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Calculation of FD Maturity Amount
|years||Interest Earned||Closing Balance|
Start investing in fixed deposits based on various categories provided by top banks
The Kotak Mahindra Bank provides a wide range of fixed deposits to choose from and helps you achieve your financial goals through investment in FD. With a seamless and simple process of opening an FD account, Kotak Bank makes it very easy to invest.
Kotak FD calculator is an online easy to use tool that helps you estimate the maturity of your investment. It helps you in calculating how much rate of interest you can earn by investing in a Fixed Deposit for a specific span of time. It only needs a little information as input to provide the required information. The output helps you in better understanding and planning your financial goals.
However, you must understand that the calculator provides you only an estimation of the maturity amount and the wealth gained in the form of interest. You can know the exact maturity amount only once you invest in the fixed deposit with Kotak Bank.
For an investor, it is important to know what will be the yield/ return or interest in the long term before investing. This helps not only in comparing FDs provided by different banks but also comparing FD investment with other investment alternatives to FD.
Keeping this in mind you can use the Kotak Mahindra FD calculator by just entering a few details and get instant results. Further, you can use the fixed deposit calculator in 2 different approaches i.e. Investment Amount and Target Amount. Both the approaches are easy to use and provide the wealth to be gained.
You must use this approach when you have an amount for investment in mind and you wish to know the maturity value along with interest.
The following steps will help you in using the Kotak FD calculator:
Once you enter the details the Kotak fixed deposit calculator will provide the following information as an output:
Using the ‘Target Amount’ approach you can know what amount you should invest today to get the target amount as maturity. Once you enter the target amount of investment the Kotak FD calculator does a back-calculation of the amount you need to invest and the interest income you will earn. Let’s say you have a future expense coming up and you wish to save today to cover up such expenses then this approach will be helpful.
You must follow the following steps to use the Kotak FD calculator with the target amount approach:
On the basis of the above inputs, you will get the output of the principal investment amount and interest to be earned on such principal amount. You can view the output as a chart representation and a tabular representation per period.
The interest on a fixed deposit investment depends on a number of factors. Such factors are the principal amount of investment, tenure, compounding frequency, and interest rate. You can calculate the interest amount using 2 methods firstly, simple interest and secondly compound interest. Let us understand the formulation under both the methods with the help of an example:
Simple interest is the interest earned on the principal amount at a predetermined interest rate for a fixed tenure of investment.
Simple Interest = (P * R * T)/ 100
P- Principal amount invested
R- Rate of interest (%)
Mr. Ajay invested Rs 10,000 for 5 years at an interest rate of 10% per annum.
Simple Interest = (Rs 10,000 * 10 * 5 years)/ 100 = Rs 5,000
Principal amount invested (P) = Rs 10,000
Rate of interest (%) = 10% per annum
Tenure = 5 years
Maturity Value = Principal amount of Investment + Simple Interest earned during the tenure
= Rs 10,000 + Rs 5,000
= Rs 15,000
Compound interest is the interest earned on the principal amount of investment and the interest earned on such investment so far. The rate of interest is raised to the number of periods (years) for which the interest will be compounded and multiplied to the principal amount invested.
A = P (1+r/n) ^ (n * t)
A = Maturity Amount
P = Principal amount of investment
r = Rate of Interest (in decimals)
n = number of compounding in a year
t = number of years
Mr. Ajay invests Rs 10,000 for 5 years at an interest rate of 10% per annum compounded quarterly.
Principal amount of investment = Rs 10,000
Interest Rate = 10%
Number of compounding in a year = 4 (once every quarter)
Number of years of investment is 5 years
A (maturity amount) = 10,000 (1+0.10/4) ^ (4*5)
A (maturity amount) = Rs 16,386
Interest amount = Rs 16,386 – Rs 10,000 = Rs 6,386
The minimum amount of FD investment in Kotak Bank is Rs 5,000. There is no maximum amount for investment in a fixed deposit.
The interest rate on FD depends on the tenure of investment, the type of fixed deposit, and the investor. For senior citizens, the FD interest rate is higher than that for investors below the age of 60 years. The annualized interest rate for domestic NRO / NRE fixed deposits for a tenure of more than 5 years and investment amount below Rs 2 crore is 5.41%.
Kotak Bank provides 3 types of fixed deposits i.e. regular fixed deposit, tax-saving FD, and senior citizen fixed deposit. It provides regular FDs like domestic FD, NRO FD, NRE FD, etc
You can invest in Kotak Bank FD online through internet banking and mobile banking. You just need to enter the investment amount, tenure, payout frequency, and other maturity instructions. Such maturity instructions are auto-renew, withdrawal post maturity, reinvestment of interest/ principal amount, and nomination. You do not need additional documentation or KYC since your KYC is already in place with the bank being an existing customer. You can also open an FD account offline by visiting the nearest branch of Kotak Bank and submit the FD form.
The Kotak Mahindra Bank FDs offer you a triple benefits advantage. Firstly, it provides safety of investments, attractive FD interest rates, and seamless opening and closing of FD accounts.
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