To build wealth, an efficient financial plan is a must. In order to live a quality life, one should start saving accordingly at the right time. One of the most sought-after investment options in the current era is the fixed deposit.
Getting the exact value of everything beforehand is essential if you plan to invest in it for long-term wealth creation. This is only possible with an FD calculator. It allows you to invest a sizeable amount of money.
What is a Fixed Deposit?
Also known as an FD, a Fixed Deposit is an investment offered by Banks and Non-Banking Financial Companies (NBFC) to help individuals save money. One can invest a sizeable amount of money because the Rate of Interest is predetermined for a fixed time period. Basically, here, an individual invests money for a fixed term and a fixed return.
Before investing, it is highly recommended to use an FD calculator to get accurate figures for better financial planning.
What is a Fixed Deposit Calculator?
It is a tool that helps you plan your financial goals very smoothly and efficiently. Now, as we all know, that calculator helps save us a lot of time as it does all the complex calculations in just a fraction of a second. When it comes to fixed deposits, I personally have used the FD calculator on the Bajaj Finserv application.
Now, I use this application for digital payments, such as broadband and smartphone recharge. When I was also planning to invest in Fixed Deposit, one of my colleagues told me about this calculator on the application.
Here are the step-by-step instructions on how you can use an FD calculator on this app –
- Download the Bajaj Finserv app. It is available on App Store (iPhone) and Play Store (Android).
- Sign up with your personal details
- On the home page, click on three bars situated on the top right.
- Choose the ‘Try our Calculators’ option.
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator’.
- Enter the details and know what suits you the best.
(Note: This is not a promotional content write-up. Readers are free to try other applications.)
What are the benefits of using a Fixed Deposit Calculator?
It offers you the exact figures that ultimately give you a clear picture regarding your investment outcome.
It helps you save a lot of time as it reduces the time spent planning your investments.
Helps you compare
It helps you compare the fixed deposit schemes offered by banks. This allows you to analyse and choose the best one for you.
This gives you a brief idea of how you should pave the way forward when it comes to your investments. It is essential to know how much you invest and what will be the return on investment so that you can focus on your other financial goals too.
So, even though many of you might be considering this fixed deposit calculator a small tool, trust me, it helps you a lot. Instead of verbally doing calculations or just with a pen and paper, this is a much better way. If you are calculating it casually, it might affect your financial goals.