Fixed deposits are a preferred investment tool in India due to the safety that they offer along with predictable returns. Unlike market linked products which are subject to volatility and come with higher risks, fixed deposits are the best way to earn interest on surplus money without any added risk. Bajaj Finance Fixed Deposit not only offers the highest fixed deposit rates of up to 8.05% but also lets you decide how much to invest with the help of a deposit calculator available online.
What is a deposit calculator?
It is an online tool that computes the maturity amount including the interest on the amount invested even before you decide to open a deposit. You can compare the interest received for different deposit amounts, tenors and payment frequencies to arrive at the principal amount that you wish to invest eventually.
How does it work?
You simply need to enter the amount that you wish to deposit, the duration of the FD, and the fixed deposit interest rate calculator will compute the amount payable upon maturity. Both cumulative and non-cumulative fixed deposit maturity amounts can be calculated easily using this tool. Here is how you can use the Bajaj Finance Fixed Deposit Calculator:
- The first step is to choose whether you are a new customer an existing customer or a senior citizen.
- Now select whether you want a cumulative FD (interest paid out annually) or a non cumulative FD (monthly, half-yearly or quarterly interest payouts).
- Choose the amount to be invested. You can choose from a minimum of ₹25,000 to ₹ 5 crores.
- Select the duration of the deposit anywhere between 12 to 60 months as per your preference.
- The interest payout, date of maturity and final amount on FD maturity is displayed automatically.
How is interest calculated?
Bajaj Finance FD offers highest fixed deposit interest rates compounded periodically. For a cumulative FD, the interest is compounded annually, while it may be monthly, half-yearly, quarterly or annual for non-cumulative deposits. Rate of interest along with the frequency of interest payouts determines the return. Here is the formula for calculation of the amount on maturity of the fixed deposit:
A is the maturity amount
P is the principal invested
R is the rate of interest
t is the number of years
n is the frequency of compounded interest
Why should you use Bajaj Finance FD calculator?
It is an easy, quick and convenient way to know how much returns you can get by investing different sums of money over different time frames and with varying interest rates. You can get to know the exact earnings on your savings by utilising this tool even before you actually make an investment. This helps you make an informed decision rather than investing in haste.
Once you have decided how much you want to invest, you can let your savings grow safely and securely with the Bajaj Finance FD that enjoys FAAA rating by CRISIL and MAAA rating by ICRA. Highest fixed deposit interest rates along with loans against FD, multiple FDs, auto renewal and easy online process of investment are some of the features that make Bajaj Finance FD the right choice for those looking for assured returns on their savings.
Gaurav Khanna is an experienced financial advisory, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at HighlightStory.