Bank of Baroda FD Calculator 2023
Bank of Baroda FD calculator is a user-friendly online calculator that helps you calculate your fixed deposit maturity and interest amount. With the Bank of Baroda FD calculator, you can easily compare different investment options so that you can invest as per your investment goals. Whether saving for a short-term goal or a long-term investment, this tool can help you maximise your returns and achieve your financial objectives.
Total Investment
Rate of Interest (P.a)
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Time Period (Years)
Invested Amount
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Est. Returns
Total Value
How to Use Bank of Baroda Fixed Deposit Calculator?
The Bank of Baroda FD calculator estimates the maturity value of a fixed deposit. It considers the principal amount, the type of deposit, and the deposit tenure to provide an accurate calculation. When using the Bank of Baroda FD calculator, all you need to do is follow the 3 step procedure mentioned below.
- Step 1 : Select the total investment amount
- Step 2 : Select the applicable interest rate
- Step 3 : Select your investment duration
Bank of Baroda FD Interest and Maturity Amount Calculation Formula
The interest on fixed deposits can be calculated via simple and compound interest methods.
Let’s first look at the interest calculation on fixed deposits via the simple interest method.
Assume you invested ₹1,50,000 in a fixed deposit for 6 years at an annual interest rate of 5.5%.
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 = (1,50,000 × 5.5 × 6) / 100
Simple Interest = ₹49,500
Now let’s calculate maturity value.
Maturity Value = P + I
Substituting the values, we get:
Maturity Value = ₹1,50,000 + ₹49,500
Maturity Value = ₹1,99,500
Therefore, the maturity value of the fixed deposit after 3 years at a simple interest rate of 7% per annum is ₹1,99,500.
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) = ₹1,50,000, Annual rate (R) = 5.5%, Compound (n) = Semi-annually, Time in years = 6 years
Substituting the values in the above formula, we get:
A = 1,50,000 * (1 + 0.055/2)^(2*6) = ₹207,717
While the interest earned on the fixed deposit can be calculated as follows:
Interest = Maturity value – Principal amount
I = ₹207,717 – ₹1,50,000 = ₹57,717
Benefits of Using Bank of Baroda Fixed Deposit Interest Calculator
Listed below are the primary benefits of using the Bank of Baroda fixed deposit calculator:
Better Investment Decisions
The BOB FD calculator helps investors make informed decisions by accurately calculating the maturity value, interest earned, and other relevant details. It allows investors to choose the most suitable FD scheme based on their investment goals and risk appetite.
Error-free Results
The Bank of Baroda FD calculator eliminates the need to manually calculate interest and maturity values by providing accurate and error-free estimates.
Compare Different FD schemes
With the Bank of Baroda FD calculator, investors can compare the interest rates and returns offered by different FD schemes. It helps them identify the most lucrative scheme and make an informed investment decision.
Frequently asked questions
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What is Bank of Baroda Fixed Deposit Interest Rate 2023?
| Interest rate | 3% to 7.05% |
| Tenure | 7 days to 10 years |
| Minimum Deposit | ₹1,000 (₹100 for tax-saver fixed deposit) |
| Maximum Deposit | NA |
| Lock-in period | 7 days (5 years for tax saver FD) |
Ways to Calculate Bank of Baroda Fixed Deposit Interest and Maturity Amount
There are two ways to calculate the interest rates on fixed deposits: simple interest and compound interest. Simple interest is a fixed percentage of the principal amount and does not change during the tenure. On the other hand, compound interest is calculated on both the principal amount and the accumulated interest, resulting in higher returns than simple interest over the same period.
Let’s first look at the calculation via the simple interest method:
Suppose you invested Rs. 4,00,000 in a fixed deposit for 4 years at an interest rate of 7% per annum.
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, T = time in years
Substituting the values, we get:
Simple Interest = (4,00,000 × 7 × 4) / 100
Simple Interest = ₹112,000
Now let’s calculate maturity value.
Maturity Value = P + I
Substituting the values, we get:
Maturity Value = ₹4,00,000 + ₹112,000
Maturity Value = ₹5,12,000
Therefore, the maturity value of the fixed deposit after 4 years at a simple interest rate of 7% per annum is ₹5,12,000.
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) = ₹4,00,000
Annual rate (R) = 7%
Compound (n) = Semi-annually
Time in years = 4 years
Substituting the values in the above formula, we get:
A = 4,00,000 * (1 + 0.07/2)^(2*4) = ₹526,723
While the interest earned on the fixed deposit can be calculated as follows:
Interest = Maturity value – Principal amount
I = ₹526,723 – ₹4,00,000 = ₹126,723
How Can Bank of Baroda FD Calculator Help You?
- Easy to Use : The BOB FD calculator has a user-friendly interface that makes it easy to use. Users can input the necessary financial data and get the results instantly without complex calculations.
- Saves time and effort : The Bank of Baroda FD calculator automates financial calculations, saving users the time and effort required for manual calculations.
- Accurate results:The Bank of Baroda fixed deposit calculator is designed to provide accurate results, ensuring that users make informed decisions. It uses advanced algorithms and financial formulas to calculate results, making it a reliable tool for financial planning.
Factors that Can Affect Bank of Baroda Fixed Deposit Maturity Amount Calculation
- Age group: Senior citizens are often offered higher interest rates on fixed deposits by banks, which can lead to a higher maturity value. Bank of Baroda offers 0.50% higher interest for senior citizens on some FD schemes based on tenure and residency.
- Investment amount :The higher the investment amount, the higher the maturity value of the fixed deposit. Banks may also offer better interest rates for larger deposits, which can further increase the maturity value.
- Interest rate: The interest rate is a crucial factor that affects the maturity value of fixed deposits. Higher interest rates lead to higher maturity values.
- Tenure: The tenure or duration of the fixed deposit also plays a significant role in determining the maturity value. Longer tenure can result in a higher maturity value due to compounding interest, while shorter tenure may yield a lower maturity value.