Table of Content
- What is a Fixed Deposit
- What are the benefits of Fixed Deposit?
- Which is the Best FD Calculator to Get the Highest Interest Rate, and how to use it?
With many experts and prominent figures warning about the upcoming recession, it is a good idea and probably the best time to invest right now and save money for a secure future. It is a well-known fact that to have a stable financial life, it is essential to have a backup.
Thankfully, around a year ago, when I got my first job, I was prepared to keep aside a chunk of my monthly salary for savings. So when I learned about the attractive FD interest rate, it intrigued me to invest there. But firstly, it was important to experiment with a calculator to get the exact figures.
What is a Fixed Deposit?
Also known as Term deposits, Fixed deposits or FD is a scheme where an individual puts a lump sum amount in the bank for a fixed tenure at an agreed interest rate. Further, at the end of the tenure, the individual receives the amount invested plus compound interest.
Unlike the other form of investments, such as stocks, the returns in this one are assured. So, your return will not depend on the market or any other factor.
As I mentioned above, I used a calculator to experiment before investing. It is an FD calculator, a tool that helps you get exact values of what you’ll be getting on your investment.
What are the benefits of Fixed Deposit?
For years, FDs have been one of the top go-to investment products for Indians. This is because, over the years, it has evolved into a highly versatile and flexible financial product offering numerous benefits.
Guaranteed Returns on Investment
When you invest in FD, you are in for assured returns. Here, the Fixed Deposit Interest Rate remains constant throughout the tenure, and you know exactly what you’ll be getting in return. So, even though the market fluctuates or not, your FD won’t be affected.
Starting from a month to up to ten years, an FD can be taken for a tenure of your choice. For example, suppose you have planned a big event in the coming five years, then, you can have an FD to meet your financial requirements by then.
The amount invested in FD can be withdrawn at any time and can be used in emergencies. But everything comes with a price. So, if you are planning to withdraw money before the tenure ends, a minor penalty is involved.
Which is the Best FD Calculator to Get the Highest Interest Rate, and how to use it?
Instead of sharing random suggestions, sharing my personal experience here is better. Undoubtedly, the Bajaj Finserv is one of the most effortless applications to use when it comes to investments.
I was using it earlier for my mobile and broadband recharge, but when I was planning to start investing, a close friend of mine suggested that I do the same via this application only.
Moreover, after seeing the Fixed Deposit Interest Rate here, which is generally higher than what the other competitors in the market offer, I was sure where to invest.
Here is a step-by-step guide on how to use it –
- Download the Bajaj Finserv app from the App Store (iPhone) or Play Store (Android).
- Sign up after entering your details
- On the home page, click on three bars on the top right.
- Choose the ‘Try our Calculators’ option.
- Go to ‘Deposits Calculators’ and choose ‘Fixed Deposit Interest Calculator.
- Fill in the required details and experiment as per your requirement.
Saving money might not seem like a priority task for money, but believe me, it helps you build wealth and provides financial security. The FD interest rate at this platform is quite attractive and it is a wise investment to go with.
Moreover, the importance of saing money has to be understood in depth because it enables individuals not to be completely dependent on their monthly salary to sustain their current lifestyle and plan for their long-term financial security.