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A Fixed Deposit (FD) is a fixed investment scheme provided by many banking and non-banking financial institutions. FDs come with high interest rate but are subject to specific terms and conditions. They also have a lock-in period, which can range from 7 days to 10 years.
The FD interest rate is established at the time of opening the account. Different banks have different FD interest rate, but you can use an online FD calculator to the amount you will receive upon maturity based on an approximate interest rate. While you can break an FD before maturity, the interest you receive decreases. Also, you might have to pay a suspension charge for breaking your FD.
Simple interest and compound interest are the two common methods for calculating the interest rate on a fixed deposit.
The rate of interest is fixed for a set length of time. It is determined by multiplying the annual interest rate, the principal value, and the years left on the loan.
Simple Interest = Principal x Rate of interest x Time / 100
This is the interest earned on both the principal and interest. It is determined by multiplying the following formula:
A = P (1+r/n) ^ (n * t)
Where A represents compound interest, P stands for the principal amount, r is the decimal rate of interest, n is the number of compounding that occur in a year, and t stands for the number of years.
Calculating the maturity amount and interest rate of your FD is a complicated process. But an FD calculator can do the same for you with the click of a button. It allows you to save a significant amount of time when performing these complex calculations.
You can use a fixed deposit calculator to evaluate the maturity amounts and interest rates of various banking institutions' FDs. With the figures in front of you, it is easy to make a decision.
To utilise an FD deposit calculator efficiently, follow the procedures outlined below:
If you want to use a fixed deposit calculator to learn how your bank levies interest on your FD, you can always use Metra Trust’s FD calculator.
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The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.