FD Calculator:
Fixed deposit (or term investment) is offered by many banks and non-bank financial companies. These deposit offer higher rates of interest subject to specific conditions. These deposits lock in the amount for a specified period, which may range from 7 days to 10 years.
A FD calculator is available to calculate the rate of interest as well as the total amount due at maturity. The Groww site has a very easy-to-use calculator.
What can you do with a FD Calculator?
Calculating an FD’s maturity can be time-consuming and complicated. A simple online FD Calculator makes it easy to calculate.
- Calculating FD maturities is complex and involves multiple variables. The Fixed Deposit Calculator does the work for you and provides accurate results at the push of a single button.
- This tool can save you a great deal of time when performing these calculations.
- You can compare interest rates and maturity amounts of different FDs by using a fixed deposit calculator. When you are armed with all of the information, it is easier to make an educated decision.
Formula to calculate the maturity of FDs
You can choose between two different types of FDs: simple interest and compound interest. Groww offers calculators that can be used for either type of FD.
Calculate the simple interest rate on a fixed deposit using this formula:
M = (P x R x T/100), where
- The principal deposit amount is P
- The rate of interest is expressed as a percentage per year.
- The tenure is expressed in years
If you want to deposit Rs. The equation is : If you deposit Rs.
M= Rs. M = Rs.
= Rs. 1,50,000
The FD calculator calculates compound interest FD using the formula –
M = P + P (1 + i/100 t-1).
- The principal amount is P
- The rate of interest is i per period
- The tenure
If you use the same variables as above, compound interest will accumulate.
M= Rs. 1,00,000 (1 + 10/100) 5-1
Or, Rs. 1,61,051
What is Groww’s FD Calculator?
Use the FD Deposit Calculator by following these steps.
- Make sure you are able to access all relevant data.
- In the appropriate slots, enter the variable values as they appear in the formula.
- Instantly, the maturity value of your FD will appear.
DownloadApp
Benefits of using Groww FD Calculator India
Calculate the amount of your FD at maturity.
These calculators have many other benefits besides the ones listed above.
- Plan your future based on the amount that you will be entitled to at the end your maturity period.
- Registered users can use both calculators for free and unlimited time.
- Compare maturity amounts of financial institutions.
You can plan your finances easily using these calculators. Our services are all free and can be used as often as desired.