How To Use Fixed Deposit Calculator?

How To Use FD Calculator?

Fixed Deposit Calculator is a free online tool to calculate the potential returns of a fixed deposit . You can calculate the maturity amount of a Fixed Deposit by entering a few basic details. Remember, the maturity amount varies with the type of customer, type of deposit, tenor, and the amount of deposit.

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Here's a step-by-step procedure to help you use the FD Calculator

  • Choose a reliable online FD Calculator tool, like the one offered by Bajaj Finance
  • Choose your customer type, which varies for every issuer
  • Choose deposit option – cumulative for returns at maturity or non-cumulative for periodic returns
  • Enter the deposit amount you would like to invest
  • Choose fixed deposit tenor as per your convenience, which can range from 12 to 60 months

You will automatically see the maturity amount and total interest earned on your fixed deposit. You can try different combinations of tenor and deposit amount to see how the maturity amount and interest earned changes. This can help you plan your FD investments better, and you can determine your returns even before you invest.

How can I get maximum return from Fixed Deposit?

For getting maximum returns on your Fixed Deposit investment, here’s what you need to do:

  • Opt for cumulative FDs over non-cumulative FD – Cumulative FDs give a higher return on long term investments, as the interest gets compounded during the tenor. Whereas, non-cumulative FDs offer regular payoffs, suitable for customers desiring a periodic income.
  • Follow the current tax laws – Adhering to the current tax laws regarding FD income and filing returns on time can allow some tax exemptions. Form 15H and 15G entail conditions to be met for preventing TDS deductions. Tax exemptions can also be availed if you fall in low-income bracket.
  • Array your FDs for liquidity and tax benefits – Arrange your multiple FDs in order with different tenures. One gets tax benefits over multiple maturity dates while long-term FDs serve as financial backups.
  • Reap additional rate benefits – Bajaj Finance offers additional rate benefits of 0.10% to non-senior citizens investing online. Additionally, senior citizens get an additional 0.25% rate benefit, regardless of their investment mode.

You can also choose to renew your FD to gain an additional 0.10% over and above the prevailing FD rates.

What happens to FD after maturity?

Once the FD matures, the deposit holder has the option to either renew the FD or liquidate his or her funds. If you choose to renew your deposit, you can gain an additional rate of 0.10% higher returns, offering higher growth of savings.

In case you don’t choose to renew your deposit, the maturity proceeds are directly credited to your registered bank account.

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