Table of content
- What is a fixed deposit?
- What is an FD calculator?
- Which one to use and how to use it?
Investing your buck at the right time in the right place means you are in for a sound and stable financial future. In India, people are more inclined towards investing where the returns are guaranteed. Unlike the unstable and fluctuating stock market, a fixed deposit is the most sought-after investment in this country. Once we Indians calculate FD interest, we know that it’ll offer lucrative returns!
From a flexible tenure to an easy withdrawal, this kind of investment has a lot to offer. Believe me, investing six months ago in an FD was one of the wisest decisions I’ve ever made.
What is a fixed deposit?
As the term suggests, it is an investment instrument where an individual deposits a lump sum of money for a fixed period of time, which is usually from 1 month to 10 years. Unlike other investments such as stocks, this is considered a much safer option as it assures returns and is not affected by what’s going on in the market. Moreover, when the tenure ends, the person receives the amount invested plus the compound interest.
What is an FD calculator?
It is basically a tool that can help you plan your investment in a proper manner. Once you enter all the required figures in this calculator, you’ll know exactly how much you’ll reap from your investment in the long run.
So, be it a long-term goal or a short one, proper planning helps you achieve it without any hesitation. Moreover, it also helps in comparing different investment options, which lets you choose the one that offers the best returns.
Which one to use and how to use it?
Now, there are tons of options available on the Play Store/App Store. But, as you are reading this article, it is my duty to make your jobs easy. Around six months ago, when I was planning to invest in FD, one of my associates advised me to use an FD calculator online. This is when I came across the Bajaj Finserv app. Believe me, it offers one of the best such calculators as you just have to enter some information, and you are good to go.
Here is a step-by-step guide on how to use this calculator –
- Download the Bajaj Finserv app from the App Store or Play Store.
- Sign up after entering mobile number
- Log in
- On the home page, tap on three bars situated on the top right.
- Here, you’ll see ‘Calculators & Buying Guides’
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator’.
- Fill in the required details
- Experiment as per your requirement.
Using an FD calculator online before investing your hard-earned money is highly recommended. This way, you’ll be able to plan your present and future finances in a much better manner. So, if you are planning to invest in FD, this tool is your best friend! web series review