Navi Calculator SBI FD Calculator 2023
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The SBI FD return calculator is designed to help you find out the returns on your fixed deposit investments in a simple and hassle-free manner, so that you can better plan your investments. The tool is extremely easy to use. All you need to do is follow the 3 easy steps given below to check your SBI FD returns.
Once done, you will be able to check the estimated returns along with the maturity amount.
SBI FD interest rate and maturity amount can be calculated via two methods – the simple interest method and the compound interest method.
The formula for the simple interest calculation is:
Simple Interest = (P * R * T)/100
Where, P = Principal amount invested, R = Rate of interest (%) and T = Tenure
Now, let’s understand this with an example. Let’s say you have invested Rs.1 lakh for a tenure of 5 years at 7% p.a. Interest rate. In this case, P = Rs.1 lakh, R = 7% and T = 5 years.
Simple Interest = (1,00,000 * 7 * 5) /100 = Rs.35,000
Maturity Amount = Principal Amount + Simple Interest = Rs.1,00,000 + Rs.35,000
So, at the time of your FD maturity, you will get Rs.1,35,000
The other method is calculation of FD maturity via compound interest method. The formula is:
A = P (1+r/n) ^ (n * t)
Where, A = Maturity Amount, P = Principal amount invested, r = Rate of Interest, n = Number of compounding in a year and t = Tenure
Let’s say you have invested Rs.1,00,000 for 10 years at an interest rate of 6.5% p.a. compounded half-yearly
In this case, P = Rs.100,000, Interest Rate = 6.5%, Number of compounding in a year is 2, Tenure = 10 years
A = 1,00,000 (1+0.065/2) ^ (2*10)
Maturity Amount = Rs.1,89,564
Interest amount = Rs.1,89,564 – Rs.1,00,000 = Rs.89,564
SBI fixed deposit interest 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.
Compare different FD rates and tenure to plan your investments better. For instance, mid-duration FDs may give you better rates, however, if you’re a long-term investor, maybe a longer tenure would be more suitable for you. Use the SBI bank FD calculator to quickly figure out what works for you.
You don’t have to pay a single penny to use the online calculator. It’s absolutely free and accessible for all. All you need to ensure is that you’re selecting the correct values. Add to that - the user-friendly interface elevates the overall functionality of the 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.
There are two ways to calculate SBI FD interest and maturity amount –
The formula for SBI FD calculation via simple interest method is:
Simple Interest = (P * R * T)/100
Where, P = Principal amount invested, R = Rate of interest (%) and T = Tenure
Now, let’s understand this with an example. Let’s say you have invested Rs.1 lakh for a tenure of 10 years at 7% p.a. interest rate. In this case, P = Rs.1 lakh, R = 7% and T = 10 years.
Simple Interest = (1,00,000 * 7 * 10) /100 = Rs.70,000
Maturity Amount = Principal Amount + Simple Interest = Rs.1,00,000 + Rs.70,000
So, at the time of your FD maturity, you will get Rs.1,70,000
The other method is calculation of FD maturity via compound interest method. The formula is:
A = P (1+r/n) ^ (n * t)
Where, A = Maturity Amount, P = Principal amount invested, r = Rate of Interest, n = Number of compounding in a year and t = Tenure
Let’s say you have invested Rs.1,00,000 for 5 years at an interest rate of 6.5% p.a. compounded half-yearly
In this case, P = Rs.100,000, Interest Rate = 6.5%, Number of compounding in a year is 2, Tenure = 5 years
A = 1,00,000 (1+0.065/2) ^ (2*5)
Maturity Amount = Rs.1,37,689
Interest amount = Rs.1,37,689 – Rs.1,00,000 = Rs.37,689