A fixed deposit is one in which once the money is deposited, it cannot be withdrawn till its maturity. Fixed deposits unlike savings account pay high rates of interest. The longer the maturity period the more interest you earn, which again can be easily calculated by this valuable fixed deposit calculator. But if the fixed deposit amount is withdrawn or cancelled before the maturity period expires, a penalty is charged from the defaulter.
The fixed deposit calculator helps assess the interest calculations and the maturity amount to be received on a fixed deposit figure. The calculator is very handy and easy to use, just requires to input the following details namely – the principal amount, rate of interest, lock-in-period and the compounding rate and the final amount & interest gets calculated for you.
Summary: Fixed deposit calculator is a very useful online tool. It helps in evaluating the compound interest and the total deposit amount receivable after a fixed time period.