirement, purchase an asset or to finance an international holiday in the near future. Whatever your reason for investing may be, you can make the most of this investment instrument by choosing a top financial institution.
Bajaj Finance’s Fixed Deposit is one such option that offers attractive interest rates. You can earn up to 8.75% when you start a cumulative FD for at least 36 months or up to 9.10% if you are a senior citizen starting a cumulative FD for at least of 36 months. You can choose from a tenor of your choice, invest as little as Rs.25,000 and start your investment online by choosing between a cumulative or non-cumulative FD.
Moreover, with an FD calculator, you can calculate the exact amount that you will receive upon maturity of your investment. Also, you can ascertain the right amount to invest for the right tenor to get different fixed deposit outcomes. In addition, it can help you plan your finances by laddering fixed deposits. In this way you can also maintain liquidity by investing in fixed deposits.
So take a look at how to use a fixed deposit calculator. Bajaj Finance’s FD calculator is easy to use and involves just a few steps.
Select your customer type
Bajaj Finance classifies its customers into three categories: new customers, existing loan customers and senior citizens. Choose the one that applies to you.
Select the fixed deposit type
Bajaj Finance offers you two types of fixed deposits, i.e. cumulative and non-cumulative fixed deposit. You can opt anyone as per your requirement. The former will give you a lump sum on maturity while the latter will give you regular payouts.
Select the deposit amount
Enter the amount that you’d like to invest in a fixed deposit. The minimum amount to open an FD with Bajaj Finance is Rs.25,000.
Select the FD tenor
Bajaj Finance allows you to invest in FDs for a tenor ranging from 12 to 60 months. Choose the tenor according to your financial needs.
See the results
Once you enter all the information, you will be able to see the interest amount and maturity amount.
Try different combinations
If you have a particular goal in mind, try different combinations of tenor and deposit amount to determine how soon you can meet your target.
Now that you know how to use this calculator, here’s a quick a look at its key benefits.
- Simple and easy: Since this calculator is accessible online, you can use it anytime, from anywhere. Besides, you only have to feed in a few values and the calculator takes care of the rest, giving you results in seconds.
- Accurate results: By using an FD calculator you get accurate and quick results. This helps you in planning your finances faster without any mistakes that usually creep in when you calculate manually.
- The right financial institution: You can enter different combinations of tenor and deposit amount see how the maturity amount changes. This also helps you choose the right financial institution to invest with, as you can enter different interest rates for the same principal and tenor and see how the maturity amount varies.
Given how beneficial and fast it is to use an FD calculator, be sure to use one before you invest. It will help you do so in a clearer and more focussed manner.