Investing money wisely is the need of the hour as the market fluctuations will force you to think twice before committing to an instrument. Fixed deposits are one of the better options in today’s time because it provides fixed returns irrespective of the changing market conditions. Also, you can calculate the FD interest online by using a fixed deposit calculator that most financiers provide on their websites these days. To understand how it is done, please read the below steps:
Step 1: Choose an FD calculator
Firstly, you must figure out the fixed deposit rates calculator you want to use depending upon the FD interest rate, tenor range, and other options provided by various financiers. Once, you determine an FD provider, visit their official page and find the online FD calculator.
Step 2: Explore your options
You can now enter different values of tenor, investment amount, FD type, etc. to explore your options. Once you are happy with the selections that you have made, you can press the ‘Calculate’ button by single-clicking or double-clicking on it.
Step 3: Calculate maturity amount
Once you press the calculate button, the maturity amount along with interest gains will be reflected on your screen. If you have chosen a non-cumulative FD, you will see the interest payout options along with their corresponding amounts.
While exploring this online tool, you will realize that the FD interest rates should be high enough to generate sufficient returns at maturity. Currently, the highest FD rate is offered by Bajaj Finance FD comes with an interest rate of up to 6.75%. The other reasons due to which you can invest in this FD scheme are highlighted in the below points:
A safety net for your savings
Before investing money in any instrument, it is always recommended that you cross-check its stability. Bajaj Finance FD provides a safety net for your savings by keeping your investment safe from market risks.
For confirming whether the FD returns offered by Bajaj Finance FD are stable or not, you can see the high stability ratings it has received from credit rating organizations like CRISIL and ICRA.
Periodic interest payouts
While providing guaranteed returns, Bajaj Finance FD also allows you to earn a monthly income. For withdrawing the accumulated interest after every month, year, quarter, or six months, you will have to invest in a Bajaj Finance non-cumulative FD.
You can invest in Bajaj Finance cumulative FDs if you want to earn compounded returns. This FD variant is helpful especially if you can wait till your deposits mature.
Loan against deposits
If you need funds urgently, you can take a loan against your deposits. You can also apply for a loan against your deposits without submitting any security. By using this option you can avoid withdrawing your deposits early and keep your investment growing.
The deposits can be withdrawn if you wish to liquidate them before completion of the FD tenor. The deposits should be locked in for a minimum of 3 months to be eligible for early withdrawal.
Higher FD rate to senior citizens
Senior citizens can secure their future after retirement by investing in Bajaj Finance FD. They get a 0,25% higher FD rate than others. Don’t worry if your age is less than 60 as you can still get a 0.10% higher FD rate if you prefer investing through an online FD form.
The online investment process provides a user-friendly experience since even the verification of documents and payment for the deposits can be completed through online mediums. You can also use the fixed deposit rates calculator to determine the FD returns before investing money in Bajaj Finance FD.