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      How is interest in Fixed Deposits (FDs) Calculated Per Month?

      Amit by Amit
      November 8, 2022
      in Finance
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      How is interest in Fixed Deposits (FDs) Calculated Per Month?
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      Investing in a fixed deposit is a safe and secure way to earn higher returns on your investment compared to a savings account. In addition, fixed deposits offer higher interest rates, which means your money will grow faster. Interest in fixed deposits is calculated based on the principal amount, the interest rate, and the time the deposit is held. The principal is the amount of money invested in the FD. The interest rate is the percentage of interest paid on the principal. The length of time the deposit is held is the term of the FD. The interest is calculated by multiplying the principal by the interest rate and the term. FD interest amount can be calculated either manually or by using an FD calculator. 

      Methods of calculating Interest on a Fixed Deposit schemes

      An interest rate on a fixed deposit can be calculated in two ways: Simple Interest and Compound Interest. According to the tenure of the deposit and the amount of the deposit, banks may use both methods.

      Calculating Interest on Fixed Deposit schemes using Simple Interest

      Simple Interest = (P*T*R/100)

      Where P – Principal Amount

                   T – No of years

                   R – Rate of Interest

      Calculating Interest on Fixed Deposit schemes using Compound Interest

      Compound Interest – P {(1 + i/100) n – 1}

      Where P – Principal Amount

                   n – no of years

                   I – rate of interest

      Calculating Interest on Fixed Deposit schemes using FD Calculator

      An FD Calculator is a simple online tool that can calculate the maturity value of a fixed deposit. It considers the principal amount, the interest rate and the tenure of the deposit to calculate the maturity value. FD Calculator is a very useful tool for those looking to invest in a fixed deposit. It helps them calculate their investment’s maturity value so they can make an informed decision.

      Read Also:  What Is A Market-Linked Debenture, And Why Do They Matter?

      Benefits of Investing in Fixed Deposit schemes in India

      There are several benefits of investing in fixed deposit schemes in India. Some of the benefits are mentioned below:

      Regular Income

      Another benefit of investing in fixed deposit schemes is that they provide a regular income. This is because the interest earned on fixed deposits is paid out at regular intervals, typically at the end of the tenure.

      Flexibility

      Fixed deposit schemes offer flexibility in terms of the tenure of the deposit. Investors can choose to invest for a shorter tenure if they need the money sooner or for a longer tenure if they are looking for a regular income stream by comparing various FD plans using the FD calculator. 

      Higher interest rates

      Fixed deposit schemes offer higher interest rates than savings accounts. This is because market fluctuations do not affect the interest rate on fixed deposits.

      Access to funds

      A fixed deposit scheme gives customers with access to funds if they need them in an emergency. Investors can withdraw the principal amount at any time by paying a small percentage of the penalty amount. This penalty amount differs from bank to bank. 

      Loan against deposit

      The fixed deposit scheme offers the opportunity to borrow a loan against the deposit. Investors can use their deposits as collateral to obtain a loan.

      Safe Investment Option

      One of the main advantages of investing in fixed deposit schemes is that they are considered safe investments. This is because the interest rate on fixed deposits is fixed for the entire deposit tenure, irrespective of market fluctuations. In addition, fixed deposit schemes have the advantage of offering tax benefits to investors. Fixed Deposit income tax exemption is available under Section 80C. FD schemes that offer tax-saving benefits are subject to a five-year lock-in period.

      Read Also:  Top Factors Which Influence Your Housing Loan Interest Rate

      Final Thoughts

      The interest rate of Fixed Deposit schemes is generally fixed for the tenure of the deposit and is paid out at maturity. The interest rates on FDs vary from bank to bank. The interest earned on an FD is taxable per the Income Tax Act and can be calculated using an FD calculator. The tax rate is applicable as per the tax slab of the individual. Individuals can open an FD account with a bank or post office. The minimum deposit amount and tenure may vary from bank to bank. The interest earned on FD is paid out at maturity. There is no doubt that FDs are among the safest and most lucrative investments you can make. Investing smartly and putting your money to work for you can reap the rewards of your efforts. 

      Tags: FD calculatorfixed deposit income tax exemption

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