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What is a Bank of Maharashtra FD Calculator?
Bank of Maharashtra Fixed Deposit Features
Plan Name | Features |
Maha Sanchay Deposit Plan |
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Maha Saraswati Scheme |
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Quarterly Interest Deposit Scheme |
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Monthly Interest Deposit Scheme |
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Tax Saving Term Deposit |
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How to Use a Bank of Maharashtra FD Calculator?
Utilizing a Bank of Maharashtra FD interest calculator is now easier than ever. You can have full access to this virtual tool for free by visiting the bank’s official website. Upon entering the website, follow these simple steps:
Step 1: Look for the ‘Personal Banking’ tab, under which you will get an option ‘Fixed Deposits’
Step 2: Click on this option, and you will see another dropdown list from where you must select ‘FD Calculator
Step 3: Feed the details carefully in the online Bank of Maharashtra FD interest rates calculator, and finally, select the FD type
Just following this 3-step process, you get to see the maturity amount and total receivable interest instantly. This makes the calculators pretty convenient; thus, financial experts recommend avoiding manual calculations, which may cause errors.
How is Bank of Maharashtra FD Interest Calculated?
There’s a standard equation that can determine the maturity amount on FD without you requiring using the FD calculator from Maharashtra Bank. This formula is:
- A = P(1+r/n)^n x t
Let’s discuss what each letter signifies in this formula.
Here, A refers to the final amount that the bank has agreed to pay you
Whereas P signifies the initial FD principal
r denotes the promised interest rate divided by 100
n stands for the frequency of annual interest payouts
Finally, t denotes the investment term
Let’s say you are willing to start an FD account with the Bank of Maharashtra, where you will select the interests to be paid out annually. In this case, you intend to make the FD term up to 5 years while the principal will be Rs. 5 lakhs. Then if the bank awards an interest of 5.40% p.a., as per the formula discussed above, the maturity amount should be:
A = 5,00,000(1 + 0.054/1)^1 x 5 = Rs. 6,53,800
Consequently, the interest income will be Rs. (6,53,000 – 5,00,000) = Rs. 1,53,000.
Benefits of Using a Bank of Maharashtra FD Calculator
- It saves your time as the results are available in a few seconds
- The process gives accurate results each time and thus helps in correct estimations
- Also, you get to compare different FD schemes
- The calculator gives you suggestions on how you should invest to achieve a goal within a set timeframe
Key Takeaway
Bank of Maharashtra FD Calculator : FAQs
For long-term deposits, you can expect to earn interest at 6.5% p.a. However, mid-term FDs feature an interest range of 2.75-7.00% p.a.
Yes, you can transfer the tax-saving FD from one branch to another branch of the BOM. But the bank doesn't allow its customers to shift the scheme to a different banking organisation altogether.
The tenure of the Bank of Maharashtra special FD scheme is 200 days and 400 days, and you can choose depending on your need.