When you invest in Deposit Accounts, the principal amount earns interest per prevailing rates. It keeps compounding over time, helping you grow your savings. Manually calculating these details is tedious and time-consuming. With the deposit calculator, you can estimate the interest gains and maturity amounts without hassles.

The FD calculator can assist you in determining how much interest you can receive by investing in the deposit for a fixed term. The interest gets compounded annually, while the maturity amount includes the principal investment and the compounded interest earned. Here are the answers to some frequently asked questions:

How to use the calculator?

Using the deposit calculator is simple and easy. All you need to do is select the customer type, choose the deposit type, whether cumulative or non-cumulative, the amount, and the tenure. The calculator instantly displays your interest payout and total maturity amount. It is a great way to determine your returns before investing, streamline finances, and maximise investment returns.

What is the formula?

Your interest rates and payout frequencies determine the returns on the FD calculator. Its formula is M = P + (P x r x t/100), where M is the maturity amount, P is the principal deposit amount, R is the interest rate, and T is the tenure in years.

What is the maturity amount?

The maturity amount of your deposit is the sum of your principal amount invested along with the pre-decided returns earned over the chosen tenure. You can easily use deposit calculators online before investing. Enter the desired investment amount and preferred tenure to compute the maturity amount.

How is cumulative and non-cumulative payout different?

Based on the payout frequency, these FDs are different from each other. Cumulative payouts pay the interest at maturity after it has compounded annually. In Non-Cumulative payouts, you receive monthly, quarterly, half-yearly, or yearly interest, depending on your needs. Select the interest outgo frequency from the Banking app while opening the Deposit Account.

How is it advantageous?

There are several other advantages of using these calculators. You get the amount you are eligible for at the end of your maturity period and plan your future accordingly. Both these calculators are free for unlimited use by registered users. You can compare the maturity amount of different schemes easily.

How does it help plan finances?

You can use the FD and RD calculator to plan your finances and streamline expenses. Once you know how much these deposits will fetch you after the tenure ends, you can reinvest or withdraw the maturity amount as desired. Calculating your finances on these tools takes only a few seconds.

Where to find it?

With the rise in digital technology, you can find the RD and FD calculator online effortlessly. You can visit the bank’s app or search for one on the web search engines. Use these calculators to know the exact amount you will receive at maturity.