An FD (Fixed Deposit) Calculator is a handy tool that helps you estimate the maturity amount and interest earned on a fixed deposit over a specified period at a given interest rate.
How It Works:
To use the calculator, you input:
Principal amount (investment)
Interest rate (annual)
Tenure (in months or years)
Compounding frequency (yearly, quarterly, etc.)
It calculates the total amount you'll receive at maturity, based on compound or simple interest.
Formula Used (Compound Interest):
Where:
A = Maturity amount
P = Principal
r = Annual interest rate
n = Compounding frequency
t = Time in years
Benefits:
Quick and accurate maturity estimates
Helps compare FD options across banks
Useful for financial planning and goal setting