How to Calculate Maturity Amount of Fixed Deposit Investment?
Being clear about your goals can help you get an edge in terms of finances, which increases your preparedness, and translates into greater wealth. However, in today’s highly ever-changing and volatile economic situation, measuring your goals and gaining results from your investments is a prerequisite. With clouds of change looming over the financial landscape, you may struggle to break through the thick blanket of uncertainty in terms of finances. With Fixed Deposit investments, uncertainty can be pushed miles away!
Are you looking for higher returns with a fixed plan? Perhaps you must consider investing in avenues that help you evaluate your returns in the beginning itself.
Returns from Fixed Deposits
Much like their names, Fixed Deposits enable you to accumulate returns and grow them over a fixed period. The rate of interest is fixed, but it depends on the following factors:
Economy of the country – As the country’s economy progresses, there’s an increase in the GDP, which results in more purchases and boosts the average interest rates. Thus, FD interest rates are directly proportional to the GDP values that increase with growth in the country’s economy.
RBI Monetary Policy – The benchmark interest rate or REPO rate impacts the rates offered by financiers on their fixed deposits.
Impact of recession – During recession or inflation, FD interest rates fall, resulting in lower yields.
The maturity amount further depends on factors like tenor, choice of interest payouts, type of fixed deposit chosen and it decreases when you withdraw your FDs before maturity. You need not remain in the dark, when it comes to evaluating your FD returns.
With Bajaj Finance FD Calculator, you can determine your maturity amount and contemplate whether you’d like to go ahead with the investment or not.
How can an FD Calculator help you?
The main benefit of Bajaj Finance Fixed Deposit Calculator is to determine the maturity amount. You can easily evaluate the amount of interest you would have received, at the end of tenor, which depends on whether you invest in a cumulative or non-cumulative FD.
Some additional benefits of an FD Calculator have been listed below:
- Determine the interest rate
- Understanding range of tenor options
- Range of principal amounts to invest
It majorly helps you determine if your FD investment is profitable or not. Similarly, you can get clarity on how to make most of your investment in an FD.
How to use an FD Calculator?
Listed below are some simple steps to help you use Bajaj Finance Fixed Deposit Calculator:
Step 1: Choose Customer Type – Are you a new customer or an existing one? Are you a senior citizen? This determines the interest rate, you get. Select the right option and proceed.
Step 2: Choose FD Type – After filling in your customer type, select the type of FD you’d like, which depends on your need for periodic payouts. If you seek periodic returns, choose non-cumulative FD along with the tenor that suits you best.
Opt for a cumulative FD if you’re looking to reap returns only at maturity.
Step 3: Enter Fixed Deposit Amount – Enter the FD investment amount you’d like to go ahead with. With Bajaj Finance FDs, you can start investing an amount as low as Rs. 25,000.
Step 4: Choose Tenor – You can choose the tenor ranging from 12 to 60 months, which determines your maturity amount and the total interest you can reap.
After completing these 4 simple steps, your interest rate and maturity amount is reflected on the screen. Investing with Bajaj Finance Fixed Deposits can provide you with immense financial gains and help you reap rich rewards.
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Category: Investing
