Fixed deposits are a preferred instrument for long term savings in India as the offer the comfort of safety provided by a Reserve bank of India guarantee and regular returns with attractive rates of interest. Fixed Deposit Interest Rate Calculator is an online tool that lets depositors know in advance how much interest a depositor can earn by putting a certain amount for a certain period.
Most of the public and private sector banks on provide Fixed Deposits as part of their products portfolio and the patronage for FDs seem to be increasing. With spread of technology, the customer need not visit a bank to open a FD. Most of these banks provide net banking through their websites via which an existing customer can open an account instantly and online. There are also several third party websites which provide a comparison of interest rates on fixed deposits provided by various banks and facilitate opening of an FD by a customer.
To know how much interest you can earn from a FD, there is a handy tool called Fixed Deposit Interest Rate Calculator. This is a tool on the bank or third party website that lets you calculate the interest you will receive on your principal for a certain tenure.
Attractive interest rates provided by some Indian banks
In India, few private, co-operative and public sector banks provide an attractive rates of interest are highly sought after.
The Catholic Syrian Bank, an Indian private sector banks provides an interest rate of 9.50% for its deposits for 400 days (Acharya Deposits) on amounts of less than Rs. 1 crore. Bassein Catholic Co-operative Bank, a cooperative bank from Kerala also offers a rate of 9.50% on its FDs above 12 Months to 18 months for amounts less than Rs. 15 lakh.
The Ratnakar Bank, a private sector bank, offers 9.25% interest on FDs of 12 month to less than 24 month tenor for amounts less than lakh to Rs. 1 crore. Another cooperative bank Shamrao Vithal Co-operative Bank offers 9.15% for deposits of 500 days for less than Rs. 1 crore. At Dhanalakshmi Bank, a private sector bank offers 9.10% for deposits of 375 days for amounts less than Rs. 1 crore.
Canara Bank, a nationalized bank offers 9% interest for deposit of 1 year for amounts of less than Rs. 1 crore while its counterpart Central Bank of India offers it for deposits of less than Rs. 1 crore for 555 days. Yes Bank, a private sector bank offers the same rate on deposits of 18 months 8 days to 18 months 18 days tenor for amounts less than Rs. 1crore.
How does the Interest Rate calculator work?
In the interest calculator you can use the slider or empty boxes to fill in details of interest rate, tenor in years and principal. By clicking calculate you will get to know the maturity amount of the principal at end of deposit term. This helps the depositor in making an informed choice and find best rates for his FD.