Bank interest rates have been sliding for the past many quarters now. It is hence imperative to make the maximum returns from bank fixed deposits. We have given a bank interest rate calculator, which is extremely friendly to use and will help you to maximize your returns.
It is important to remember that on large sums of money, even a 0.25 per cent interest rate differential can mean a lot. Another reason to use these fixed deposit calculators, is that like earlier, you are not constrained by going only to the bank in your area. Let us give an example. By using these calculators you know which bank offers the highest interest rates and maturity on any given sum of money.
So, for example if RBL Bank offers higher interest rates than ICICI Bank, which it does at the moment, you can opt for RBL Bank. You do not have to worry that the bank does not have a branch in your area. You can open a fixed deposit online and most banks send executives to collect the form and stuff.
So, comparing fixed deposits online through the use of calculators, will be advantageous for you. There are a few things that you must remember when it comes to bank fixed deposits. One is you should remember that there is a tax applicable on these deposits.
So, if your interest amount is more than Rs 10,000, the bank will deduct TDS. In case, you do not wish that TDS being deducted you should submit form 15G and form 15H.
A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. It is known as a time deposit. They are considered to be very safe investments.
The main purpose of FD account is to enable the individuals to earn a higher rate of interest on their surplus funds. The amount can be deposited only once. Next time deposits, separate accounts need to be opened. The depositor is given a fixed deposit certificate for proof, which depositor has to produce at the time of maturity or renewed for a further period. Nominee person entitled to receive funds accrued in a particular FD upon depositor's death.