A lot of pеoplе likе fixеd dеposits bеcausе thеy givе back your monеy safеly & with little risk. But sometimes, it is tough to figurе out how much intеrеst you'll gеt еspеcially if you want to comparе different amounts and timе pеriods. That's whеrе thе Yes Bank FD calculator comеs in handy. It makes things еasiеr by quickly giving you thе right answers with just a few clicks.
The operation of an FD calculator is rather straightforward. The payment amount, length of time (in days, months, or years), and interest rate are all critical details to add. Using these inputs and the applicable technique, the tool calculates the maturity amount, the total of your initial investment (capital), and the interest earned over the specified period.
Most FD tools, like the one provided by Yes Bank, calculate earnings using compound interest. Compound interest is calculated by adding the capital to the interest earned during prior periods. This is why, over time, compound interest outperforms basic interest.
Using the Yes Bank FD calculation is very easy. Just follow these easy steps:
You can keep changing the spending amount and term to explore different situations until you find a choice that best matches your financial goals. Apart from this, you can also use the ClearTax FD calculator.
The formula used by the Yes Bank FD calculator for compound interest:
Maturity Amount = Principal * (1 + Rate/100)^Tenor
Where:
Principal = Initial investment amount
Rate = Annual interest rate
Tenor = Deposit tenure in years
For Example:
Let's say you want to invest Rs. 5,00,000 in a Yes Bank Fixed Deposit for 3 years at an interest rate of 7.25% per annum.
Using the formula:
Maturity Amount = Principal * (1 + Rate/100)^Tenor
Substituting the values:
Maturity Amount = 5,00,000 * (1 + 7.25/100)^3
= 5,00,000 * (1.0725)^3
= 5,00,000 * 1.2327
= Rs. 6,16,350
Therefore, if you invest Rs. 5,00,000 in a 3-year Yes Bank FD at 7.25% interest rate, the maturity amount you will receive at the end of the tenure is Rs. 6,16,350.
The interest earned can be calculated as:
Interest Earned = Maturity Amount - Principal
= Rs. 6,16,350 - Rs. 5,00,000
= Rs. 1,16,350
So, by investing Rs. 5 lakh for 3 years in a Yes Bank FD at 7.25% per annum, you will earn Rs. 1,16,350 as interest, and the total maturity proceeds will be Rs. 6,16,350.
The key benefits of using the Yes Bank FD tool include:
YES Bank offers FD interest rates of 3.25-7.75% p.a. to regular citizens and 3.75-8.25% p.a. to senior citizens on tenures ranging from 7 days to 10 years. To know more about Yes Bank FD rates, Click here.
Other Banks FD Calculators:
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2. HDFC Bank FD Calculator
3. ICICI Bank FD Calculator
4. Axis Bank FD Calculator
5. Punjab Bank FD Calculator
6. Kotak Bank FD Calculator
7. Canara Bank FD Calculator
8. BOI FD Calculator
9. Equitas FD Calculator
10. IDFC FD Calculator
11. IDBI FD Calculator
12. Indian Bank FD Calculator
13. DHFL FD Calculator
14. UCO Bank FD Calculator
15. Central Bank FD Calculator
16. IOB FD Calculator
17. BOB FD Calculator
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