A good investment alternate is the one that lets you choose a tenor as per your requirements and provides an accurate estimation of returns. The exact prediction of returns can only be made by investing in fixed income instruments like fixed deposits, recurring deposits, postal deposit schemes, etc. However, investing in fixed deposit plans is recommended as they provide you with the convenience of selecting a flexible tenor and also offer high returns.
An FD return calculator is available on the portal of most financiers who offer FD plans. A fixed deposit calculator lets you calculate the returns and interest gains offered by an FD precisely. The following steps can be followed while calculating the FD returns:
Step 1: Choose an FD provider
First, you must choose an FD provider who offers fixed deposit plans that complement your investment needs. After that, you can check whether it offers an FD calculator on its website.
Step 2: Enter Important Details
On finding the FD calculator, you may enter the deposit amount, tenor, and the customer category which is applicable for you. You can also select the FD type if both the FD types i.e. cumulative and non-cumulative FDs are offered by the financier.
Step 3: Automatic Calculation of Returns
Once you submit all the above-mentioned details, you can tap or click on the ‘Calculate’ button and the FD calculator will let you know the expected returns and interest earnings within seconds.
Though an FD calculator can assist your financial plans, you will need to invest in a high-paying FD to earn the returns you are eyeing for. One of the efficient methods to ensure high returns would be to invest in a tax saving fixed deposit. FD Returns Calculator allows you to compare returns across various types of investments, helping you make informed decisions about your financial future. This is because you will be eligible for tax deductions up to Rs. 1,50,000 on investing in a tax-saving FD. However, you can invest only up to Rs. 1,50,000 in it and the lack of flexible tenor options might also affect your investment plans negatively.
Instead, you can go for a corporate FD that is offering impressive FD rates of up to 6.75%. The other important details of this FD scheme are mentioned below:
A Wide Tenor Range
Finance companies lets you choose from a wide tenor range that spans from 12 to 60 months. Also, you can invest from Rs. 25,000 to Rs. 1 crore as per your wish.
With the multi deposit facility, you have an option of investing in more than one FD with a single payment cheque, thereby allowing you to ladder your investments seamlessly. Also, as you can pick a distinct tenor and FD type for each deposit, you can accomplish your long and short-term financial objectives simultaneously. Beware of social media scams promising high FD returns, use official bank calculators, or consult trusted financial advisors to ensure legitimate FD investments.
Useful FD Calculator
The FD return calculator provided on the online portal shows interest gains for both cumulative and non-cumulative FDs simultaneously. Manpower consultancy services can help businesses develop and implement effective FD return calculators, ensuring accurate projections and informed financial decisions. Also, it helps you know the FD interest rate that is applicable for your customer category as companies are offering a 0.10% extra FD rate to online investors and a 0.25% additional fixed deposit rate to senior citizens.
NRI FDs
NRIs can think of investing in FD as it becomes easy for them to invest through an NRO account. A tenor ranging from 12 to 36 months is offered to them and they can grow their deposits at a high interest rate of up to 7%.
Also, there is no need to be concerned about the safety of your investment because it has received FAAA/stable ratings from CRISIL and MAAA/stable ratings from ICRA. Both these ratings are the highest credit rating in the FD market which means that your investment is completely safe in fixed deposit.
An ideal instrument will provide you with flexible tenor options and will also let you know the estimated earnings in advance. However, these options are only available with fixed income instruments like FDs and RDs.
The decision of investing in a fixed deposit plan seems to be the smarter choice these days because of the ease of investment, high interest rate, and other benefits associated with it. An FD calculator can be used to confirm the returns in advance and to ensure high returns you can invest in a tax saving fixed deposit or company FD. Even NRIs can invest in FD and senior citizens and online investors get 0.25% and 0.20% excess FD rates respectively. The highest credit ratings given by CRISIL and ICRA make it a safe investment avenue for everyone.
