ICICI Fixed Deposit (FD) Calculator

ICICI Bank is counted among the most reputed financial institutions in India. With its array of financial services and products, it does not just help mobilise savings in the economy but also allows individuals to inculcate a discipline towards the same. As a means to facilitate savings, ICICI extends fixed deposit facilities to its customers who wish to park their money without exposing it to market fluctuations.

Banks offer both short-term and long-term fixed deposit facilities to their customers and offer an attractive rate of interest on them. Individuals can use the ICICI fixed deposit calculator to calculate the earnings they will generate by investing in FD. It will further offer them an idea to gauge the profitability of their investment.

Also Read:  ICICI Bank FD Interest Rates

How will ICICI FD Calculator Help You?

Interest rates applicable to ICICI FDs are susceptible to variation and are dependent on their term of investment or tenure.

The ICICI fixed deposit calculator helps to avoid such complications and extends additional benefits to–

• Save time and energy.
• Calculate the maturity amount and accrued interest accurately.
• Compare the returns of short-term and long-term investment better.

ICICI Bank Fixed Deposit Calculator Formula

The ICICI Bank fixed deposit calculator uses the formula mentioned below to calculate the maturity amount –

A = P (1 + r/n) ^ n*t

Here –

• ‘A’ stands for maturity amount.
• ‘P’ stands for the sum of investment.
• ‘r’ stands for the annual rate of investment.
• ‘n’ stands for the number of times the interest applied would be compounded.
•  ‘t’ is the term of the investment.

Consider the example mentioned below to understand how the ICICI Bank FD calculator uses the formula –

Riya invested Rs. 10,000 in ICICI FD for 4 years at a rate of 6.9% that is calculated annually.

Here,

• P = 10,000
• r= 6.9%
• n= 1
• t = 4

As per formula –

A = P (1 + r/n) ^ n*t

= 10,000 (1+6.9%/1) ^ 1*4

=13147

Therefore, the amount received at maturity would be Rs. 13147 and interest accrued on the sum would be Rs. 3147. Individuals could have easily calculated the same with the help of an ICICI Bank FD calculator.

Advantages of Using Groww ICICI Bank FD Calculator

By using Groww’s ICICI Bank FD calculator, individuals can avail these following benefits –

• It is user-friendly and easy to use.
• It helps plan the investment portfolio in a quick and hassle-free manner.
• Taxpayers can determine the precise maturity amount of post TDS.

Therefore, it is safe to say that by using ICICI FD Calculator 2023, individuals will able to compute their income from the scheme quickly and without much hassle. Additionally, they will be able to keep a better track of their budget and investment portfolio.

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