How does an online FatakPay FD Calculator work?

The formula for calculating the maturity amount of a Fixed Deposit depends on the type of interest compounding applied.

1. Simple Interest Formula

For FD schemes with simple interest:

M = P + (P × r × t)

Where :

• A = Maturity Amount
• P = Principal Amount (Initial Deposit)
• r = Annual Interest Rate (in decimal form)
• t = Number of years of investment(in years)

2. Compound Interest Formula

For FD schemes with compound interest:

M = P × (1 + r/n)^(n·t)

Where :

• A = Maturity Amount
• P = Principal Amount (Initial Deposit)
• r = Annual Interest Rate (in decimal form)
• n = Number of times interest is compounded in a year (e.g., quarterly = 4, annually = 1)
• t = Number of years of investment(in years)

A Fixed Deposit Calculator is a simple online tool that calculates the maturity amount from your fixed deposit investment. Here's how it works:

1. Enter the Principal Amount: Input the amount you plan to invest in the fixed deposit.

2. Select the Tenure: Choose the duration for which you want to keep your funds deposited, ranging from a few months to several years.

3. Input the Interest Rate: Enter the annual interest rate offered by the bank or financial institution for your selected tenure.

4. View the Results: The calculator will instantly provide the total maturity amount and the interest earned over the chosen period.

Advantages of using FatakPay FD Calculator

1. Accurate Interest and Maturity Calculation :
   The FD Calculator provides precise estimates of the total interest earned and the maturity amount based on the deposit amount, tenure and interest rate.
2. Saves Time and Effort:
   It eliminates the need for manual calculations, saving time and ensuring error-free results.
3. Easy Financial Planning:
   By adjusting the deposit amount, tenure and interest rates, you can explore different investment scenarios and plan your finances effectively.
4. Helps Compare FD Schemes:
   The calculator allows you to compare fixed deposit schemes offered by different banks or financial institutions to choose the one that provides the best returns.
5. Transparency in Returns:
   It provides a clear understanding of how your investment grows over time, ensuring there are no hidden surprises at maturity.