BOI FD Calculator

How can the Bank of India FD Calculator Help You?

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.

• Simplifies a difficult, time-consuming procedure with several moving parts.
• Expedites and saves time in computation.
• It allows you to compare the interest rates and maturity amounts several banks give, helping you make an informed choice.

How does a Bank of India FD Calculator Work?

A Bank of India fixed deposit rates calculator requires entering some investment-related data. 

Among these parameters are-

• Investment amount
• Interest rate
• Term
• Frequency of interest payouts

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.

How do you use the Bank of India fixed Deposit Calculator?

To conveniently use an FD deposit calculator, follow the steps listed below:

• Enter the principal amount you want to invest.
• Add the period and the interest rate.
• It will give out a pop-up saying: This is a preliminary calculation and is not the final offer- be wary of this.
• These are the simple steps you need to use to understand your ROI on the investment done. 
• Apart from this, you can also use our calculator to find the interest rate. 

Formula to Determine BOI FD Returns

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.

BOI FD Returns example: 

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 Fixed Deposit Interest Rates

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.

Benefits of the Bank of India FD Calculator

• Accurate Estimation: Provides precise calculations, ensuring accuracy in estimating returns on fixed deposits.
• Time-saving Tool: Eliminates the need for manual calculations.
• Flexibility: Allows users to experiment with various investment amounts, tenures, and interest rates to find the most suitable option for their financial goals.
• Clarity: Provides clear insights into the maturity amount, interest earned, and other important details, enhancing understanding and confidence for investors.

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