BackHow To Use An FD Interest Calculator Like A Pro To Improve Your Savings!
To truly maximise your savings and earn optimal returns, using an FD interest calculator is key
PremiumAs we grow older and our responsibilities increase, we all tend to look for investment options that assure us of guaranteed returns. Among these alternatives, Fixed Deposits (FDs) remain a popular and preferred choice of investment, providing a sense of financial security and stability to investors. However, not all FDs are created equal. To truly maximise your savings and earn optimal returns, using an FD interest calculator is key.
What is a Fixed Deposit?
FDs are a type of term deposit offered by banks and Non-Banking Financial Companies (NBFCs) like Bajaj Finance, which provide a fixed interest rate on the principal amount invested for a fixed tenure. The interest rate offered depends on the bank and the tenure of the deposit. Generally, the longer the tenure, the higher the interest rate. But some institutions offer higher returns on FDs for special tenures, for example Bajaj Finance offers better returns on fixed deposits for 15, 18, 22, 30, 33 and 44 months.
FDs are a hassle-free and simple investment option that can be accessed by anyone, regardless of their financial literacy. It ensures stability, a guaranteed return on investment, and protects one's savings from market volatility. However, it is important to diversify your investment portfolio and not keep all your eggs in one basket.
What is an FD Calculator?
An FD interest calculator is a tool that helps investors not only calculate returns, but also select the best investment option.
The Bajaj Finance FD calculator is a powerful tool designed to help investors plan their investments effortlessly. It computes the total interest receivable and the maturity amount of an FD. It helps investors to choose the best FD type and offers a customised plan for their investment.
Here is a step-by-step guide on how to use the Bajaj Finance FD Calculator like a pro:
1. Enter the amount you wish to invest: It is essential to ascertain the amount which you wish to invest in an FD. This allows investors to get a clear picture of the projected return they will receive on their investment.
2. Select the tenure of your investment: The FD calculator allows investors to select the tenure for which they are investing their money. The tenure plays a crucial role in determining the amount of returns one can earn. You can play around with the calculator and change the tenures ranging between 12 to 60 months.
3. Choose your interest payout mode: The Bajaj Finance FD calculator allows investors to choose from various interest payout frequencies, namely monthly, quarterly, semi-annually, annually, and at maturity. This helps investors to select the best interest payout frequency to suit their needs.
4. Select your customer category: The calculator also provides options for different customer categories such as senior citizens or customers below the age of 60. Depending on the category chosen, the interest rate varies. Bajaj Finance offers an additional interest rate of 0.25% per annum over and above what is offered to general customers. This additional interest rate compensates for the fact that senior citizens may not be earning a regular income after they retire. The scheme plays an important role in helping them meet their expenses and lead a comfortable life.
In conclusion, maximising your savings is not complicated with the Bajaj Finance FD calculator. Investing in an FD guarantees a steady return, and the tool helps you plan your investment with ease. The FD calculator offers investors a hassle-free investment and swiftly computes the returns on your investment. By using this calculator like a pro, you can make informed investment decisions, diversify your portfolio, and lead you to a secure financial future.
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. This information does not constitute a financial advice.
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