Bank of India fixed deposit calculator can be used to determine how much interest you can get on your deposit over a period. Using the easy-to-use FD calculator, you may compare different tenures with different interest rates from various banks.
A Bank of India fixed deposit rates calculator requires entering some investment-related data.
Among these parameters are-
The formula for calculating FD is M = P + (P x r x t/100),
where M is the maturity amount, P is the principal amount, r is the interest rate, and t is the tenure.
Subtract the principal from the maturity amount if you want to know the interest earned.
To conveniently use an FD deposit calculator, follow the steps listed below:
The formula to determine the maturity amount of a fixed deposit is A = P(1+r/n)^n x t,
where P is the principal amount placed, r is the interest rate, and t is the fixed deposit's tenure or duration.
You may determine the simple interest you'll receive in a savings account by multiplying the account value by the interest rate and the time the money remains in the account. Remember that interest in a savings account is earned rather than paid.
P=10,00,000
t= 5
N= 1 year
i= 6.4%
A = 10,00,000(1+0.064/1)^1 x 5
A = Rs.13,63,666
Bank of India offers fixed-rate savings accounts (FDs) with interest rates ranging from 7 days to 10 years for regular residents, 3.00% to 6.75% for seniors. For the general public, the interest rate on Bank of India Tax Saving FDs is 3-6%. To know more about Bank of FD Rates, Click here.
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