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As the name suggests, an FD calculator helps you calculate the total amount of money you will be receiving upon the maturity. You can use a fixed deposit calculator to determine your deposit's maturity amount based on the current interest rate for a specific tenure. It will be simpler for you to choose which bank and tenure would provide you the largest maturity amount for your fixed deposit by using the calculator, which is simple to use and will help you compare different tenures with varying interest rates from different banks.
Calculating FD maturity is difficult and involves many different factors. However, you'll save a ton of time on these difficult calculations by using our FD calculator. Additionally, the accurate maturity amount estimates will help you choose the best deposit tenure. To evaluate which bank is best for your deposit, you may also enter interest rates from several institutions and compare them. You can choose better whether to renew fixed deposits by comparing the maturity amounts. The calculations will be flawless, and you will be able to determine the maturity amounts way faster than you could with a spreadsheet or digital calculator.
NDTV Profit’s FD calculator is made to be simple to use and accurate when determining the maturity amount of your FD deposit. Simply enter the following information.
1. Amount of the deposit
2. Interest rate
3. Deposit duration
After you have entered your data, the maturity amount will be shown on the same page right away.
However, there are two ways to determine the interest rate on your fixed deposit. They are – simple interest and compound interest FD.
Simple interest FD calculator uses the following formula:
M = P + (P x r x t/100)
Here, P stands for principal amount, r stands for Interest rate per annum and t stands for tenure in years.
This interest rate is pre-fixed for a specific amount of time. The annual percentage rate of interest, the principal sum, and the number of years is multiplied to arrive at the final figure. For example, if you deposit an amount of ₹ 20000 for 7 years at 6.2% interest rate p.a., the total value will stand at ₹ 30,766.
Compound interest FD calculator uses the following formula:
M= P + P {(1 + i/100) t – 1}
Here, P stands for principal amount, i stands for interest rate per period, and t stands for tenure.
It is computed by multiplying the interest rate by the principal sum raised by the number of compounding periods expressed in years.
Since manually calculating these numbers can be a little time-consuming, the FD calculator allows you to easily know accurate rates without much hassle.