In order to grow your wealth exponentially, starting investing at a very early age is essential. It is well-known that the earlier you invest your buck, the more you are in for greater returns on your investment.
If you are young in age, you have a longer time horizon for your investments to grow and take on more risk. This ultimately leads to higher returns over the long term in your financial career. In India, fixed deposits are considered as one of the most safest and risk-free investments that offer assured returns.
Moreover, when you as a potential investor will calculate fd interest, you’ll definitely invest in it as it is quite lucrative.
What is a fixed deposit?
Also defined as a term deposit, it is a type of investment where an individual deposits a certain amount of money with a financial institution for a predetermined period, ranging from a few months to several years. Further, in return for investing in this instrument, the investor receives an assured rate of interest on the deposit.
Remember, the rate of interest offered on a fixed deposit is usually higher than that of a regular savings account, as the depositor is committing to leaving their money with the institution for a fixed period.
What is a fixed deposit calculator?
As the term suggests, it is a tool that helps individuals to calculate the interest earned on a fixed deposit. Further, it also helps the potential investors estimate the potential investment returns. This is based on the amount deposited, investment tenure, and the rate of interest offered by the financial institution.
You need the right application on your internet-enabled smartphone to use this tool. Just enter the deposit amount, duration and the rate of interest offered by the bank. Then, within a blink of an eye, you’ll get the estimated value in front of you for proper financial planning. It basically helps one to make informed decisions!
Which are the top 10 FD interest rates in 2023?
- IDBI Bank Tax Saving FD – 6.10% – 6.85%
- PNB Tax Saving FD – 5.80% – 6.30%
- IDFC First Bank Tax Saving FD – 6.50%
- Axis Bank Tax Saving FD – 6.10% – 6.85%
- HDFC Bank Tax Saving FD – 6.10% – 6.60%
- IndusInd Bank Tax Saver Scheme – 6.75% – 7.50%
- SBI Bank Tax Saving FD – 6.10% – 6.60%
- RBL Bank Tax Saving FD – 6.55% – 7.05%
- Punjab and Sind Bank Tax Saving FD – 6.10% – 6.60%
- Bank of Baroda Tax Saving FD – 5.65% – 6.30%
Be it any fixed deposit you want to invest, ensure that you first calculate fd interest beforehand.
How to calculate Fixed deposit interest?
Using this tool is one of the most beneficial things to do before investing your hard-earned money. By entering just a few figures, you’ll have the exact numbers. Further, it saves a lot of your time and helps you execute your plan accordingly.
- Download the Bajaj Finserv app from the App Store/ Play Store.
- Sign up after entering your contact number
- On the home page, tap on three bars on the top right.
- Choose the ‘Try our Calculators’ option.
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator’.
- Fill in the required details
- Experiment as per your requirement
