Here’s How you can Instantly Estimate Fixed Deposit Returns Using an FD Calculator

Fixed deposit is a very popular way of saving money as they are not only safe and easy to open but also provides guaranteed good returns. Fixed deposit simply refers to putting a lump sum in the bank for a particular tenure at a fixed interest rate. At the end of the tenure, the investor receives the amount that he has invested along with the compound interest. Fixed deposit is also called a term deposit. If you have money which is currently not in use then you can invest that idle sum to earn good returns via fixed deposits. Fixed deposits help in saving for your future needs and can also help you in achieving your future goal if invested properly.

When you are investing in a fixed deposit then you should also be aware of an approximate amount that you will get as a return. In order to find that, you have to use an FD calculator. An FD calculator is a digital tool, which is made to help the investors in evaluating the maturity value of their fixed deposits. It saves time and effort by calculating the investor’s amount of interest collected on the principal amount. It can also be employed to compare the different amount of interests that can be gained on various amounts at different tenures. Moreover, an FD calculator helps in selecting the best scheme that can generate more interest within proper tenure. If you also want to enjoy these benefits then using the FD calculator by Scripbox can be a good option for you.

How to evaluate the maturity amount with the help of an FD calculator?

If you are convinced and want to get started with an FD calculator, here’s how you can use one:

• Select whether you are an existing customer, a new customer or a senior citizen because the interest rate varies upon your choice. Although the interest rates are fixed, they always vary from profile to profile.
• After that, choose the type of fixed deposit you are interested to invest in like payouts at the end of tenure or periodic payouts. If you are someone who wants to constantly take out some money for meeting household needs then you can opt for periodic payouts. If that’s not the case then you can get the complete amount at the end of the tenure by selecting payouts at the end of tenure.
• If you are willing to opt periodic payout then you need to select on what frequency you want your payouts. You can choose from quarterly, annual, half-yearly or monthly.
• Then you have to select the amount that you want to invest. Make sure you are only investing the amount which is idle otherwise you will have to break the FD before the tenure ends in case of any monetary emergency. So, execute this step sensibly.
• After putting a certain amount of money, select the tenure period you want to keep your money for, which can be between 12 to 60 months. You should know that you will get a better return if you keep the money for a longer period. Your money is always safe in the bank so do not think that if you keep your money for a longer tenure then the invested sum would carry more risks. The more time you give to your investment, the more return you would enjoy.

After you have inserted all the necessary details, the FD calculator will check the total maturity amount and the interest amount. In this way, you would be able to know how much you will gain on the basis of various factors.

Benefits of an FD calculator:

• It provides you with accurate results effortlessly.
• It saves your time that you would have wasted otherwise in calculating it manually.
• It allows you to predict how much return you will get in the future and accordingly make changes in your investments.
• It also allows you to compare various FD interest rates and select the most suitable one for yourself. There are cases where different rates are offering the same return or vice-versa.
• It is very easy to use and one can get access to it from anywhere at any time without any issue or charges.
• You can plan your investment in a more disciplined way by avoiding any calculation mistakes.

Overall, an FD calculator proves to be of great utility when it comes to investing in fixed deposit. It allows you to predict the amount of return, which in turn allows you to change your inputs to get the maximum return possible. Whenever you are investing in fixed deposit, always cross-check in an FD calculator to make sure there is no error made by any particular issuer. Fixed deposits are probably the best risk-free tool for investing money and getting returns. Hence, compare the interest rates of different banks and us an FD calculator before taking any decision.