A fixed deposit is an investment option that enables you to increase your wealth by investing a particular amount for a fixed tenor. The interest rate of an FD remains the same throughout the tenor and its interest is compounded once in every quarter. This helps you to earn higher returns but makes the interest calculation method complex. To make the calculation part easy for a common investor, many banks and finance companies offer an FD calculator on their website. Even a post office FD calculator is available on the internet for calculating the interest of postal FD schemes like Time deposits, SCSS Scheme, etc. As the interest you earn through Bajaj Finance FD depends directly on the FD interest rate, you must invest in a high paying FD. The bank FD rates are not as expected but you can invest in a company FD like Bajaj Finance that offers an interest rate of up to 6.85%.
It is one of the highest paying FDs in India and you will also find an FD interest calculator on its portal. You can use its FD calculator to determine the returns of an FD plan before depositing it. However, there are other advantages to using it as well. Some of these advantages are given below:
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Does complex calculations
The interest of an FD is calculated by using multiple values like FD amount, tenor, interest rate, FD type, etc. An FD calculator does this complex calculation by itself and gives you the exact figure of interest and maturity amount.
You not only save a lot of time by using this calculator but it also eliminates the mistakes and errors that are associated with manual calculation.
Compares various FD plans
Comparing various FD plans offered by the same or different financiers becomes easy by using a fixed deposit calculator. The other FD features such as the minimum deposit amount, tenor range, special interest for senior citizens, etc. can also be checked by using this FD calculator.
To analyze the interest rates and returns of FD plans across different financiers, you need to use their respective FD calculators.
The Bajaj Finance FD calculator shows the interest earnings of both cumulative and non-cumulative FDs at once for the same amount and tenor selected by you. It facilitates a hassle-free comparison between FD types.
Helps in future planning
As the FD calculator displays a precise figure of the maturity amount, you can decide whether you can reinvest in the same FD or not once it matures. You can even use it to determine whether a particular FD provides enough returns to meet your financial goals.
If the maturity amount calculated by the calculator does not meet your expectations then you can change the values to find the right FD plan for you.
Bajaj Finance FD calculator is quick and provides accurate results every time. You can invest in its FDs as it enables you to start an investment by depositing only Rs. 25000 and allows you to pick a flexible tenor ranging from 12 to 60 months. Some of the key features of Bajaj Finance FD are mentioned below:
Higher FD rates for Senior Citizens
Senior citizens are eligible for an extra 0.25% FD rate that results in slightly better returns. The option of periodic returns in the form of monthly, quarterly, bi-annual, and annual payouts will prove to be beneficial if you are in search of a regular income source.
Online account opening process
A complete online account opening process is provided that includes the provision of an online FD form and cKYC process for document verification. You also get an additional FD rate of 0.10% for opening an FD account online.
Auto-renewal of FDs
You can choose the auto-renewal option if you want to invest in the same FD once it matures. This option can be selected while filling the FD form and it negates the need of submitting the renewal form again.
Apart from these features, you can also benefit from the loan against FD, multi-deposit, and other features of Bajaj Finance FD. It is a safe investment option as credit rating organizations like CRISIL and ICRA have given it high ratings for securing the deposits of its investors.