Among the various types of investment that offer risk-free returns, fixed deposits provide better returns and flexible investment options. The FD interest rate remains the same throughout the tenor and it remains unaffected by the prevailing market conditions. It enables you to calculate the FD interest easily as per the amount and tenor that are selected by you.
For making things simpler to a common investor, most financiers now provide a fixed deposit calculator on their official portals. The FD calculator provides the exact figure of your interest earnings and maturity value which helps you to decide whether you must be investing in it or not.
Applications of FD return calculator
1. Easy calculation of interest
Calculating fixed deposit returns by using a manual interest calculation formula is not easy as it involves compounding of interest and other calculations that need to be done manually. Instead, you can use the online FD calculator and avoid all the hassles.
2. Assists in financial planning
If you want to earn a certain amount in a particular period through fixed deposits then you can use an FD calculator India to check whether the returns match your expectations.
An FD calculator can prove to be useful even if you are planning to ladder your deposits as it shows the interest earnings as per the tenor and amount you enter. Also, some FD calculators like the Bajaj Finance FD Calculator show returns of both non-cumulative and cumulative FDs at once and this might help you to select a plan that suits your investment goals and needs.
3. Facilitates comparison
By exploring the fixed deposit calculators of different banks and NBFCs, you can find the financier who offers better interest rates, flexibility, and higher returns. It proves to be useful in today’s times as only a few financiers offer a lucrative FD rate.
Among those, Bajaj Finance seems to be a better option as it provides an easy investment process, flexibility when it comes to withdrawal policies and tenor, a higher interest rate, etc. Its interest rates go high up to 6.85% with which you can expect to earn better returns. Some other benefits of investing in its FD plans are mentioned below:
4. Auto-renewal facility
If you want to reinvest your returns in the same FD then you can use the auto-renewal facility and earn an additional 0.10% interest rate. It allows you to choose the option of renewing while filling the online FD form. Also, if you prefer to invest in an FD through the online procedure then you get a 0.10% higher FD rate than others.
Even the documents can be verified online through its KYC process. You can also invest in its FD plans by using a debit card from certain locations.
5. Multi-deposit facility
You can ladder your investment to reach your short term and long term financial goals. Bajaj Finance offers a multi-deposit facility that enables you to invest seamlessly in multiple FDs.
A distinct tenor and amount can be selected for each FD and you can even deposit in different FD types i.e. cumulative and non-cumulative FDs simultaneously by using this feature.
6. Tenor range
The choice of locking-in your deposits for any period ranging from 12 to 60 months enables you to plan your finances smartly. If you need funds urgently then you can either withdraw your deposits by paying a penalty fee or you can apply for a loan against your FD.
The periodic interest help you to manage some of your basic ongoing expenses.
7. Safety of deposits
It is important to choose a safe avenue to park your savings especially in today’s times when the market is affected due to changing conditions. Bajaj Finance FD proves to be a safe instrument to invest your money as it has been accredited for its stability by highly reputed credit rating agencies like CRISIL and ICRA. Therefore, you get assured returns on investing in Bajaj Finance FD.