Axis Bank FD Calculator 2023
Total Investment
Rate of Interest (P.a)
%
Time Period (Years)
Invested Amount
0
Est. Returns
Total Value
How to Use Axis Bank Fixed Deposit Calculator?
- Step 1 : Select the type of customer (Normal or senior citizen)
- Step 2 : Next, select the type of fixed deposit (Cumulative, Monthly Payout, Quarterly Payout, Short-Term Deposit)
- Step 3 : Finally, enter the principal amount and the tenure
Axis Bank FD Interest and Maturity Amount Calculation Formula
The interest and maturity value on fixed deposits can be calculated using simple and compound interest methods. Let’s first look at the calculation via the simple interest method:
Assume you invested ₹1,00,000 in a fixed deposit for 3 years at an annual interest rate of 7%.
Here’s how you can calculate the interest and maturity value:
Simple Interest = (P × R × T) / 100
Where P = principal amount, R = rate of interest per annum and T = time in years
Substituting the values, we get:
Simple Interest = (1,00,000 × 7 × 3) / 100
Simple Interest = ₹21,000
Now let’s calculate maturity value.
Maturity Value = P + I
Substituting the values, we get:
Maturity Value = ₹1,00,000 + ₹21,000
Maturity Value = ₹1,21,000
Therefore, the maturity value of the fixed deposit after 3 years at a simple interest rate of 7% per annum is ₹1,21,000.
Another method to calculate the interest earned by your FD is the compounding method. The formula is given below:
A= P * (1 + r/n)^(n*t)
Where A = Maturity amount, P = Principal amount invested , r = Annual interest rate , n = Number of times interest is compounded per year and t = Time of investment in years
Let’s take an example to understand this better.
Principal (P) = Rs. 1,00,000, Annual rate (R) = 7%, Compound (n) = Semi-annually and Time in years = 3 years
Substituting the values in the above formula, we get:
A = 100,000 * (1 + 0.07/2)^(2*3) = ₹1,22,925
While the interest earned on the fixed deposit can be calculated as follows:
Interest = Maturity value – Principal amount
I = ₹1,22,925 – ₹1,00,000 = ₹22,925
Benefits of Using Axis Bank Fixed Deposit Interest Calculator
Free to Use
There are no associated fees to using the Axis fixed deposit calculator. It is free to use with no hidden charges, making it accessible to everyone with an internet connection.
Gives Quick and Accurate Results
The Axis Bank FD calculator is designed to provide fast and accurate results in a few seconds. Select the necessary details like investment amount, tenure and interest rate and you will be able to check your maturity amount and interest earned in no time.
Helps with financial planning
Using the Axis Bank FD calculator helps individuals plan their finances better by giving them a clear estimate of their investment earnings. Users can input and vary their investment amount, tenure, and desired interest payout routine to calculate the expected returns and make informed decisions based on the results.
Frequently asked questions
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What is Axis Bank Fixed Deposit Interest Rate in 2023?
| Interest rate | 3.50% to 8.01% |
| Tenure | 7 days to 10 years |
| Minimum Deposit | ₹5,000 (via internet banking or mobile app); ₹10,000 via branch |
| Maximum Deposit | NA |
| Lock-in period | NA |
Ways to Calculate Axis Bank Fixed Deposit Interest and Maturity Amount
The interest rates on fixed deposits can be calculated via two methods – simple and compound interest methods.
Simple interest is calculated as a percentage of the principal amount and remains constant throughout the tenure. Compound interest, on the other hand, is calculated on the principal amount and the accumulated interest, resulting in higher returns than simple interest over the same tenure.
- Simple interest
To calculate the simple interest, the following formula is used –
Simple Interest = (P × R × T) / 100
Where P = principal amount, R = rate of interest per annum and T = time in years
Using the simple interest method, let’s assume you invested ₹3,00,000 in a fixed deposit for 4 years at an interest rate of 7% per annum.
Substituting the values, we get
Simple Interest = (3,00,000 × 7 × 4) / 100
Simple Interest = ₹84,000
Now let’s calculate the maturity value.
Maturity Value = P + I
Substituting the values, we get:
Maturity Value = ₹3,00,000 + ₹84,000
Maturity Value = ₹3,84,000
Therefore, the maturity value of the fixed deposit after 4 years at a simple interest rate of 7% per annum is ₹3,84,000.
- Compound interest
To calculate the interest earned by your FD via the compounding method, the following formula is used
A= P * (1 + r/n)^(n*t)
Where A = Maturity amount, P = Principal amount invested, r = Annual interest rate, n = Number of times interest is compounded per year and t = Time of investment in years
Let’s take an example to understand this better.
Principal (P) = ₹3,00,000, Annual rate (R) = 7%, Compound (n) = Semi-annually, Time in years = 4 years
Substituting the values in the above formula, we get:
A = 3,00,000 * (1 + 0.07/2)^(2*3) = ₹3,95,042
While the interest earned on the fixed deposit can be calculated as follows:
Interest = Maturity value – Principal amount
I = Rs. 3,95,042.71 – ₹3,00,000 = ₹95,042
How Can Axis Bank FD Calculator Help You?
- Accurate results : The Axis Bank FD calculator is a powerful financial tool that can provide accurate and error-free estimates of the returns (maturity value and interest income).
- Helps in Better Investment Planning : The Axis Bank FD calculator can help you to plan your investments more effectively by allowing you to experiment with different tenures and interest payout schedules. You can calculate the interest earned for a fixed sum at different tenures and choose the one that best suits your investment goals.
- Easy-to-use Interface : The Axis Bank FD calculator has an easy-to-use interface. All you have to do is enter the required information and, in seconds, have return estimates displayed.
Factors that Can Affect Axis Bank Fixed Deposit Maturity Amount Calculation
- Investment amount : The amount invested in a fixed deposit directly impacts the maturity value. Higher investment amounts typically yield higher returns, as the interest earned on the deposit is calculated based on the principal amount.
- Tenure : The tenure of a fixed deposit refers to the duration for which the investment is made. Longer tenures generally yield higher returns, as the interest rate on fixed deposits is usually higher for longer tenures.
- Interest rate : The interest rate offered on fixed deposits is one of the most significant factors affecting the maturity value. Higher interest rates result in higher returns on the investment, while lower rates result in lower returns.
- Age group : Senior citizens are often offered higher interest rates (8.01% compared to 7.26% for particular tenures) on fixed deposits than the general public.