The Indian Bank fixed deposit (FD) calculator is an especially useful online tool that allows you to plan your investments and predict your earnings from FDs with Indian Bank. Fixed financial savings are a popular funding choice because they offer sure returns with minimum danger.
However, calculating the profits manually may be difficult, especially because you need to ensure a lot of factors are in check. This is where the FD calculator comes into play – it simplifies the process and offers you correct numbers with only a few clicks.
The operation of an FD calculator is simple. You need to go into some key elements along with the funding amount, period (in days/months/years), and interest fee. The device then uses these inputs with the applicable technique to parent the adulthood amount. This sum is a unique investment (capital) and the hobby accumulated over the chosen term.
Using the Indian Bank FD calculation is a breeze. Just follow these easy steps:
Apart from this, you can also use the calculator from our website. You can keep changing the inputs to explore different situations until you find a choice that best matches your financial goals.
The formula used by the Indian Bank FD calculator is given below.
Formula:
Maturity Amount = Principal + (Principal * Rate * Tenor)
Let's say you invest Rs. 2,00,000 in an Indian Bank FD at 6.5% per annum for 2 years.
Using the simple interest formula:
Maturity Amount = Principal + (Principal * Rate * Tenor)
= 2,00,000 + (2,00,000 * 0.065 * 2)
= 2,00,000 + 27,527
= Rs. 2,27,527
So, the maturity amount on your Rs. 2 lakh Indian Bank FD after 2 years at 6.5% interest will be Rs. 2,27,527.
The key benefits of using the Indian Bank FD tool include:
Indian Bank offers FD interest rates of 2.80-7.25% p.a. to the general public and 3.30-7.75% p.a. to senior citizens on tenures ranging from 7 days to 5 years and above.