₹
₹
₹
The fixed deposit calculator analyses the interest accrued over time and helps grow your funds. Investing in fixed deposits might provide challenges when it comes to optimizing earnings and calculating complex interest rates. A fixed deposit calculator becomes a useful tool in this situation. With the aid of an FD return calculator, one can calculate the interest rate and FD maturity amount easily. It can help you figure out how much interest you can earn by investing in fixed deposits. The cash flow is calculated using an online FD interest calculator, with interest compounded annually. You are empowered to make an informed decision because of this FD maturity calculator.
How Can an FD Calculator Help You?
The following is how a fixed deposit interest calculator helps you with complex calculations and eases your calculation process.
- Get the appropriate calculation: You can put the data in the fixed deposit amount calculator of how much you need to save, tenure, and interest rate. The calculator then tells you exactly how much funds you will have as your FD is carried out.
- Save time: Using an FD calculator online is quicker than doing the complex calculation by yourself. It does all of the difficult work and gives you the results in only a few seconds.
- Compare different alternatives: It's easy to find out how much you may make with different financial banks and FD schemes. With the help of the fixed deposit return calculator India, you can select the most appropriate FD plan for your capital.
- Plan for your objectives: You can make better plans for future purchases or activities by observing how your funds grow.
- See your finances grow: A fixed deposit calculator shows you how much funds you will have at the end of the scheme. It enables you to understand how much interest rate makes your savings grow through the years.
Formula to Calculate the FD Maturity Amount
There are two types of fixed deposits available: simple interest FD and compound interest FD. An FD interest calculator calculates the simple interest FD using the fixed deposit calculation formula mentioned below.
M = P + (P x r x t/100), where:
Where:
- M is the maturity amount
- P is the Principal amount
- r is the rate of interest per annum
- t is the tenure in years
Let’s now understand “how to calculate fixed deposit interest”.
To calculate the FD maturity amount, let's consider an example:
- Principal: The initial investment amount (₹15,000 in all cases).
- Interest earned: Calculated based on the principal, interest rate, and period.
- Amount of maturity: Principal + Interest Received
The formula for the maturity amount is as follows:
M = P + (P x r x t/100) i.e.,
Maturity Amount = Principal + (Principal * Interest Rate * Time in years)
Calculation example of interest earned in 12 months
- Principal: ₹15,000
- Interest Rate: 7.40% p.a., i.e., 0.074
- Time: 12 months, i.e., 1 year
- Interest Received = Principal * Interest Rate * Time in years
= 15,000 x 0.074 x 1
= ₹1,110.
Now, as we know, the maturity amount is the sum of the principal and interest amount.
So,
- Amount of Maturity = Principal + Interest received
= ₹15,000 + ₹1,110
= ₹16,110
Thus, the maturity amount is ₹16,110.
Advantages of Using FD Calculator
Using the FD return calculator, you may find out exactly how much you will get when your FD matures. There are various advantages of using the FD return calculator:
- It determines the precise amount you are qualified for after your maturity period.
- Registered users can use both of these calculators for free and without restriction.
- Compare the maturity amounts of various financial organizations with ease.
- Apart from the Fixed Deposit calculator, you may conveniently arrange your money with the following calculators. All of our services are free to use, and you can use them as often as you like.
Tax Benefits on FD
Fixed deposits require a one-time lump-sum investment and offer many benefits. The following are the benefits of fixed deposits listed along with their tax benefits:
- The minimum tenure to receive tax benefits is five years, though longer terms are available.
- Under Section 80C of the Income Tax Act, 1961, investors can claim deductions up to ₹1,50,000 per annum on their fixed deposit investments.
- Depending on their capacity to pay, investors can choose how much to deposit.
- Fixed deposit interest is liable to Tax Deducted at Source (TDS).
- Premature withdrawals from fixed deposits could be prohibited or come with fines. Furthermore, FDs could yield better returns than conventional investing approaches.
How to use BlinkX FD Calculator?
Follow the steps described below to use an FD deposit calculator easily.
- Ensure that you have access to all relevant data.
- Enter the variables as specified in the formula in their respective places.
- The FD maturity amount will be displayed immediately.