Process to Use BankBazaar's FD Calculator
The procedure to use BankBazaar's FD Calculator is mentioned below:
- Visit - https://www.bankbazaar.com/fixed-deposit/fd-calculator.html.
- Enter the deposit amount, tenure, interest rate, and the type of fixed deposit.
- Click on 'Calculate'.
- The maturity amount and the total interest that is earned will be displayed immediately.
SBI Domestic Term Deposit Rates (Below Rs.2 crore)
Tenors | Interest Rates for Public | Interest Rates for Senior Citizens |
7 days to 45 days | 3.50% | 4.00% |
46 days to 179 days | 5.50% | 6.00% |
180 days to 210 days | 6.00% | 6.50% |
211 days to less than 1 year | 6.25% | 6.75% |
1 year to less than 2 years | 6.80% | 7.30% |
2 years to less than 3 years | 7.00% | 7.50% |
3 years to less than 5 years | 6.75% | 7.25% |
5 years and up to 10 years | 6.50% | 7.50% |
Note:The above-mentioned interest rates are effective from 15 May 2024. SBI can change the interest rates without prior notice.
How Does an SBI FD Calculator Help you
The interest rate on fixed deposits varies based on the deposit term. If you choose a longer lock-in period, the interest rates are higher. Therefore, it is essential to calculate your returns using an SBI FD calculator. The advantages of using an SBI FD calculator are as follows:
- Aids in figuring out the ideal investment tenure.
- Facilitates the planning of your short-term as well as long-term investing goals.
- Displays precise outcomes in contrast to manual computation.
Formula to Determine SBI FD Returns
Here is how the SBI FD calculator determines the FD returns:
A = P (1 + r/n) ^ n*t
- Here A is the amount you get when you reach maturity.
- P is the sum of your investment.
- R stands for the interest rate per year.
- n represents the number of times interest is compounded. (monthly compounding: n = 12, half-yearly compounding: n = 2, quarterly compounding: n = 4)
- T is the investment tenure.
Benefits of the SBI FD Calculator
The main benefits of the SBI FD Calculator are mentioned below:
- It helps in saving time.
- You can plan long-term and short-term investment goals with the help of the calculator.
- The results are accurate for the results that are entered.
- Can help choose the investment you would like to make.
