What is a fixed deposit?

Fixed deposits enable you to invest for a better and secured future by offering assured returns and provide you the safety of the invested amount. Fixed deposits are the most secured saving options that let your money grow with guaranteed returns. Fixed deposit calculator lets you calculate how much interest you will earn at the end of the tenure and helps you in making a sound financial decision. fixed deposit schemes come with one of the best features and benefits that multiply your savings.

Types of FD schemes

The scheme comes with two types of interest payment options provided.

• Cumulative deposit: The Interest is paid on maturity, and there will be higher returns (interest on interest).
• Non-Cumulative deposit: The Interest is paid at monthly, quarterly, half-yearly, and yearly intervals.

Eligibility for Fixed Deposit-

The eligibility criteria for applying in fixed deposit scheme are listed below. Any individual can invest in the FD deposit scheme. They are,

• Individuals
• Companies
• HUF (Hindu Undivided Family)
• Partnership Firms
• Trusts and Foundations
• Unincorporated Associations
• Body of Individuals

Documents required for FD scheme-

Any individual investing in FD is requested to submit the following list of documents for the approval of the deposit. They are,

• The application form must be filled, and duly signed.
• The proof for identity of the individual such as PAN card, passport, driving license, Voters ID, or Job card is required.
• The proof for the address of the individual such as driving license, voters ID, passport, Aadhar card, pension details, and gas bill
• The passport-sized photograph of the individual is to be enclosed with the application form.

How to Calculate FD Interest Rate-

You can make sure that your hard-earned money keeps earning the best interest rate on investing in an FD scheme, it is smart to make use of the calculator. The fixed deposit calculator will help you in better planning of finances. Fixed deposit calculator will bring out the nearest estimation of the interest that can be earned on investing a particular amount for a fixed period. You must provide the details of the FD amount, tenure applicable, and FD rates in the FD calculator. With all the details given, the calculator tool will calculate the interest rate that will be presented at the end of the tenure.