Fixed deposits are the most widely used investment vehicles in India. For many years, FDs have been linked with investment since they are regarded as secure, give assured returns over time, and are also flexible in terms of length.
These term deposits are offered for a variety of time periods ranging from 7-14 days to 10 years. A term deposit is another name for a fixed deposit. With FD investments, you may earn interest on interest, resulting in greater returns and faster money multiplication.
Equitas Small Finance Bank, founded in 2007, provides microfinance services. Domestic, NRI, and NRO fixed deposits are available from the bank. The bank provides fixed deposit interest rates ranging from 3.60% p.a. to 6.65% p.a. for a tenure ranging from 7 days to 10 years. Senior people are eligible for an extra 0.50% p.a. interest rate across all tenures.
What is Equitas Small Finance Bank FD Calculator, and How Does it Help you
The Equitas Bank FD calculator is a digitized tool that can help a customer determine the maturity amount that he or she expects at the rate of interest provided by the bank. It will allow a customer to decide on the investment amount and relevant returns. FD calculator of Equitas Small Finance Bank is a quick, accurate, and reliable device that saves time and resources.
Through the Equitas Small Finance Bank FD Calculator, a customer can determine:
– A suitable investment plan.
– The tenure to invest in the FD.
– The suitable interest rate.
– The amount received at maturity.
How does the Equitas Bank FD Calculator Work?
To use the calculator a customer is required to enter the data requested by the Equitas Small Finance Bank FD Calculator and then further click on ‘calculate.’ Within minutes. You can know the maturity value and other data in regards to the investment. The calculator is simple to use, and anyone can handle it effortlessly.
How to Use Groww Equitas Small Finance Bank FD Calculator
In order to use the Groww Equitas Small Finance Bank FD Calculator, you need to:
Step 1: Enter the amount you want to invest in the fixed deposit
Step 2: Choose the rate of interest you want to set the scheme to
Step 3: Choose the tenure you want to lock in your money
After the above-mentioned details are entered, you can see the amount you will receive at maturity and your interest earned
The Groww Equitas Small Finance Bank FD Calculator uses the below-mentioned formula to calculate:
A = P(1+r/n)^n*t
A = The amount received at maturity.
P = The amount you invest.
r = The annual interest rate.
n = Compounding of the interest.
t = The tenure of the investment.
For instance, if you choose to invest ₹10,000 for a tenure of 5 years at the rate of 6.5% annually compounded.
P = ₹10,000
r = 6.5%
n = 1
t = 5
According to the calculating formula, the end result will show
A = 10,000 (1+6.5/1)^1*6.5%
Advantages of Using Equitas Small Finance Bank FD Calculator
The Equitas Small Finance Bank FD Calculator is a tool that can help a customer determine the right decisions in terms of investing in the FD, and without physically clarifying FD-related doubts. With the Equitas Small Finance Bank FD Calculator, you can:
– You can find instant results to the total amount you would receive at maturity.
– The interest rates can be set based on your preferences.
– You can set the number of times the rate is compounded.
Equitas FD Calculator – FAQs
Q1. What is the greatest rate of return on a fixed deposit at Equitas Small Finance Bank?
On an Equitas Small Finance Bank fixed deposit, you may earn up to 6.50% in interest.
Q2. What are the minimum and maximum investment amounts in an Equitas Small Finance Bank FD?
Equitas Small Finance Bank Fixed deposit account has a $1,000 minimum investment limit and no maximum investment restriction.
Q3. In how many years will Equitas Small Finance Bank’s FD double?
The growth of Equitas Small Finance Bank FD is determined by the interest rate and the term of the loan. Rule 72 is a technique that calculates the number of years it will take to double one’s investment in Equitas Small Finance Bank FD. To apply the rule, we require the rate of interest on our FD. Assume the FD interest rate is 6.95 percent. Simply divide the number 72 by the interest rate to apply the rule. As a result, 72/6.95 = 10.36. So it will take somewhat more than 14 years for one’s investment in Equitas Small Finance Bank to be doubled.
Q4. Can I extend the term of my FD account with Equitas Small Finance Bank?
No, you will not be able to modify the duration of your FD account with Equitas Small Finance Bank. However, after your account has matured and you desire to renew it, you may select a term of your choosing.
Q5. Does a change in the interest rate on Equitas FDs affect the rate of return for existing customers?
No, any change in Equitas Bank FD rates is solely applicable to new deposits and renewals of existing accounts.