One sort of short-term investment that many banks and NBFCs provide is a fixed deposit. With some restrictions, these deposits often offer a higher interest rate. Your deposit is locked for a certain amount of time, which can be anything from a week to ten years.
The amount of interest that will accrue at maturity can be calculated using an FD calculator. It is a straightforward programme that may be found on the StockGro website.
It can take a lot of time and effort to determine an FD's maturity amount. It may be calculated quickly and easily using an online FD calculator.
You can choose between two different forms of FDs: Simple interest FDs and compound interest FDs. StockGro provides calculators for both FD kinds.
The simple interest calculator for fixed deposits The following formula is used by FD:
M = P + (P x r x t/100), where -
P is the principal sum you have deposited.
r is the annual interest rate.
t is the tenure in years.
For instance, the equation reads as follows if you deposit Rs. 1,000,000 for 5 years at 10% interest:
M = Rs. 1,00,000 + (1,00,000 x 10 x 5/100) Or, Rs. 1,50,000
The FD return calculator applies the following formula for compound interest:
M = P + P (i/100 + 1) t - 1, where -
P is the principal amount
i is the rate of interest per period
t is the tenure
For instance, if you use the identical variables, compound interest will grow,
M= Rs. 1,00,000 ((1 + 10/100) 5-1) Or, Rs. 1,61,051
Use the instructions listed below to conveniently use an FD deposit calculator.
If you're considering our fixed deposit, here's a straightforward guide to understanding if you qualify and the essential documents you'd need to complete your investment.
Follow this pointers below to invest in a fixed deposit seamlessly:
Acknowledgement (FDA) on your registered email and mobile link. An Electronic Fixed Deposit Receipt (e-FDR) will land in your inbox within three business days, given all documents are aptly provided.
Utilise the FD amount calculator to determine the precise amount you will receive at the time of FD maturity.
Using these calculators has a number of additional benefits, including: