Fixed deposits (FDs) are one of the safest and most popular investment options in India. It not only provides higher returns compared to a savings account but also allows investors to know their return on investment (ROI) in advance. A useful tool that can assist in this process is a fixed deposit calculator. This tool can help you forecast your wealth growth by giving you an estimate of your fixed deposit’s maturity amount. Here are the top five online fixed deposit calculators in the market today.
1) HDFC Bank Fixed Deposit Calculator: The HDFC Bank FD calculator is user-friendly and easily accesses online. It requires details such as deposit amount, tenure, and interest rate, to compute both the maturity amount and the interest earned. The calculator also accommodates both regular and senior citizen rates, making it extremely versatile.
2) ICICI Bank Fixed Deposit Calculator: ICICI Bank offers a Comprehensive FD calculator. It calculates maturity value considering the effect of compounding. Dividing the annual interest rate into quarterly installments enhances the compounding effect, thus yielding a higher ROI. You can calculate the maturity value by inputting the principal amount, tenure, and interest rate.
3) Axis Bank Fixed Deposit Calculator: Axis Bank’s FD calculator helps you calculate the maturity amount, interest earned, and the effective yield. The highlight of the Axis Bank FD calculator is that it also allows NRE FD calculation. It is also easy to use, with fields for deposit amount, deposit term, and interest rate.
4) SBI Fixed Deposit Calculator: The SBI Fixed Deposit Calculator is a simple and effective tool that forecasts the maturity amount of your FD. It uses the principal deposit amount, the current interest rate, and the tenure of investment in its FD maturity calculation.
5) BankBazaar Fixed Deposit Calculator: The BankBazaar FD calculator is a universal calculator. Unlike most FD calculators that are bank-specific, this calculator can compute maturity for any bank’s fixed deposit. It has the feature of adjusting the compounding frequency, which influences the maturity amount.
While fixed deposit calculators chiefly deal with calculating FD returns, it’s worth mentioning that some online calculators also help you with gratuity calculation. For instance, the HDFC Bank calculator also assists in gratuity calculation. Gratuity, a mandatory benefit provided by the employer to its employees who have served for over five years, can also be planned using a calculator.
Gratuity calculation refers to the method used to determine the amount of money employees receive as a gratuity or tip. This calculation often applies in industries like hospitality and food service, where employees earn tips as part of their income. The process can vary depending on local laws and company policies. Typically, gratuity is calculated as a percentage of the total bill amount, with common rates ranging from 10% to 20%. Some establishments automatically include gratuity for large parties. Accurate gratuity calculation ensures fair compensation for employees, reflecting the quality of service provided to customers.
Investors can significantly benefit from using a fixed deposit calculator. It helps manage your investments by providing accurate, simplified, and instantaneous results, allowing you to make informed decisions about your finances.
Disclaimer:
Investment in the financial market always carries risk. The FD interest rates used for calculation on these platforms may vary from the actual rates offered by the banks. It is advisable to verify the same at the bank before making decisions based on the calculator outputs. This article is only for informational purposes and is not intended to be professional financial advice. Investors are recommended to make thorough research and understand all risks involved before proceeding.
Summary:
Fixed Deposit is a popular investment avenue offering higher returns, with calculators playing a vital part in estimating Return on Investment. We discussed the top five online fixed deposit calculators- HDFC Bank, ICICI Bank, Axis Bank, SBI, and BankBazaar calculators. These calculators are straightforward to use and provide precise instantaneous results. Some calculators also provide gratuity calculation facilities. Please note that financial investments always carry risk, and it’s crucial to do your research and understand all involved risks before making any financial decisions.
