BOB FD Calculator

Document

Total installment

₹

Number of months

MONTHS

Interest rate

Total interest

₹

Deposit amount

₹

Maturiity amount

₹

With the BoB Bank FD calculator, it's like having your financial advisor on your PC or phone. It's quite helpful for determining the return on your Fund. if you place them in a fixed account. This calculator will help you regardless of your level of knowledge with financial issues; it may make things easier for you. Using the FD calculator, you can quickly determine how much money you will get from your fixed deposit over time. This allows you to examine many investment choices and choose the one that best suits your financial goals. It's similar to always having a little financial expert to help you achieve your financial goals.

How Does a Bank FD Calculator Work?

The BoB FD estimator uses a simple method to figure the final amount of your fixed deposit. This method considers important factors, including the deposit's initial amount, interest rate, and term.

To find the final amount using the FD calculator, provide the following information:

1. The Principal Amount: It refers to the original financial amount in a fixed account.

2. Interest Rate: The rate at which the bank pays interest on your savings.

3. Tenure: Determines the length of your set savings investment.

After you enter these facts into the calculator, it will estimate the maturity amount, including the principal and interest received.

How do you use the BoB Bank Fixed Deposit Calculator?

Using the online BoB FD calculator is quite easy. Here are the steps.

1. Go to the BoB website and find the FD calculator page.

2. Select Standard FD or Tax Saver FD.

3. Enter the deposit amount.

4. Select the required length in years/months.

5. The calculator will provide the current interest rate for that term.

6. Choose the income accumulation schedule (quarterly, half-annually, yearly).

7. Click 'Calculate'.

8. The calculator instantly shows your maturity amount and interest earnings.

You may also use our website to check the rates and the calculations.

Formula to Calculate BoB Bank FD Returns

The BoB FD calculator uses the following method to determine the maturity value:

The maturity amount equals the investment amount multiplied by

(1 + r/n)^(n*t).

A= P×(1+r/n)^nt,

Where

P = the original investment number.

r = annual interest rate,

n = compounding frequency.

t = Tenure in years

Total interest earned is calculated as follows: Interest Earned = Maturity Amount - Investment Amount.

For Example,

Suppose you invest ₹100,000 in a Bank of Baroda fixed savings account with a yearly interest rate of 8% compounded quarterly for 2 years.

Given:

P=₹100,000
r=8%= 0.08
n=4 (quarterly compounding)
t= 2 years

A=100,000×(1+0.08/4)^4×2

A=100,000×(1+0.08/4)^8

A=100,000×(1+0.02)8

A=100,000×(1.02)8

A≈100,000×1.1716615

A≈₹117,166.15

Thus, after two years, the investment's future worth would be around ₹117,166.15. Hence, ₹117,166.15 - ₹100,000 = ₹17,166.15 would be the entire interest earned.

Benefits of the BOB FD Calculator

Using the BoB FD calculator has different advantages:

Get accurate forecasts for efficient financial planning and decision-making.
Streamline your investment planning process using automatic formulas to save time and effort.
Customise your investment plan according to your financial goals and risk tolerance, including initial amount, length, and interest rate.
Understand how changes in interest rates and investment length may affect your portfolio's profits.

BoB Bank Fixed Deposit Interest Rates

Bank of Baroda (BoB) offers FD interest rates of 4.25% - 7.25% p.a. to the general public and 4.75% - 7.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. To know more about BOB FD rates, Click here.