Using the FD Calculator is a simple process.
Here are the steps to use the FD calculator:
• Choose your customer type, i.e. New Customer/Existing Loan Customer/Senior Citizen
• You have to choose the type of fixed deposit that you want, i.e. cumulative or non-cumulative
• You have to choose your fixed deposit amount
• You also have to choose the tenor of the fixed deposit
• You will then automatically see the interest amount and total amount earned at maturity
You can use the Fixed Deposit Calculator to determine the FD Maturity Amount. You can just go to the FD Calculator page and choose the type of customer you are, your FD type, i.e. cumulative or non-cumulative and the amount of your principal and the tenor. You will automatically be able to see the interest amount earned on the principal for the tenor you mentioned and also the total maturity amount of your fixed deposit. You can use the Bajaj Finance FD Calculator to determine the maturity amount on your Fixed Deposit. Interest rates vary as per the type of FD you choose, i.e. cumulative/non-cumulative and also the tenor and principal amount. This calculator helps you determine the maturity amount in only a couple of minutes.
This is A = P (1 + r/4/100) ^ (4*n) and A = P (1 + r/25)4n.
A = Maturity Amount
P = Deposit Amount
n = Compounded Interest Frequency
Suppose you are investing Rs.1,00,000 in a fixed deposit for a tenure of 3 years at an interest rate of 10%.
Now A is your maturity amount = 100000*(1+(10/25))^(4*3)
Here, P is the principal amount, n is the tenure and r is the interest rate.
A = 100000*(1.025)^12 A = 100000*1.34489
A = Rs.1,34,489 (Maturity Amount) Interest= 134489-100000 = 34,489
A Fixed Deposit scheme is a savings option that helps you earn interest on your money, at intervals (basis the payout scheme selected by you at the time of investment), either through simple or compounded interest on the principal amount. The rates of interest on FD are typically higher than the money parked in Savings accounts, since your money is locked in for a specific period and cannot be withdrawn at will.
The Bajaj Finserv Fixed Deposit calculator helps you determine the amount that you will receive on maturity of the deposit along with interest. It also helps you calculate and compare the interest receivable by changing the deposit amount, tenor and interest payment frequency.
You can input the fixed deposit amount and tenor to calculate the amount receivable on maturity. It also helps you to calculate both cumulative as well as non-cumulative payouts.
|Tenor in Months||Cumulative||Non-Cumulative|
|12 – 23||7.60%||7.35%||7.39%||7.46%||7.60%|
|24 – 35||7.80%||7.53%||7.58%||7.65%||7.80%|
|36 – 60||7.85%||7.58%||7.63%||7.70%||7.85%|
Senior citizens (subject to provision of age proof) will enjoy an additional 0.35% rate of interest. Bulk deposits of over Rs.1 Crore will be eligible for preferential pricing. This pricing will be dependent on the liquidity conditions in the market and the call for rates for the same would be taken internally on a case to case basis.
• Non-cumulative Scheme
In a Bajaj Finserv 'non-cumulative’ Fixed Deposit scheme, the interest is payable on a monthly, quarterly, half yearly and yearly -> basis. The scheme will be convenient for an individual who requires a periodic interest payout.
• Cumulative Scheme
In a Bajaj Finserv 'cumulative’ Fixed Deposit scheme, the interest is payable at the time of maturity along with the principal and is compounded annually. This scheme is suitable for an individual who does not require periodic interest payment and acts as a money multiplier scheme.
A Bajaj Finserv Fixed Deposit comes with FAAA Rating by CRISIL and MAAA Rating by ICRA, offering the highest security for your investment. Moreover, there are 6 flexible tenors to choose from, to suit individual needs.
Here are some of the other benefits of our Fixed Deposits:
• An additional 0.35% rate of interest for senior citizens
• Presence across more than 100 locations in India
• Online access to your Bajaj Finserv Fixed Deposit account through our customer portal
• Auto credit of maturity amount
• No tax deduction at source on interest payment up to Rs. 5,000 p.a."