Well, when you step down in the professional field, one thing to always keep in mind is to invest timely and wisely. Around six months ago, I started my job, and as I always planned to invest from the beginning, I was intrigued by the FD interest rates in the market.
Saving money timely is crucial and is to be understood in depth. This factor in your life will help you to be financially secure and build an empire for the coming generations. However, it is a well-known fact that it is not a wise decision to depend on your monthly salary to sustain your lifestyle.
What is a Fixed Deposit?
A Fixed deposit is a scheme where an individual puts a lump sum amount in the bank for a fixed tenure at an agreed interest rate. When the tenure comes to an end, the person receives the amount invested plus the compound interest. However, unlike other forms of investments, for example, stocks, the returns in FD are assured.
(Tip: Always use a fd calculator before investing in fixed deposit.)
What are the benefits of a Fixed Deposit?
For years, FDs have been one of the most desirable investment schemes for Indians due to their guaranteed returns. With time, it has evolved into a highly versatile and flexible financial scheme offering several benefits.
● Guaranteed Returns
When you invest in FD, returns are guaranteed. The Interest rate here remains constant throughout the tenure, and you know exactly what you’ll be getting in return.
Using an FD calculator online is always a better idea before investing, as it helps in experimenting and comparing different plans. Then, once you know what is suitable for you and your financial needs, you can invest in a single go.
● Flexible Tenure
Starting from a month to up to ten years, an FD can be taken for a tenure of your choice and at an agreed Fixed Deposit Interest Rate. For example, suppose you have planned a significant event in the coming five or ten years; then, you can invest in an FD to meet your financial requirements accordingly.
● Easy withdraw
A Fixed Deposit can be withdrawn at any time but remember, and it comes with a minor penalty. So, this penalty is involved if you are planning to withdraw money before the end of the tenure.
Which is the best Fixed Deposit calculator and how to use it?
Undoubtedly, to calculate FD interest, Bajaj Finserv is one of the best apps to plan your finances and invest in a planned manner. Here is a step-by-step guide on how to use this calculator –
- Download the Bajaj Finserv app on your iPhone/Android from the App Store/ Play Store.
- Sign up after entering your personal information
- Log in
- On the home page, tap on three bars situated on the top right.
- Choose the ‘Try our Calculators’ option.
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator’.
- Fill in the required details
- Experiment as per your requirement.