One of the most popular and trending investment options for individuals seeking a safe and reliable way to grow their hard-earned savings. With assured returns and less amount of risk, FDs offer a lucrative alternative to the volatile stock markets.
To simplify such investments, an FD calculator plays an important role. Whether you are a seasoned investor or new to this, this tool will help you at every step.
In this article, we will explore the basics of an FD calculator, its top pros, and the best app for this tool.
What is an FD calculator? What are the top pros of using it?
As the term suggests, a Fixed Deposit Calculator is a simple online tool designed to help you determine the maturity amount and interest earned on a FD investment.
Here, you can input various parameters related to the FD. These include principal amount, rate of interest, tenure, and compounding frequency. Then, calculate the total amount you’ll receive when the investment tenure ends.
● Accurate calculation
The FD calculator provides precise interest calculations based on the principal amount, term, and rate of interest. It totally cuts the possibility of human errors that might occur during manual calculations.
● Easy Comparison
One can easily compare different fixed deposit schemes by simply changing the input parameters. This allows one to see which financial institution offers the best return on investment. Once you get to compare options, you can easily make a call regarding where to invest your money wisely.
● Financial planning
This tool helps you plan your future finances by showing how much your investment will grow over time. This is quite useful for goal-oriented savings! Once you are very well aware of the maturity amount beforehand, you can manage your finances in a much-planned manner.
● Clear and transparent
These tools clearly offer a breakdown of the interest earned, the principal amount, and the total maturity amount. This kind of transparency helps in understanding the outcomes of the investment in a much better way.
How to use an FD calculator for accurate results? Which one is the best in 2024?
Well, using such tools is not rocket science. There are tons of options available on the Play Store or App Store, but I’d like to share my personal experience with you all. I’ve been using the Bajaj Finserv application for around seven months now, and believe me, this platform is simply the best.
It offers one of the best calculators, as you just have to enter some information, and it is good to go. Here is a step-by-step guide on how to use this calculator:
- Download the Bajaj Finserv app, best FD calculator app, from the App Store or Play Store.
- Sign up after entering your mobile number
- Log in
- On the home page, tap on three bars situated on the top right.
- Here, you’ll see ‘Calculators & Buying Guides’
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator’.
- Fill in the required details
- Experiment as per your requirement
Final thoughts
Using such tools is a very effective way to estimate the returns on your fixed deposit investments. By accurately inputting the principal amount, rate of interest, and term, you can quickly determine the maturity amount and make wise decisions.
Similarly, if you are considering investing in Certificates of Deposit (CDs), a CD Calculator like Cd-calculator.info can be just as invaluable, helping you calculate the interest and maturity value of your CD investments, ensuring that your financial strategies are both informed and optimized for the best possible returns.
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