Fixed deposits are a safe way of investing as they ensure constant stable interest rates, special interest rates for senior citizens, a variety of interest payment methods, no market risks, and income tax benefits.Fixed deposit accounts are appropriate for those people who are risk averse in terms of their investments. In fixed deposits, the interest is accumulated on the deposited amount over a stipulated period of time running from monthly, quarterly and yearly. The interest rate on deposits ranges from 3% p.a. to 9.54 % p.a. depending upon the tenure. This is also dependent on the type of financial organization you are depositing your money in, whether it is a public sector, private sector, or small finance bank. The length of the fixed deposit period might range from 12 months to 120 months with ICICI HFC with the ROI upto 7.25%.
Fixed Deposit Calculator
The fixed deposit calculator on the ICICI HFC website helps customers calculate the total maturity amount for their account based on the interest rate for a specific time period. The calculator is simple to use and will assist you in comparing different tenures with different interest rates from various banks, making it easier to choose a suitable amount and tenure that provide you with the desired maturity amount for your fixed deposit. Also, getting to know the basics of fixed deposit interest rate and how fixed deposit interest is calculated is very easy, especially with ICICI HFC’s FD Calculator.
How to Calculate Fixed Deposit Interest Rate
Now let’s talk about how Fixed Deposit is Calculated and how fixed deposit interest is calculated in the most convenient ways. The interest rate on Fixed Deposits is fixed at the time when the amount is deposited and has no direct relation to market fluctuations. Some financial institutions even allow you to break your FD early by incurring a penalty fee. You can use the online Fixed Deposit calculator on ICICI HFC to calculate the interest and the amount that will accumulate at maturity. ICICI HFC offers one of the highest returns on FDs and gives the flexibility of investing the smallest amount, starting from INR 10,000.
How fixed deposit interest is calculated
To utilize the FD calculator on ICICI HFC easily, follow the procedures outlined below-
- Fill in the details such as customer type like general, senior citizen & group employee, FD investment amount, and tenure in the formula in the appropriate slots.
- The maturity amount of the FD will be revealed immediately, along with the applicable interest rate.
Advantages of ICICI HFC’s FD Calculator
ICICI HFC’s FD Deposit Calculator is very useful if you want to find out the total rate of interest and the interest amount you will be receiving once the maturity period has been reached. Using the FD calculator, you may determine the precise amount you will get at the time of FD maturity. ICICI HFC’s Fixed Deposits are considered the safest in the industry as they have the highest credit rating from the country’s most reliable credit-ranking agencies like CRISIL (AAA), ICRA (AAA), CARE(AAA). You can easily open an ICICI HFC Fixed Deposit online in a hassle-free manner. If you want more guidance on the process, you can walk into any of the 175+ ICICI HFC branches near your location.
There are various advantages of the FD Calculator-
Advantages of FD Calculator
- Calculating an FD’s maturity amount can be a difficult and time-consuming process. An online FD calculator can help you calculate it very easily, saving you time.
- FD maturity estimates are complicated, requiring a number of variables. A fixed deposit calculator automates all of the work for you and provides you with exact data with the click of a button.
Calculate Compound Interest with FD calculator
Compound interest is the interest on a loan or deposit calculated based on the initial principal and the aggregate interest from prior periods. It is essentially the interest received on money already earned as interest. This permits your principal and interest to increase at a quicker pace than simple interest, which is computed just on the principal. The rate at which compound interest gets accumulated is determined by the frequency of the compounding periods. So, the greater the number of compounding periods, the greater the compound interest.
Calculate Compound Interest
Compound interest is a process of obtaining interest on money that has been invested. To calculate compound interest, you must have the following data -
- The initial investment amount
- The rate of interest offered
- The number of times your interest is compounded annually
- The number of years you wish to remain invested
Once you have the necessary data, you can easily calculate what you will receive from a compounding interest investment with ICICI HFC.
The formula for calculating is: A= P(1+ r/n) ^nt
Where -
A denotes the future valuation of the investment made
P denotes the Principal amount
r denotes the interest rate
n denotes the number of times interest gets compounded per period
t denotes the time period the money was invested for
Why Choose ICICI HFC for Fixed Deposit
By Choosing ICICI HFC Fixed Deposits, you can put your money to good use and get the best benefits. ICICI HFC provides various tenure options for FD ranging from 12 months to 120 months and easy withdrawals, ensuring that you always have access to your money. Customers can opt for ICICI HFC Fixed deposits with investments as low as INR 10,000 and can get ROI up to 7.25%. You can increase your invested amount with attractive interest rates unaffected by market fluctuations.
ICICI HFC also provides senior citizens additional interest of 0.25% to ensure a comfortable retirement. You can begin investing with as little as INR 10,000 and make payments on a monthly, quarterly, or annual basis and easy withdrawal. Furthermore, opening an ICICI HFC Fixed Deposit online is very simple and rewarding with high interest. These factors make customers choose ICICI HFC for Fixed Deposits.
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