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FD Calculator

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Time Period
Compounding Period
Maturity amount:56,921.45
Total investment:50,000
Total interest :6,921.45
FD or Fixed Deposits are long-term investment tool which helps investors save money for the long term. Investors can choose a fixed tenure for which the deposit will be kept with the bank. In general, FD investments are better for those looking for long-term wealth creation as they offer high interest rates as compared to savings accounts.

HOW TO USE THIS FD CALCULATOR

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Use the slider for selecting monthly amount
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Select the tenure in months using slider
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Move the slider and select the interest rate
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Recalculate your FD anytime by changing the input sliders
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FD amount will be calculated instantaneously when you move the sliders.

How is FD interest calculated?

Interest on FD is compounded quarterly, in most banks. The formula for this is: A = P * (1+ r/n) ^ n*t , where I = A – P A = Maturity value P = Principal amount r = rate of interest t = Number of years n = Compounded interest frequency I = Interest earned amount

Benefits of FD

  • FD can be used as collateral for taking loans. You can take up to 80-90% loans on your FD amount
  • The depositor can choose to transfer the amount at the time of maturity for a further Fixed Deposit.
  • The money can be deposited only once. Once deposited, withdrawal of money from the account will accrue a penalty.
  • FD schemes are good investment tools for those who have surplus funds and want to earn money from it.

Tax Benefits on FD

Similar to other personal tax-saving and investment instruments, Fixed Deposits schemes also attract taxes. A TDS of 10% is deducted on the returns accrued from an FD if the total interest exceeds Rs. 10,000 in a single financial year. Let’s compare this to the SIP scheme and you can see that SIPs are more beneficial for the long term. Since long-term gains from equity are tax-free, any SIP which invests in ELSS (Equity Linked Mutual Funds) is also tax-free after one year.

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