A fixed deposit is a financial instrument that is preferred by all types of investors in India. This is because it is a stable investment option that helps them to balance the risk factor of their investment portfolio. It is a high-paying instrument among the other fixed-income investments and it also helps you to choose an investment period that suits your future investment plans or fund requirements. To know the exact value of an FD at maturity, you can use an online tool which is known as a fixed deposit calculator.
What is a Fixed Deposit Calculator?
A fixed deposit interest calculator is a tool that calculates the interest gains and returns that an FD will provide at maturity. To help the calculator, you need to feed values like the deposit amount and tenor and select FD type and your customer category. Once you provide these inputs, the calculator will predict the returns and interest gains automatically. Here are some main benefits of using an FD calculator:
Accurate Predictions
An FD calculator makes an accurate prediction of your returns. This helps you to gauge whether it is worth investing in a specific FD plan or not.
Assists You
An FD calculator assists you to pick the investment amount, tenor, and other options. It also helps you choose between cumulative and non-cumulative FDs by providing you the returns and periodic interest payout options offered by these FD types respectively. As a result, you can make a better decision with the help of this calculator.
Compare FD Rates
Comparing FD rates across different financiers is a tedious task. The efforts that you need to analyze FD plans based on their features, FD interest rate and returns are reduced with the help of an FD calculator to a great extent. This is because you can compare FD plans across various banks and finance companies smoothly by using this online tool.
For leveraging the benefits of a high interest rate and convenient investment options, you can think of depositing your savings in a Bajaj Finance FD. The interest rate of 7.25% will help grow your investments at a steady rate whereas the flexible tenor that ranges between 12 and 60 months helps you to invest as per your investment needs and financial plans. The other features of the Bajaj Finance FD scheme are explained below:
Higher Returns for Senior Citizens
Senior citizens can now expect to earn higher returns as Bajaj Finance FD is offering a 0.25% extra FD rate to individuals who are above 60. This enables them to earn returns that can be compared with the returns offered by the SCSS scheme. You can still earn a 0.10% excess FD rate by investing via an online FD form if your age is less than 60.
FDs for NRIs
Even NRIs i.e. Non-Resident Indians can invest in the FD plans from Bajaj Finance. For that, they will have to open an NRO account and deposit their money through this account. A tenor ranging from 12 to 36 months is offered to NRIs and the applicable interest rate is as high as 7% for them. Therefore, you can now benefit from this FD scheme even if you stay away from India.
Systematic Deposit Plan
If you don’t feel like committing a bulk amount in a fixed deposit plan then you can opt for the Systematic Deposit Plan from Bajaj Finance. You get the freedom of making monthly deposits and all the deposits of yours will be treated as a separate FD. The interest rate prevailing on the date of deposit will apply to your deposits.
The number of deposits might vary from 6 to 48 as it relies on your choice and the SDP variant you have chosen. The Monthly Deposit Scheme which is a variant of SDP lets you choose a tenor of up to 60 months for each deposit whereas another variant that is known as the Single Maturity Scheme will enable you to pick a single maturity date for all your deposits.
Therefore, if you want to avail the benefits of FD via a method like a recurring deposit or mutual fund SIP then you can think of investing in any of the SDP variants that suit you.
