Are you looking for a safe investment tool? Fixed deposit (FD) are one of the safest investment options for investors looking forward to guaranteed return on investment. With assured returns, investors receive the final maturity after a specific period. Over the period, the principal amount invested compounds to generate returns later.
You must not jump into the boat of FD investment with incomplete knowledge. It is for this reason you should know about the FD calculator. FD calculators have a wide range of benefits too, so let us know how this calculator can help you.
What is an FD Calculator?
An Fixed deposit calculator is a tool that helps you calculate the rate of interest you will earn on a principal amount over a specific period. The FD calculator can be handy if you are not good with calculations.
One of the major perks is that by using the FD calculator, you can also compare the returns you will receive in investing via different banks. Comparison will help you understand where you’re getting the most returns and which bank allows you to choose the longest tenure. Using the calculator can serve the primary purpose of making the right decision, especially regarding investment.
It is advisable to have all the details, like tenure and principal amount, in one place before you decide where to invest.
How to Calculate FD Maturity Amount?
There are several FD calculators available online that help you calculate the Fixed Deposit maturity amount. You can visit the online FD calculator website and choose the type of investment you want to make. Since it is an FD, you can either go through simple interest or compound interest.
After choosing the type of investment, you must choose the tenure and principal amount. It is advisable that all the data you input are accurate. After entering the data into the calculator, the total maturity amount you will receive at the end of your tenure will be displayed on the screen. You will also receive information on how much interest you are earning along with the principal.
Benefits of an FD Calculator
Before you open an Fd account, using a calculator is beneficial. It gives you an idea of where you should invest and what returns you will get. There is a whole range of benefits you can receive just by using the FD calculator.
Some of the most prominent benefits of using an FD calculator are as follows:
1. Time-Saving Option
Planning for your investments can be a tedious task. You may not have an idea about many things, which can eventually confuse you. As a result, you may have to spend more time than required just for FD calculation.
Rather than juggling all the chaos, it is advisable to use an FD calculator. All you need to do is enter the figures and sort things. This will save a lot of time that you spend on planning your investments. Thanks to the easy availability of these calculators, complex calculations are quite a breeze in today’s time.
2. Easy and Simple Calculation
Calculating the maturity amount for FDs can often be very complex, mainly because a lot of variables are involved in the process. You can easily calculate the returns on FDs, especially the maturity, with the help of the calculator.
Not only does the FD calculator make calculations easy, but it also ensures that you are getting the proper estimations. As a result, you don’t have to worry about any miscalculations while using the calculator.
3. Evaluate Risks
When you use an FD calculator, it provides you with an insight into how much you will receive as returns after a period. For many individuals, this can provide relief as they are assured about their returns. Using the FD calculator can give you an idea of the risks you can likely take. If you are scared of taking risks, using this tool is a great choice. It guides you about how much you should invest.
4. Quick Comparison
Would you jump into moving with the first FD account you saw? No, right? Comparison is one of the most important factors since it helps you make the right decision. With the help of an FD calculator, you get the benefit of comparing the different types of schemes available.
The calculator provides you with an insight into the different schemes that the banks have to offer. When you compare, you will quickly understand which scheme will provide you with the maximum return. You can also compare the tenures to make the perfect choice, especially in regard to comparison.
5. Make Safe Choices
All of us want a financially safe and secure future. A secure financial future is possible only when we make financially safe decisions. An FD calculator can be quite useful in such scenarios. But how?
With the help of an FD calculator, you become more aware of your investment opportunities. You can eventually indulge in the same to diversify your investment portfolio. As a result, you won’t get a chance to make any wrong choices.
Conclusion
Once you make up your mind regarding an investment in FD, make sure to understand all the nuances involved. As a beginner, it can get confusing, especially regarding how to move ahead. To avoid such unwanted confusion, you should use an FD calculator.
The calculator not only helps in the calculation but also in terms of making the right decision. You can choose from a wide range of FD investment calculators available online. Make sure to enter the details and data accurately to avoid discrepancies in calculations.
References
https://cleartax.in/s/fd-calculator
https://www.maxlifeinsurance.com/fd-calculator
https://www.etmoney.com/tools-and-calculators/fd-calculator#:~:text=A%20fixed%20deposit%20calculator%20is,maturity%20amount%20in%20the%20end.
https://groww.in/calculators/fd-calculator
https://www.bankbazaar.com/fixed-deposit/fd-calculator.html
https://scripbox.com/plan/fd-calculator
https://www.axisbank.com/retail/calculators/fd-calculator
