For many years, fixed deposits have been the go-to financial option for many Indians. There’s a solid explanation behind this. Fixed deposits have grown over time into extremely versatile and adaptable financial instruments that provide a plethora of advantages. Fixed deposits provide assured returns. When you open an FD, the interest rate you are provided remains consistent during your duration. Even if interest rates in the broader market decrease, your FD will remain unaffected. As a result, you don’t have to be concerned about the market’s ups and downs.
Investing in an IDFC Fixed Deposit plan is entirely secure and risk-free. Depending on your financial needs, you can invest in an IDFC FD program. The interest rate you may earn is competitive, ranging between 2.75% p.a. and 6% p.a. depending on the term you choose. In the event of a liquidity shortage, older folks can withdraw the deposit amount early without penalty.
What is IDFC First Bank FD Calculator, and How Does it Help You
IDFC First Bank fixed deposit calculator calculates the maturity value of your deposited amount based on the interest rate given and compounded quarterly. The number of fixed deposits, interest rates on FDs, deposit duration, and compounding frequency of interest all contribute to the FD’s maturity amount at the end of the tenure.
A client can use the FD Calculator IDFC Bank to determine:
– A proper investing strategy.
– The time frame for investing in the FD
– The appropriate interest rate
– The amount received when the bond matures
How Does the IDFC First Bank FD Calculator Work?
To use the calculator, a client must input the data asked by the Equitas Small Finance Bank FD Calculator and then click ‘calculate.’ Within minutes. You may find out the maturity value and other information about the investment. The calculator is easy to use, and anyone may use it.
How to Use Groww IDFC First Bank FD Calculator
To utilize the Groww IDFC First Bank FD Calculator, you must first:
Step 1: Enter the amount of money you wish to put into the fixed deposit
Step 2: Determine the interest rate at which you wish to create the plan
Step 3: Determine how long you want to lock in your money
After entering the aforementioned information, you will be able to view the amount you will get at maturity as well as the interest received
The Groww IDFC First Bank FD Calculator uses the below-mentioned formulae to calculate instantly:
A = P (1 + r/n )^n*t
- A stands for the amount that you receive on maturity.
- P stands for the amount you want to or will invest.
- r stands for the annual rate of interest.
- n stands for the number of times the interest is compounded.
- t stands for the tenure of the investment.
For instance, here is an example to understand the formula better.
You intent to invest ₹20,000 for a tenure of 5 years at the rate of 6% compounded annually.
P = ₹20,000
r = 6%
n = 1
t = 5
Hence, A = ₹20,000 (1+6%/1)^1*5
According to the calculations above, your result will be Rs. 26,937.
Advantages of Using IDFC First Bank FD Calculator
The IDFC First Bank FD Calculator is a tool that may assist a client in making the best selections when it comes to investing in FDs without physically resolving FD-related questions. You may use the IDFC First Bank FD Calculator to:
– You can get immediate answers to the entire amount you’ll get upon maturity.
– You may customize the interest rates to your liking.
– You can specify how many times the rate is compounded.
IDFC FD Calculator – FAQs
Q1. Can I put more money into my IDFC FD account?
You are not permitted to deposit extra funds into your IDFC FD account. The deposit amount specified is set for the entire month.
Q2. Do senior citizens receive higher interest rates on their deposits?
Senior citizens receive an extra 0.50% on deposits of less than Rs.10 crore. To qualify for special interest rates, the depositor must be at least 18 years old and a resident of India. Senior citizens who are not residents of the country are not eligible for special interest rates.
Q3. What is the shortest and longest term for which the deposit can be made?
The lowest term for FD schemes is 7 days, while the maximum duration for fixed deposits is 10 years. Tax Saver fixed deposits offer a 5-year lock-in term with no early withdrawal penalties.
Q4. What is the minimum investment amount in an IDFC First Bank fixed deposit?
The minimum deposit amount in an FD plan is Rs 10,000.
Q5. In how many years will IDFC Bank’s FD double?
The maturity amount you will get is determined by the deposit amount and the term you choose.
Q6. What is the interest rate provided on IDFC Bank FD?
IDFC First Bank provides competitive interest rates on fixed deposits, various investment tenures, and many customer-friendly features such as no penalty on premature withdrawal for elderly persons. FD interest rates range from 2.75% per annum to 6.00% per annum for terms ranging from 7 days to 10 years. Senior citizens are entitled to an extra 0.50% interest rate on all tenures.
Q7. What is the frequency of interest rate payout in IDFC FD?
Depending on your financial needs, you may opt to have your interest paid out monthly or quarterly. You also have the option of having your interest compounded quarterly.