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SBI FD is one of the popular savings schemes amongst investors who prefer fixed income with low risk. Following are the features of this savings scheme:
An SBI FD Calculator is a simple tool that helps in estimating the returns from an SBI FD. It calculates the wealth gained and maturity amount that investors might receive if they invested in the SBI FD Scheme. The SBI FD Calculator also shows a tabular and graphical representation of how the investment grows during the investment tenure.
SBI FD calculator takes the investment amount, tenure, interest rate, and compounding frequency to estimate the wealth gained and maturity amount from the investment. However, the SBI fixed deposit calculator only provides an estimation of wealth that one can earn based on the inputs provided. Hence, it doesn’t guarantee any returns. The SBI FD calculator is a simple tool available online for free. Also, it can be used multiple times to estimate the returns from an SBI FD investment.
It is essential to check the return an investment offers. An investor will understand it better if the return is in terms of wealth gained rather than in terms of percentage. Hence it provides the investor with an opportunity to plan their goals in a better way.
Scripbox’s online SBI FD Calculator is a simple tool that estimates the return from an SBI FD Investment. The SBI FD calculator is an easy-to-use tool and requires simple inputs to give the required outputs. There are two ways one can estimate the returns from FD investment using Scripbox SBI FD Calculator, and they are the invest amount approach and target amount approach.
Following are steps that you can follow to use the SBI FD Calculator using the Investment Amount Approach:
The SBI FD calculator automatically shows the interest and maturity amount. The SBI FD calculator shows a tabular format of the interest earned each year along with the opening and closing balance. Moreover, the SBI FD calculator gives a graphical representation of the initial investment and maturity amount.
While the investment amount approach requires you to enter the investment amount, the target amount approach estimates the investment amount based on the amount you expect from the SBI FD investment. Following are the steps that you need to follow to use the SBI FD Calculator using the Target Amount Approach:
The SBI FD calculator gives the investment amount needed to achieve the target and estimates the interest you might earn. Moreover, the SBI FD Calculator shows a tabular representation of opening balance, interest earned and closing balance for each year.
Analysis and research are necessary before investing in any financial asset. It requires matching the investment objective with the investor’s financial goals. This enables investors to choose the right investment that suits their requirements and goals. By knowing how much will an investment reap, an investor will know if they will achieve their goal or not.
An SBI FD Calculator will help estimate the maturity amount from the investment and enable investors to make a well-informed decision. Following are the benefits of using the SBI FD Calculator:
Let us understand how one can calculate SBI FD interest with the following example.
Ms Shanti opens an FD account with SBI Bank. The investment amount is INR 5,00,000. The tenure of the FD is ten years. Also, the applicable interest rate is 5.4% per annum. Furthermore, the interest gets compounded quarterly for the fixed deposit.
To calculate SBI FD interest amount and maturity value, one can use the FD formula.
A = 5,00,000 (1+5.4%/1)^1*10
A = INR 8,54,909
The maturity amount for Ms. Shanti is INR 8,54,909
Also, the interest earned is INR 3,54,909
The highest SBI FD interest rate for regular citizens is 5.4% for a tenure of 5 years to 10 years. For senior citizens, it is 6.2% for a tenure of 5 years to 10 years. Returns from SBI FDs can be calculated using the SBI FD calculator. One can also use Scripbox’s fixed deposit calculator to calculate the maturity amount of an FD investment. Scripbox’s fixed deposit calculator is available online and is easy to use.
Yes, SBI allows premature withdrawal on its FDs except for tax saving FDs. However, it charges a penalty for premature withdrawals. The penalty for deposits up to INR 5 lakh, for all tenures, is 0.5%. The deposits above INR 5 lakh but below INR 1 Cr have a penalty of 1%. There is no penalty for all deposits withdrawn within seven days of deposit.
Yes, SBI provides a loan against FD. One can get up to 90% of the deposit amount as a loan. The bank uses the FD as collateral. In the case of non-repayment of the bank loan, the bank uses the FD to recover the loan amount. The bank levies a 1% interest rate above the FD interest rate for the SBI loan as interest. The SBI loan repayment period is around 3-5 years. One can apply for a bank loan online or offline (bank branch). To apply for an online loan one can visit the bank’s website. SBI offers loans such as a loan against property (home loan), business loan, an education loan, etc., against an FD. The interest rate varies based on the bank and type of loan.
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