Navi Calculator Bandhan Bank FD Calculator 2023
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Bandhan Bank FD interest rate and maturity amount can be calculated via two methods – the simple interest method and the compound interest method.
The interest and maturity amount of an FD depends on the principal amount, interest rate, and tenure. There are two methods for calculating the interest and maturity amount:
For Simple Interest: Maturity Amount = P(1 + (RT/100))
Interest Earned = (PR*T)/100
Here, P is the principal amount, R is the interest rate, and T is the tenure.
For Compound Interest: Maturity amount = P * (1 + r/n)^(n*t)
Interest = Maturity amount – Principal amount
Where, P = Principal amount, r = Interest rate, n = Number of times the interest is compounded per year and t = Tenure in years
Let’s understand both with an example:
Suppose you invest ₹50,000 in a Bandhan Bank FD for a tenure of 3 years with a simple interest rate of 4.5%. In this case, using the simple interest formula, your maturity amount would be
Maturity Amount = 50,000+6,750 = ₹56,750
Interest = 50,000 *3*4.5/100 = ₹6,750
The maturity amount in the case of simple interest would be ₹56,750
And, if the interest is compounded annually, the maturity amount using the compound interest formula would be:
Maturity Amount = 50,000 * (1 + (0.045/1))1^3 = ₹57,058
So, the maturity amount in the case of compound interest would be ₹57,058
Interest = ₹57,058 – ₹50,000 = ₹7,058
The FD calculator provides precise results and eliminates the possibility of errors that may occur while calculating manually.
Calculating the maturity amount manually can be time-consuming. However, using the FD calculator, you can obtain quick and hassle-free results with just a few clicks, saving you time.
The calculator is extremely easy to use and can be accessed from anywhere, anytime and on the go. Its highly responsive design ensures quick results with zero waiting time.
P = ₹1,00,000
r = 8% per annum
n = 1 (as the interest is compounded annually)
t = 1 year + (7 months)/12 + (20 days)/365
t = 1.64 years (approx)
Maturity Amount = P * (1 + r/n)^(nt) = ₹1,00,000 * (1 + 0.08/1)^(1.641) = ₹1,13,452
Yes, you can withdraw your FD before the maturity period, however, it will attract a penalty fee as per the bank’s terms and conditions.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
Bandhan Bank FD interest rate ranges from for senior citizens). The applicable interest rate varies depending on the tenure you choose. Here are some of the highlights of Bandhan Bank FD interest rate:
There are two ways to calculate Bandhan Bank FD interest and maturity amount –
The formula for Bandhan Bank FD calculation via simple interest method is:
Interest earned = (PRT)/100
Maturity amount = Principal + Interest earned
Where, P = Principal amount invested, R = Rate of interest (%) and T = Tenure
For example, if someone invests ₹10,000 for 2 years at a rate of interest of 7.25% per annum.
Interest earned = (P * R * T) / 100
= (10,000 * 7.25 * 2) / 100
= ₹1,450
Therefore, the maturity amount after 2 years would be:
Maturity amount = P + Interest earned
= 10,000 + 1,450
= ₹11,450
The formula for Bandhan Bank FD calculation via compound interest method is:
Maturity Amount = P * (1 + r/n)^(n*t)
Interest = Maturity Amount – Principal Amount
Where,
P = Principal amount
r = Interest rate
t = Tenure in years
For example, if someone invests ₹10,000 for 2 years at a rate of interest of 7.25% per annum, compounded annually
Maturity amount = P * (1 + (R / n))^(n * T)
= 10,000 * (1 + (0.0725/1))^(1* 2)
= ₹11,502
Interest Earned = Maturity amount – Principal amount
= 11,502 – 10,000
= ₹1,502