What is the FD calculator?
The fixed deposit calculator or FD Calculator help you to calculate the maturity value at the end of the tenure of the investment with certain interest rate that is fixed by respective banks.
How to use it?
The maturity value of the deposit will depend on the amount of the investment which you added in a certain time period of FD, the interest rate that is decided at the time of FD open(maybe changed on closed time), and the frequency of interest payments that may be monthly or quarterly, or cumulative deposits.
In the below code, you have to use the amount of opening the FD, which costs between Rs 500 and Rs 10 lakh. Next, add the frequency of interest payments like 1, 2 …12 for the month. Monthly and quarterly interest pay-outs, the period for reinvestment has to be recorded in as per selected options.
Finally, enter the annual interest rate that you will get from the bank website from to get real time interest rates at which the fixed deposit is invested.
You can use all information to put in the below code to get the final maturity value.
How the result is arrived at?
The below formula used for calculating the maturity value of a fixed deposit:
A = P (1+R/100) ^N
Here, A is the maturity amount, ‘P’ is a the principal amount, the time of FD ‘N’ in years, and ‘R’ is the interest in percentage.
If the compounding is quarterly, then
A= P (1+(R/4)/100) ^4N
Hope this will help you to calculate your FD.