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### BOI FD Calculator

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MONTHS
%
Total interest
Deposit amount
Maturiity amount

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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