Bajaj Finance as an NBFC offers you the maximum interest rates of 7.95% p.a. (senior citizens) on fixed deposits to help you build your corpus for all your dreams that ardently wait to be your reality. However, in order to build this corpus, you have to be well versed with the art of investing which includes intense planning, strategy and calculations.
These crucial components can be achieved through financial intuitiveness, but calculations will always have the shorter end of the stick since they can be exhaustive. Hence, the FD calculator by Bajaj Finance brings with itself the benefits of time-efficiency and ease, the opportunity to compare, study and analyse, and free, unlimited access for all.
The Factors Which Affect the Bajaj Finance FD Calculations
Bajaj Finance’s fixed deposit calculator utilises the following formulae to calculate your FD returns: “M = P + (P x r x t/100)” and “M = P + P [(1 + r/100)^(t) – 1]”. Here in, you can see the crucial variables that build these calculative formulae, are, the principal deposit amount, the rate of interest and tenor. To analyse these variables further, you find in succession an explanation to each of these factors that affect the fixed deposit calculator by Bajaj Finance.
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Deposit Amount
The deposit amount refers to the initial capital that you as an investor or saver can preserve in an FD. The fixed deposit calculator by Bajaj Finance asks you to enter the numerical of the desired amount that you would like to deposit in an FD, hence, adding to the very foundation of the calculation which is the principal amount.
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Interest Rates
The interest rate offered by a bank or NBFC for your FD determines the returns that would be added to your deposit amount cumulatively or non-cumulatively. Adding this percentage to the Bajaj Finance fixed deposit calculator as requested would allow the calculator to equate the interest returns that could essentially build your corpus.
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Tenor
The tenor refers to the number of days, months or years for which you would like to park your deposit in a fixed deposit. Depending on the type of FD you choose, the fixed deposit calculator by Bajaj Finance will give you an estimate of the maturity amount you will receive at the end of your FDs tenor.
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Fixed Deposit Type
Your FD plays a very important role in calculating the returns you are bound to earn through an FD. The first type, cumulative FDs, provide you with a total payout of interest at the end of the tenor, while the second type, non-cumulative FDs, can splay the interest payout on a monthly, quarterly, half-yearly and yearly basis. Results pertaining to the maturity amount would differ depending upon the FD type despite using the same calculable variables for both formulae.
The Perks of Using the FD calculator by Bajaj Finance
The Bajaj Finance fixed deposit calculator not only calculates estimated FD returns for you, but it also contributes to your future plans, your goals and aspirations and to easing your life as an investor. Below, you shall find a detailed breakdown of the calculator benefits to understand how exactly you can approach the calculator to make the most of it.
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Online and Free
Many FD calculators on the internet require you to pay a certain fee to be able to use an FD calculator multiple times or to use one at all. However, you can access the Bajaj Finance fixed deposit calculator on their website for free. You are not required to pay a single penny for using the calculator an unlimited number of times.
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Estimate Values With Ease
The calculator can provide you with estimated numbers surrounding your fixed deposit depending on the deposit amount, interest rate, tenor and FD type you choose. Additionally, you are not required to carry out any manual labour to derive these numbers since the FD calculator by Bajaj Finance can provide you with them with ease.
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Compare and Analyse
It is most crucial to have intuitive flair as a capital-investor or money-saver and furthermore, it is also necessary to learn the art of comparison and analysis of the numbers scattered across the wide market of investments. Hence, the Bajaj Finance fixed deposit calculator is one such tool that can calculate FD rates along with other variables which can allow you the free reign to analyse and compare your best chances at building your capital and portfolio.
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Time-efficient
Manual calculations could take you several minutes and not provide you with entirely correct answers. However, the FD calculator can calculate FD rates to give you estimated values of your FD returns in the matter of seconds with absolutely no hassle to endure on your part. This saves you the crucial time you could invest in investing and strategizing; after all, time is money.
The FD calculator by Bajaj Finance is one of the handiest tools one could need to calculate wealth through an FD. This helps you strategically draw an investment plan to ensure that you make the most of your capital’s potential and further on, achieve your ambitions. This helps you prioritise your time and efforts by using the least of either and drawing estimates that could revolutionise your investing habits and patterns, that could revolutionise investing for you.
