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What is a Bandhan Bank fixed deposit calculator?
Types of Bandhan Bank Fixed Deposit Schemes
Plan Name | Features |
Standard Fixed Deposit |
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Tax Saver Fixed Deposit |
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Advantage Fixed Deposit |
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Dhan Samriddhi Fixed Deposit |
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Premium Fixed Deposit |
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Super Saver Fixed Deposit |
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How to use a Bandhan bank FD calculator?
Using the Bandhan Bank fixed deposit calculator is straightforward. But here is a small guide to help you better understand it.
Step 1: Visit the Bandhan Bank website to access the calculator.
Step 2: Enter the investment amount, tenure and interest rate and select the payout option.
Step 3: You will get to see the total earned interest and the final maturity amount. Also, if you opt for a regular payout, you will get that value as well.
How is Bandhan Bank FD interest calculated?
Simple fixed deposit interest
Simple interest in the case of FDs calculates the total earning on the deposit for a set period. It only takes into account the primary deposit, tenure and interest rate, and no other variables.Formula
Simple Interest = (P * R * T)/ 100 Simple interest is calculated: P is the initial investment amount, R is the Bandhan Bank FD interest rate in percentages, and T is the Bandhan Bank FD tenure.Compound fixed deposit interest
Compound interest in FD is where the interest earned at the end of every year gets reinvested in the deposit. As a result, the principal investment figure increases, and the total interest earned on it.Formula
A = P (1+r/n) ^ (n * t) A stands for the amount at maturity, P for the investment, r for the interest rate (in decimals), n for the number of times interest is compounded, and t for the years the investment will last. Now, if you don’t want to get into this trouble of segregating simple and compound interest, then using the ‘A = P (1+r/n) nt’ formula is the way forward. Here –- An equal the maturity amount
- P equals the amount you have put in.
- r equals the interest rate
- n equals the number of times the interest has been compounded.
- T equals the duration of your deposit
Benefits of using a Bandhan Bank FD calculator
- Making rapid and well-informed investment decisions is made easier using the Bandhan Bank Fixed deposit interest rate calculator, which provides instant return estimates.
- The term, interest rate, frequency of compounding, and investment amount all impact the interest earned on Bandhan Bank FD investments. The Bandhan Bank fixed deposit calculator can be used to compare the findings and determine which factor impacts the interest rate most to make a sounder decision.
- Bandhan Bank provides a variety of fixed deposit programs, and individuals can compare the maturity amount of various banks and NBFCs using the Bandhan Bank FD calculator.
- The outcomes of theBandhan Bank FD calculator can also be contrasted with the returns from other types of investments. So, prospective investors can examine which investment offers the best returns and plan accordingly.
Bandhan Bank FD Calculator : FAQs
The interest rate on fixed deposits offered by Bandhan Bank ranges from 3% to 7.25% annually. For senior citizens, the FD rates range from 3.75% to 7.50%.
For investors below 60 years of age with a duration of 1 to 5 years, Bandhan Bank's highest FD rate is 7.25%. But, for senior citizens, the highest Bandhan Bank FD interest rate is 7.50%.
Since the Bandhan Bank deposits are covered by the Deposit Insurance Scheme up to Rs.5,00,000, Bandhan fixed deposits are regarded as secure.
Investors may prematurely withdraw their deposits from Bandhan Bank. The Bandhan Bank, however, levies a fee for early withdrawal. Bandhan Bank policies govern premature withdrawal terms and conditions.