How to Use a Fixed Deposit Calculator to Calculate Returns Online?
Planning to invest in a fixed deposit but don’t know how to calculate your returns or want to know what scheme suits you the best? You should use the fixed deposit return calculator. This helps in planning your investment and helps you structure your investment plan.
It can be hard to understand the complexities of calculating fixed deposit return through the FD calculation formula that is a reason why a fixed deposit return calculator is very resourceful when it comes to calculating your returns on a fixed deposit. A fixed deposit return calculator also shows how various parameters affect the interest rate.
A fixed deposit return calculator has various parameters, such as customer type, type of fixed deposit, investment amount and investment tenure, these are the parameters on which the interest rate and interest return depend upon. you can go online and calculate your returns on fixed deposit easily.
These are the following steps you need to follow in order to calculate your returns with Bajaj Finance Fixed Deposit Return Calculator:
Choose your customer type:
There are different interest rates that are given to different customers based on company policies and government schemes. New customer, senior citizen, employee and existing customer are the four options which you will see under the Customer Type. Choose the option that suits your description. You will notice that interest rates for each are different, one higher than the other.
Enter the investment amount:
The next option after selecting the Customer Type will be Investment Amount. Based on your investment plan enter the investment amount. You will notice that a change in investment amount doesn’t affect the interest rate. This is one of the reasons why it is advisable to open a multiple deposits account to safeguard yourself from losing your returns when you break your fixed deposit prematurity.
Choose the investment tenure:
The next option in the fixed deposit return calculator will be of investment tenure. Investment tenure affects your interest rate. You will notice on increasing the investment tenure interest rate increases. There are different slabs within the investment tenure which have different interest rates. It is advisable to invest for a longer duration to get the highest return on your investment. The interest rate is highest for the slab of 48 to 60 months.
Choose the type of fixed deposit
There are two types of fixed deposit cumulative and non-cumulative. In a cumulative FD, interest is compounded annually, and you get the returns on the maturity. While a non-cumulative fixed deposit is a deposit in which you can get your returns pre-maturity through periodic payouts. It is advisable to have a cumulative fixed deposit in your investment plan because you receive higher returns in your investment.
You will finally get your return amount at the bottom of the fixed deposit return calculator. Without using a complex FD calculation formula. Try changing the parameters to get the scheme that suits your investment plan.
Calculating your returns with an FD calculation formula can be tedious. In order to avoid the inconvenience, use the fixed deposit return calculator. Fixed deposit calculator is easy to use. First, you have to choose the customer type, new customer/existing customer/senior citizen etc. Then choose the fixed deposit type, cumulative or non-cumulative. After this choose the fixed deposit amount. and then choose a preferred tenure for the fixed deposit. And the fixed deposit return calculator will automatically calculate your interest amount and the total amount earned at the maturity.