A leading public sector bank, Indian Bank is highly sought after for its range of financial services on offer. Among them are its hassle-free and secure fixed deposit options that guarantee profitability. An investor can use the Indian Bank FD calculator before investing, to understand the exact interest-earning potential from it.
These calculators are available online, making them easily accessible to all. Further, with instant calculations, an investor can quickly determine his/her FD investment options.
In the most basic sense, FD calculators help investors understand profitability from their fixed deposits. However, apart from helping determine the maturity amount, it can assist in calculating interest earnings. Nevertheless, to initiate such a calculation, investors need to provide certain data.
The investment quantum, term, interest rate and frequency of compounding interest are essential for Indian Bank fixed deposit interest rates calculator functioning. Besides its usage, one should also understand the manifold benefits of this tool.
Fixed deposits are safer forms of investment when compared to other instruments. Still, to make an informed decision, one needs to understand his/her exact profitability. Investors can look forward to the following benefits from such a tool –
However, to calculate FD returns using this online Indian bank FD calculator, an investor needs to know the FD terms and rates offered by the Indian bank.
Also Read, Indian Bank FD Interest Rates
Indian Bank fixed deposit calculator 2020 uses a specific formula to determine profitability from an FD. One can utilise this same formula for manual FD calculation as well.
A = P (1+r/n) ^ n x t
In this equation,
Example of Indian Bank FD Calculation
To illustrate real-life usage of this formula, one can refer to the following example –
Mr. Ray decides to invest Rs.2 lakh in an Indian Bank FD after his retirement. He chooses a tenure of 5 years and an annual compounding interest. The rate of interest, as can be ascertained from the table above, is 6.15%. Thus his maturity amount calculation would look like the following –
A = 200000 (1+0.0615/1) ^ 1 x 5
Solving this equation reveals that Mr. Ray’s maturity amount from the FD would be Rs.2,69,544. Now, to determine his interest earnings (I), he must subtract the principal investment from the maturity amount. Thus,
I = Rs. (2,69,544 – 2,00,000)
I = Rs.69,544
Therefore, this complicated calculation reinforces why Indian Bank FD interest calculator is the better option, rather than doing it manually.
Using an Indian Bank FD calculators reveal the four prime factors that determine gains from the fixed deposit. Investors can try out various combinations of these factors to maximise their interest-earning potential from their FD investment.
The frequency of interest computation also influences total interest generated, albeit in a minor way. Thus, an investor needs to consider each parameter carefully before depositing excess funds.
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