Navi Calculator ICICI Bank FD Calculator 2023
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There are two methods to compute the interest rate and maturity amount for an ICICI Bank FD: the simple and compound interest methods.
The formula for the simple interest calculation method is:
Simple interest = (P * R * T)/100
Here, P represents the principal amount invested, R denotes the rate of interest in percentage, and T is the investment tenure.
Here is an example:
Suppose you invest ₹2 lakh for 4 years at an interest rate of 8% p.a.
Simple Interest = (2,00,000 * 8 * 4)/100 = ₹64,000
Maturity Amount = Principal + Simple Interest = ₹2,00,000 + ₹64,000
Thus, the maturity amount is ₹2,64,000.
An alternative method to compute the maturity amount is the compound interest method, with the following formula:
A = P (1+r/n) ^ (n * t)
Here, A represents the maturity amount, P represents the principal amount invested, r denotes the interest rate, n denotes the number of times the interest is compounded in a year, and t denotes the investment tenure. For instance, if you invest ₹3 lakh for 5 years at an interest rate of 7.5% p.a. compounded quarterly, then
A = 3,00,000 (1+0.075/4) ^ (4*5)
Maturity Amount = ₹4,34,984
Interest = Maturity Amount – Principal = ₹4,34,984 – ₹3,00,000 = ₹1,34,984
The ICICI Bank fixed deposit calculator is designed to offer prompt and precise results within a few seconds. By selecting important details such as investment amount, investment tenure, and interest rate, you can easily check your maturity amount and interest earned with accuracy.
The ICICI Bank FD interest and maturity calculator can help you quickly determine what works best for your financial planning goals. You can use it to compare different FD rates and tenures.
The best part about this online calculator is that it's completely free and accessible to all. Ensure you enter the correct values, and the user-friendly interface makes it easy to navigate and use the calculator.
You need to input the investment amount, the applicable interest rate and the investment duration to calculate returns using the ICICI Bank fixed deposit calculator.
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.
The ICICI Bank fixed deposit interest rate ranges between 3.00% and 7.10% based on investment duration and category of investor. Senior citizens are eligible for a higher interest rate of 7.60%. Below are the highlights of ICICI Bank fixed deposits.
There are two methods to calculate the interest and maturity amount on an ICICI Bank fixed deposit – the simple interest and compound interest methods.
Method 1: Simple interest method
To calculate the interest using the simple interest method, use the formula:
Simple interest = (P * R * T)/100
where P is the principal amount invested, R is the interest rate, and T is the tenure.
For example, if you invest ₹50,000 for a tenure of 3 years at an interest rate of 8%, then the simple interest is calculated as below:
Simple Interest = (50,000 * 8 * 3)/100 = ₹12,000
The maturity amount would be the principal amount plus the simple interest:
Maturity Amount = Principal Amount + Simple Interest = ₹50,000 + ₹12,000 = ₹62,000
Method 2: Compound interest method
To calculate the interest using the compound interest method, use the formula:
A = P (1+r/n)^(n*t)
where A is the maturity amount, P is the principal amount invested, r is the interest rate, n is the number of times interest is compounded in a year, and t is the tenure.
For example, if you invest ₹1,00,000 for 5 years at an interest rate of 7% compounded quarterly, then the maturity amount is:
A = 1,00,000 (1+0.07/4)^(4*5) = ₹1,41,477
The interest earned on this deposit would be calculated using the below formula:
Interest Amount = Maturity Amount – Principal Amount = ₹41,477