In the current era, when there are speculations regarding the recession and expert leaders advise not to spend unnecessary money, saving it is essential for a stable financial life. Moreover, in recent times, the scope of investment has expanded tremendously, and financial institutions today offer multi-investment plans to choose from; one of them is a fixed deposit or FD.
One of the most secure and risk-free methods of investment, a FD offers guaranteed returns unaffected by the fluctuations in the market.
What is a FD?
A FD is a financial investment instrument offered by financial institutions wherein an investor can deposit their hard-earned money and get a higher interest rate than a normal savings account.
Keep in mind that when you opt for this investment, it is pre-determined for a fixed time period and a fixed rate of interest. So, with this, you know exactly how much you’ll be reaping out of your total investment over the years.
(Tip: Use an fixed deposit calculator to experiment and finalize what’s suits you the best)
What are the pros of using an FD Calculator?
- Exact figures
When you use this tool, you get exact figures of what you’ll be getting after your tenure ends, giving you a clear picture of your investment outcome. This ultimately helps in smooth financial planning.
It also helps you compare the fixed deposit scheme offered by various banks. This enables you to analyze and choose the best!
- Saves time
Instead of doing calculations on pen and paper, this is one of the best ways to go with it as it saves a lot of time. You have to enter a few details, and you are good to go.
When it comes to your investment, it is a serious matter, and when you experiment first, it gives you a clear idea of how you should pave the way forward. 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.
Here is an easy step-by-step guide on how to use an FD calculator –
- Download the Bajaj Finserv application from the App Store (iPhone) or Play Store (Android)
- Sign up after entering your personal details
- On the home page, tap on three bars on the top right
- Go to ‘Try our Calculators’
- Go to ‘Deposits Calculators’ and choose ‘Fixed Deposit Interest Calculator
- Fill in the required details and experiment as per your requirement
Due to the several benefits of fixed deposit, it is one of the most sought-after investments. Now that you have a clear idea of how it works and its benefit, you can easily apply for the same on the Bajaj Finserv application. I’m not saying this to promote any brand/organization but just suggesting it because it is very effortless.