How To Use Bajaj Finance Fixed Deposit Calculator?

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Fixed deposits are a great and secure way of investments for those who aim for safety on their returns. ‘Fixed Deposit’ is a term that is coined by banks and other non-banking financial companies (NBFCs).

The interest rates offered on Fixed Deposits are usually higher than the savings account but with specific terms and conditions. In FD, the amount has to be in a lock-in period for a fixed tenure ranging from 7 days up to 10 years at a fixed interest rate. Fixed Deposits calculator can come handy in computing the interest and maturity amount that the depositor can get at the end of the tenure.

Bajaj Finance online calculator is a free online FD calculator that can be used to calculate the potential returns on a Fixed Deposit. You can calculate the maturity amount on a Fixed Deposit by entering few details on the FD calculator page. The final maturity amount varies based on the type of customer, type of deposit, tenure and the deposit amount.

Follow these easy steps on using an FD calculator:

1). Select the type of customer (i.e., New Customer/Existing Loan Customer/Senior Citizen) from the drop-down menu.
2). Now choose the type of deposit option you would want, i.e., Cumulative or Non-cumulative
3). Choose the deposit amount that you would want to invest (you can do so by moving the slider from left to right)
4). Choose the tenure(in months) for your fixed deposit, i.e., for how many months you want to invest for.
5). You should be able to see the total maturity amount automatically calculated for you with the total amount of interest earned on your principal.

You can try using the calculator with different combinations of tenure and deposit  amounts and see how the maturity amount and interest earned changes.

How is Fixed Deposit Interest calculated?

To plan your investment by evaluating the returns beforehand, try using Bajaj Finance FD online calculator. FD calculator makes it easy for anyone to determine the maturity amount received at the end of the tenure.

The FD interest and amount depend on the following factors:

Principal amount - The amount that you invest in an FD. It’s a one-time investment, and the depositor has the freedom to invest any amount according to his will starting with Rs. 5000.

Rate of interest - The interest rate offered on your deposit amount. This rate varies based on the tenure of investment. Higher the interest rates, higher the returns.

Tenure of Deposit - The period for which the amount needs to deposited, i.e., quarterly, monthly, half-yearly or annually. Longer tenure yields higher interest.

The way this works is Longer tenure → Higher interest → Higher Returns.

Type of deposit (Cumulative or non-cumulative) - Cumulative interest is based on compound interest principle and hence yields higher interest.

Also Read : Cumulative FD vs Non Cumulative FD

Frequency of interest - Interests rates is compounded based on their periods of investment, i.e., monthly, quarterly, half-yearly or annually with Bajaj Finance Fixed Deposits. Your interest amount decreases on account of frequent computations on interest rates

Type of customer (Senior citizen, new customer, and existing customer) - Bajaj Finance serves a range of customers and offers higher interest rates to Senior citizens and existing customers.

Fixed deposits are considered as reliable investment tools for maintaining and increasing your savings. The interest rates are usually higher and are calculated based on compound interest periodically giving you higher return on investments.

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