Fixed deposits are a popular option when it comes to people’s savings in the country. That’s because banks tend to offer a much higher interest rate on these deposits than your regular savings or current accounts. That’s why you can ensure that your savings grow substantially within a stipulated period of time. The tenure of the fixed deposits can vary, and you can pick the option that’s suited to your requirements. But you have to understand that withdrawing your savings before the maturity period can involve penalties, which you should try and avoid.
Practically all major banks in the country offer fixed deposit options for their customers. However, they can vary to a great extent, which is why certain factors have to be taken into consideration before opting for them. Fixed deposit interest rate is the primary criterion that most consumers think about right at the onset and with good reason too. It will determine the amount you get after the maturity of your fixed term deposit. If you want to make a smart choice amongst various options available to you in the market then you can make the most out of the convenience offered by FD Calculator.
What does the calculator do for you
FD Calculator is a tool offered to you so that you can find out the interest you can earn on your fixed deposit at the end of the tenure. Most banks offer quarterly compounding interest, which can be otherwise tricky to calculate. But with the help of this calculator you can handle the task easily and make sure you are on top of things. Compounding of interest is done on monthly, quarterly, half yearly or yearly basis and once you have taken that into account, you can arrive at the value of your investment on maturity.
Compare different products in the market
As mentioned earlier, practically all the major banks in the country offer fixed deposit schemes for their consumers. Not only are there different tenures for these deposit options, they have corresponding interest rates attached to them, as well. Choosing the right fixed deposit as an investment option for you can be a task, which is simplified with the help of an FD Calculator. Now you have the option of looking at offers from top banks like HDFC, AXIS, ICICI and more, compare the interest rates and make a sensible financial decision.
A convenient option right at your fingertips
The good thing about these interest rate calculators is that you can easily find them online, and they are accessible to you at any time. Using them is quite simple, and you don’t have to have any kind of financial expertise to calculate or compare interest rates on fixed deposits. You can get the job done within hardly any time and thus you can make your investments at the earliest so that you can get optimum benefits out of them. Importantly you will get much needed peace of mind knowing you have made the right decision too.
FD Calculator helps you compare interest rates on fixed deposits so that you can opt for the best deal possible.