To get a better understanding of fixed deposits, I’d like to share my personal experience here so that readers can make wise decisions. Recently, only I got to know that Bajaj Finserv has revised its interest rate and as I was planning to invest for a minimum period of five years, I got lucky. The interest rate, which was earlier 7.40%, has been increased by 0.10% to 7.50%. So, I immediately opened my FD interest calculator and planned accordingly.
(Please don’t consider this content promotional, as I’m just sharing my experience.)
It is always better to understand that creating wealth is essential to our lives. Not only does it helps you to be financially stable, but it also helps to build a secure future for you and your loved ones. However, before investing, I came across an FD calculator online in the Bajaj Finserv app itself only, which I use for my mobile recharge and electricity bill.
What is a Fixed Deposit?
It is a financial provision offered by banks where one can deposit an amount and yield a higher interest rate than a savings account.
The FD interest rate is pre-decided for a fixed term, and it starts from as short as seven days and goes up to even ten years. Moreover, an individual can withdraw the money before the maturity date. So once you make the deposit, it starts earning interest depending on the duration of the deposit.
(Pro tip: Use an FD interest rates calculator before the final move, as it helps you experiment and offers accurate figures)
What are its advantages?
From guaranteed returns to a flexible tenure, FD offers several kinds of benefits and is considered a wise investment.
An FD is one of the most sought-after investments because it assures risk-free returns. Unlike other investments, such as mutual funds, bonds and stocks, where risk is generally high, FD offers a sense of security.
Loans against fixed deposit
It is a dependable instrument to keep in f95zone.blog case of financial emergencies. Taking a loan against a fixed deposit is very easy, and one can take a loan up to 95% of the FD amount, depending on the bank.
The tenure of investment is entirely flexible, and it all depends on the deposit holder. Meanwhile, it is essential to know that each bank has its own minimum tenure rules.
Easy Withdrawal at any time
An FD can easily be broken before its period ends. So if you find yourself in an emergency, you can withdraw your money anytime f95zoneusa.org . But it is highly advisable not to do so as a small penalty is involved.
How to use a fixed deposit calculator?
Using this calculator is pretty simple; you have to add a few details to get accurate figures. Here is a step-by-step guide to using it –
- Download the application from the Play Store or App Store
- Sign up by entering your details
- Open it and tap on the top left icon with three lines.
- Choose the ‘Try our f95forum.com Calculators’ option.
- Go to Deposits Calculators
- Tap on Fixed Deposit Interest Calculator.
- Enter the details
- Use it as per your requirements