A fixed deposit which is also known as a term deposit is an instrument that offers a flexible tenor and high-interest rate to the investors. It is mainly offered by finance companies, banks, and post offices in India.
The term deposit interest rates and tenor are predetermined and fixed. Therefore, you can find the returns and interest earnings of an FD plan accurately with the assistance of an FD calculator.
With the help of an FD calculator, you can find the worth of your fixed deposit at maturity. It accepts inputs like deposit amount, FD tenor, customer category, and FD type, and shows the kind of returns you can expect towards the end of the FD tenor.
Why should you use a fixed deposit calculator?
Lets you choose a suitable FD plan
Since a fixed deposit offers a flexible tenor range, you can choose a tenor that suits your financial goal s to perfection. You can feed different tenors and amounts to the FD deposit calculator to check the combination that will generate enough returns as per your requirements.
Helps you meet your short & long term financial goals
A fixed deposit helps you earn a regular income and you can also use it for meeting your long-term financial goals. A cumulative FD of longer tenor proves to be ideal for accumulating a huge interest at maturity whereas a non-cumulative FD can be used as a regular income source.
An FD calculator can be used to find the amount and tenor that is required to generate an interest payout that is sufficient to manage your expenses. It can also be used to determine the investment and tenor that need to be selected for raising a corpus large enough to fulfil your long term goals.
Makes a comparison between FD plans easier
As the returns of an FD depend very much on the FD interest rate, you should always aim to invest in a credible and high-paying FD. The fixed deposit interest calculator lets you check the interest rates of FD plans quickly and therefore, you can use it to compare the FD rates that are offered by various financiers with ease.
Bajaj Finance FD is offering an interest rate as high as 6.85%. This is higher by at least 2% than the current bank fixed deposit rates. A higher interest rate not only ensures better returns but also lets you save enough for your future. You can also benefit from these additional features of this FD scheme:
Multiple payout options
With Bajaj Finance FD, you can choose an interest payout frequency from monthly, quarterly, six-monthly, and yearly options as per your requirements. Senior citizens can choose the monthly interest payout and they also get a 0.25% extra FD rate than regular customers.
A part of the monthly interest payout can be used to meet your regular expenses like paying utility bills, covering medical expenses, etc. and the remaining amount can be used for raising a new corpus.
Start investing early with SDP
An SDP i.e. Systematic Deposit Plan is a deposit scheme that lets you invest a small amount of Rs. 5000 or more as per your potential every month. Also, you can make 6 to 48 monthly deposits as per your convenience.
The tenor for each deposit can be up to 60 months or you can select a single maturity date for all the deposits.
In the latter case, only the first deposit will attract interest for the entire tenor whereas the next deposits will attract interest for a lesser period than the previous one. The interest rate prevailing on the date of deposit will apply to each of these deposits.
You can use an SDP to start investing early in your life whereas it also proves to be ideal if you cannot afford to invest a lump sum amount at once.
Hassle-free investment procedure
Bajaj Finance branch offices are located in 200 different cities in India. Therefore, you can invest in this FD irrespective of the region in which you reside.
Also, a complete online investment procedure makes it much better as you don’t have to step outside your house to invest in this FD.
A 0.10% additional FD rate is offered for choosing the online investment option. Moreover, it is a safe option since this FD scheme is rated highly for its stability and safety by crediting rating institutions like ICRA and CRISIL.