One of the most popular investment instruments in our country is Fixed Deposits. For years now, it has been considered a safe investment as it provides assured returns over a period of time and is also flexible in its duration.
Around a year ago, when I started my first job in Gurugram, I always had an investment plan at the back of my mind. Due to its risk-free factor, FD is one of the best and safe investments when you are starting. Moreover, the FD interest rate is quite impressive where I’ve invested, and if you are also planning to invest, then the Bajaj Finserv app is highly recommended.
(Note: This is not a promotional content piece.)
What is a fixed deposit?
A fixed deposit is an investment scheme that banks and non-banking financial companies (NBFC) offer their customers. Here, basically, people invest a certain amount of money for a fixed period at a predetermined interest rate. However, the rate of interest varies from one financial institution to another, but it is usually higher than the interest offered on savings accounts.
What are the benefits of FD?
● Assured returns
When you invest in an FD after calculating the FD interest rate, you should know that you are in for assured returns. The returns are guaranteed no matter how the rate of interest moves or the economy performs. Unlike stocks, the market doesn’t have any impact on FDs.
● Flexible
Also known as term deposits, an FD is flexible and available for different periods. It can range from very short-term tenures of 7-14 days to long tenures of 10 years.
● Easily withdrawable
The amount invested can be withdrawn at any time and used in emergencies.
Here are the step-by-step instructions on how to calculate your maturity amount via an FD calculator –
- Download the official Bajaj Finserv app on your iPhone or Android.
- Sign up after entering your personal details
- 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’.
- Enter the details and know what suits you the best.
What are the pros of using this calculator?
● Exact figures
When you use this tool, you get exact figures of what you’ll be getting after your investment tenure ends, giving you a clear picture of your investment outcome.
● Comparison
A FD calculator also helps you compare the schemes offered by various banks and enables you to analyze and then choose the best!
● Saves time
Instead of doing calculations roughly, this is one of the best ways to go with it, as it saves a lot of time.
To calculate fd interest online is always a good idea as it gives you the exact figures of what you’ll be getting on your total investment. So instead of using a pen and paper or just calculating roughly in your mind, it is always better to use such a tool.
