It is a well-known fact that everyone wants to maximize their earnings and grow wealth exponentially in order to have a safe and secure future. Therefore, taking little saving & investment steps at an early stage of life helps one build a stable financial life. Believe me, since the day I started earning; I tend to invest at least some part of my earnings. In my opinion, one of the most worthy investments is the Fixed Deposit. This is because it has you know how much you’ll be sowing and how much you’ll be reaping. But to invest in it, it is always a good idea to use an FD calculator first.
When you are investing your hard-earned money, it is essential to know what you’ll be getting in the coming years. Remember, spending money wisely and simultaneously developing the habit of saving is essential to grow your wealth exponentially.
What is a Fixed Deposit?
A Fixed Deposit is an investment offered by banks or non-banking financial companies (NBFC). The interest rate is predetermined for a fixed time, and one can invest a sizeable amount of money. So, basically, the borrower invests money for a fixed term period and a fixed return.
What are the advantages of Fixed deposits?
From assured returns to a flexible tenure, an FD is a wise investment if you plan to put in your hard-earned savings.
This is one of the top reasons that FD is one of the most sought-after investments. Unlike mutual funds, bonds and stocks, where risk is generally high, FD offers a sense of security and safety when it comes to returns.
After you calculate FD interest and invest in it, remember that the investment tenure is flexible and depends on the deposit holder.
(Note: Each bank has its own minimum tenure rules.)
An FD can easily be broken before its maturity period ends. So, if there is any emergency, you can withdraw your money anytime. However, please keep in mind that there is a minor penalty involved.
Here is a step-by-step guide on how you can use an FD calculator –
- Download the Bajaj Finserv application from the App Store/Play Store.
- Sign up after entering your details
- On the home page, click on three bars on the top right.
- Choose the ‘Try our Calculators’ option.
- Go to ‘Deposits Calculators’ and choose ‘Fixed Deposit Interest Calculator.
- Enter the required details and know what suits you the best.
Please don’t consider this write-up a promotional one, as I’m just sharing my personal experience so that you all can understand more clearly. Recently, one of my colleagues was also planning to invest in FD, and surprisingly, Bajaj Finserv only revised their FD interest rate from 7.40% to 7.50% for five years.
Moreover, as he was planning to invest above Rs 10 lac, this was one of the most desirable options for him web series review.