How to Make the Most Out of Your Fixed Deposit Investment Using A Calculator
Investing in a phased and timely manner is essential nowadays. There are better ways to grow your wealth exponentially than putting your bucks in any scheme. Therefore, proper planning and execution are very important.
In our country, a fixed deposit is considered one of the most valuable investments as it offers assured returns and is unrelated to the fluctuating market. Moreover, once an investor here calculate FD interest, they know they are in for a good ride in the long run.
What is a fixed deposit?
Also known as a term deposit, it is a financial instrument that banks and non-banking financial companies (NBFC) offer to their customers. So, when you opt for this investment scheme, you invest a certain amount of money for a predetermined period of time at a predetermined rate of interest. Although the interest rate varies from one financial institution to another, it is usually higher than what is offered on savings accounts.
What is a fixed deposit calculator?
As the term suggests, it is a tool used to calculate an FD’s maturity amount. So, basically, it helps an investor estimate the returns they can earn on their investment. Moreover, it helps a lot while comparing different FD schemes and making an informed investment decision.
Here, you just have to enter details such as interest rate, deposit amount and tenure, and you’ll have an exact figure in front of you.
What are its advantages?
FD calculator helps in comparing different banks and financial institutions. This allows the investor to choose the best deal.
This tool is best known for saving a lot of your precious time. It quickly computes the maturity amount and interest earned without manually calculating it.
Once you use this tool, you’ll get a clear and transparent view of the expected returns. This ultimately helps you to make an informed decision.
Which FD calculator to use?
To make it easy for all the readers, I’ll share my personal experience here. There are undoubtedly tons of applications available on the App Store/Play Store. But Bajaj Finserv is one of the best I’ve ever used, and it is so smooth that within a few taps, you are all set!
- Download the app on your mobile
- Sign up by entering your mobile number
- Open it and tap on the top left icon with three lines.
- Here, you’ll see ‘Calculators & Buying Guides’
- Go to Deposits Calculators
- Tap on Fixed Deposit Interest Calculator.
- Enter the details
- Use it as per your suitability
Investments are not about putting your money just anywhere. It is essential to understand that it requires proper planning and execution. So, if you have the facility of using a fixed deposit calculator at your fingertips, you should definitely avail it. Believe me, you are in for a good investment!