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Fixed deposit is a highly lucrative and flexible financial scheme offering secured returns. It is a very popular method of investment among Indians looking to grow their funds and earn potential returns. Fixed deposits offer a host of benefits, and you can make the most of it using a fixed deposit calculator. This smart tool gives you an estimate of your returns, enabling you to optimise the investment as per your goals. Furthermore, this tool helps you compare different interest rates before you lock in your funds for a specific tenor. Keep reading to know what a fixed deposit calculator is, how to use it, and its benefits. How Can an FD Calculator Help You?It helps Make Accurate CalculationsA fixed deposit calculator is an accurate tool for estimating your interest earnings after maturity, given that you provide accurate information.It works on the simple formula of compound interest. A = P + P [(1 + i/100) ^(t) - 1]Here,A = Maturity amount inclusive of the principle and interest earned on it P = Principal deposit amounti = Interest Ratet = TenorAll you need to input is the investment amount, tenor and applicable interest rate to get the maturity amount in a single click.For example, assume you want to invest ₹2.5 Lakhs for 5 years at an interest rate of 7.65% p.a. Input these values in a Bajaj Finance FD calculator , and you get the maturity amount of ₹3,61,418 instantly. You can also tweak parameters to arrive at the right value that best aligns with your financial goals. Helps Choose the Right TenorThe tenor you choose plays a crucial role in maximising your returns. As the thumb rule goes, the longer you stay invested, the higher your returns. Moreover, you can get better interest rates on FD investment when you opt for a longer tenor. This is precisely one of the important benefits of using a fixed deposit calculator. You can easily select the right tenor for your investment to optimise your financial goals. Helps Decide the Investment AmountIn some cases, you may want to invest in fixed deposits to achieve specific financial goals such as going on a vacation, saving funds for a wedding or purchasing a vehicle. You may want to check different permutations and combinations before you park funds in an FD account. Thankfully, a fixed deposit calculator helps you make the right decision, as you can use it any number of times until you arrive at the desired value. Helps Choose Between Cumulative and Non-Cumulative FD TypesAn FD calculator also gives you the option to select the payout mode so you can make a decision to select between cumulative and non-cumulative fixed deposit plans. While the former type of FD works on the power of compounding, the latter provides interest payouts at regular intervals. You can change these parameters in an FD calculator and take the right decision after assessing your interest earnings. Remember that payout at maturity yields higher earnings than regular payout modes. Helps Compare Various Issuers Many banks and NFBCs offer several fixed deposit plans. You can use an FD calculator to compare which one is a better deal without spending hours in manual calculations. Simply use an FD calculator to assess which plan gives you higher returns. Other Benefits of Using Fixed Deposit CalculatorsHere are a few other advantages of using FD calculators: Provides Instant ResultsThere is absolutely no need to wait for the result, as you get instant results for multiple combinations when you input the required parameters. Saves Time Instead of manually calculating the returns, using an FD calculator makes the task easy and computes accurate results. Moreover, manual calculations can also generate errors. Can Use it Free of CostThe FD calculator is a free tool you can use any number of times without having to pay for it. Access it From AnywhereUse the calculator tool anywhere and anytime to assess your interest earnings. This helps you make informed choices before investing in an FD. Has a User-friendly ApplicationThe FD calculator auto-adjusts interest rates for your chosen tenor, making the process easy and quick. Simply input the amount you wish to invest, your chosen tenor and the applicable interest rate to calculate your earnings. Now that you know the benefits of a fixed deposit calculator be sure to understand your finances and make informed decisions. This can help you make the most of your investment and reach your goals faster. With an FD calculator, you can foresee your financial gains for longer or shorter durations. Once you find a suitable tenor and coinciding interest rates, you can easily invest in just a few clicks.

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