Putting aside a few bucks from your monthly earnings is not considered as savings these days. It is very important to grow your wealth exponentially by investing it at the right time and right manner. Around seven months back, when I entered the professional field, I always had in the back of my mind to invest in fixed deposits.
This is because my father always told me that it is a wise investment as it offers guaranteed returns. Moreover, when he told me to calculate fd interest, I was quite surprised by the lucrative returns.
What is a fixed deposit?
In simple terms, it is a type of savings account that is offered by financial institutions/banks in which a customer deposits a lump sum amount for a fixed time period that generally ranges from one month to several years at an agreed rate of interest. This interest rate is higher than the rate offered on regular savings accounts.
In our country, FDs, unaffected by what’s going on in the market, are considered a safe and sound investment due to its assured returns.
Which fixed deposit calculator to use and how to use it?
There are tons of calculators available on the App Store/Play Store. But, in my personal experience, I’ve been using the FD calculator offered by the Bajaj Finserv app that offers the best interest rates and it is quite super easy to use. You’ll get the exact figures within a blink of an eye after you enter the required figures.
- Download the Bajaj Finserv app from the App Store/ Play Store.
- Sign up after entering your contact number
- On the home page, tap on three bars on the top right.
- Choose the ‘Try our Calculators’ option.
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator’.
- Fill in the required details
- Experiment as per your requirement
What are the benefits of using a fd calculator?
To calculate fd interest, it is very important to use such a calculator beforehand. This is because you want the exact figures in front of you before you invest your hard-earned money.
● Saves time
When you use this tool to plan your investment, within a blink of an eye, you get the exact figures right in front of you. This saves a lot of your time and helps you execute your plan accordingly. On the other hand, manual calculations are mostly wrong, lengthy as well as time-consuming so one should avoid it.
Once an individual starts using a fixed deposit calculator, they have the freedom to compare and choose the best one.
● Avoid manual calculations
When you choose to use this calculator, you can avoid incorrect manual calculations that might disrupt your investment plans. Instead, this tool gives you the exact numbers after entering the required details Urdughr.
Before investing your money, it is very important to know what you’ll be getting in the coming years when the maturity term ends. This is because investment is done usually to achieve a financial goal and if you know how much benefit you’ll be getting from your web series review investment, you can achieve the goal smoothly.