Are you going to invest in fixed deposits? Do you want to use the fixed deposits interest rate calculator? If yes, then keep reading the facts of this article. A fixed deposit interest rate calculator is an online tool used for calculating the total amount and interest held in your FD that will receive maturity.
The FD matures when the tenure of the FD ends. To get a better understanding of the FD interest rate calculator, you should first understand the details on fixed deposits. So, if you are interested in investing in FD or want to use the FD calculator, you must read the facts in the complete article.
What are fixed deposits?
The non-banking and banking financial institutions provide investment instruments called FD or fixed deposits. The deposit terms in FD mean you have to deposit the money for a higher interest rate than the savings account.
You can easily invest money in an FD for a fixed time of atleast 7-10 days at the fixed interest rate. When you invest in FD, you receive the maturity amount at the end of FD tenure.
Keep in mind that you are advised not to withdraw your money before the FD maturity. Still, if you want to withdraw, you must pay the penalty.
Monthly FD payout
A Fixed deposit is the best investment option for people of all ages. It provides good returns with minimum risk.
- For example, the banks have a good credit history or maintain consistent stability.
- If you want to get a monthly basis payout from your FD, you must choose the cumulative type of fixed deposits.
- Also, it is suggested to check that the interest rate is not too low. You should use the FD calculator to calculate the interest rates on fixed deposits.
Use of FD calculators
A Fixed deposit interest rate calculator is an online tool that helps you to calculate the returns offered on fixed deposits. Once you enter some basic details related to FD on this calculator, you can know the FD’s maturity amount.
Remember that the maturity amount differs with the deposit amount, tenure, deposit type and customer type. Here are the steps you should follow to use the FD interest rate calculator.
- Type the online FD calculator and do a Google search
- Choose the type of customer. Bear in mind that different financial institutions provide different interest rates
- Choose the fixed deposit type
- Enter the amount of deposit you want to invest. Then, choose the tenure of your deposit.
The accurate result will be displayed on the FD calculator according to your inputs. You can easily plan your investment without any trouble only by using the FD interest rate calculator.
Conclusion
Get complete information about terms, conditions and investment return offers before moving forward with any investment option.
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