Bank of Maharashtra FD Calculator

Bank of Maharashtra deals with a range of banking services including savings accounts, fixed and recurring deposit accounts. The FD and RD schemes are aimed to provide you with guaranteed returns over a tenure ranging as per your need. Since there exists a range of FD schemes to choose from, we will walk you through a detailed overview of how to use the Bank of Maharashtra FD calculator effectively in order to make the right investment decision.

What Is a Fixed Deposit Calculator?

An FD calculator is a financial tool that assists you in calculating the overall maturity value of your FD, along with the amount of interest you will accrue. on as per the principal amount, interest rate, and tenure. This online calculator will help you make FD-related investment decisions in a quick span of time, based on the amount you want to invest initially, rate and tenure.

How to Use the Bank of Maharashtra FD Calculator?

Follow the given steps to use the Bank of Maharashtra FD calculator effectively.

Step 1: Collect all the information such as your tenure, investment amount and interest rates as per your chosen FD scheme.

Step 2: Open the Bank of Maharashtra Fixed Deposit Calculator from the official site.

Step 3: Enter the following details in their given slots: deposit amount in Total Investment, rate of interest, as well as the tenure of your FD in months. You can also manually use the slide bar to input the details.

Step 4: Select the compounding frequency. 

Step 5: Click on the ‘Show Maturity Value’ button.

Your FD's total investment, total interest as well as maturity value will be shown on your screen after following the above steps.

How Does the Bank of Maharashtra FD Calculator Work?

The Maharashtra Bank FD Calculator uses a formula to calculate interests and overall gains on your FD investments using your FD’s tenure, compounding frequency and interest rate.

Features of the Fixed Deposit Calculator

We have enlisted a range of features of the Bank of Maharashtra FD calculator below.

• Convenience and data safety
• Accurate calculation and comparison
• Free tool, readily accessible online

Can the Inputs Be Changed in a Fixed Deposit Calculator?

A fixed deposit calculator allows users to change or modify the variables they need to input in order to help them assess different FD schemes. This can be easily done by typing in figures in the required boxes or adjusting the slider against their respective parameters.

Karur Vysya Bank FD Calculator - Formula and Calculation

The fixed deposit calculator uses the following formulas and calculations to provide you with an accurate estimation of your FD investment value.

Simple Interest Formula 

Simple Interest = (P x R x T)/ 100

Here, 

P- Principal Investment Amount

R- Interest Rate 

T- FD Tenure 

Let us understand this formula used by the Bank of Maharashtra FD calculator with the help of an example. 

Assume you want to invest ₹1,50,000 in an FD scheme for 2 years at a 6% interest rate.

Simple Interest (Interest earned)= ₹(1,50,000*6%*2 years)= ₹18,000

Maturity Value = Principal Investment + Simple Interest =₹(1,50,000 +18,000) = ₹1,68,000

 

Compound Interest Formula 

A = P (1+r/n) ^ (n x t)

Here,

A = Maturity Amount 

P = Principal Amount 

r = Rate of Interest 

n = Number of times interest is compounded 

t = Tenure

Let us use the previous example of investment for the same tenure and rate to achieve the following outcomes on the FD calculator of the Bank of Maharashtra.

Suppose, 

• Interest is compounded semi-annually (n=2)

• Principal amount invested = ₹1,50,000 (P)

• Rate of interest = 6% per annum (r)

• Total Tenure = 2 years (t)

Using this formula,

A= ₹ 1,50,000 x (1+0.06/2) x (2 x 2)

A= ₹1,68,826.32

Hence, your maturity amount = ₹1,68,974

Interest Income  = Maturity Amount - Principal Investment= ₹(1,68,974-1,50,000)= ₹18,974

Advantages of Using Stable Money - Bank of Maharashtra FD Calculator

The Bank of Maharashtra FD Rates Calculator helps you in the following ways.

• Quick comparisons
• Accurate estimations
• User-friendly interface

Final Word

A fixed deposit calculator, in general, proves to be a valuable tool for individuals planning to invest in an FD scheme. Hopefully, now you will be able to compare a wide range of FD schemes and make an informed investment decision with the help of the Bank of Maharashtra FD calculator. To further assist you with investment planning, a step-by-step guide on how to use this online tool is provided.