Fixed deposit calculator and its utilities

Opening a fixed deposit account in a bank is not any rocket science these days. We have quite a few well established banks in our country and the number is still growing. So with this, competition rises and banks offer different rates on fixed deposits these days. In order to choose the right bank which gives you maximum returns on your deposit is highly important. Here, steps in our very useful and handy fixed deposit calculator.

 It is very simple to use this calculator. It is available online and is very easy to use. You just need to fill in some details regarding principal amount to be invested, maximum time period, the rate of interest and the maturity period. Once, you have finished with feeding of all these details the fixed deposit calculator will give you an estimated figure of the amount.

Summary: Fixed deposit calculator is an amazing online tool when opening a fixed deposit account offered by banks to calculate the amount for the investors within seconds without wasting any time.

Banks Won’t Cut Fixed Deposit Rates

Just few weeks back banks decided to cut on the fixed deposit rates in order to reduce the base rate which is the minimum lending rate below which customers can’t borrow, now the reverse is happening with the banks which has started to raise the fixed deposit rates and the decision of cutting the base rate has been put on hold.

Public banks have rolled back their decision on reducing the fixed deposit rates and recently, in a notice to the stock exchange, banks have decided to revise the fixed deposit rates.

As per the revision, the fixed deposit rates of 151-179 days and 180-269 days will be increased from 8% to 8.25% a year. Fixed deposits for 1-2 years, the fixed deposit rates would increase from 8.75% to 9% and with respect to the NRE deposits the fixed deposit rates will get a hike of 0.25% for deposits of 1-2 years.

Summary: Fixed deposit rates are on the rise and thus people have started showing interest in investing in fixed deposits.