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What is the Yes Bank Bank FD Calculator?
A fixed deposit is a fixed-income investment whose returns can be estimated well in advance. While you can calculate the returns manually, human errors are possible. However, an online FD calculator can give quick and accurate results, making planning for your goals convenient. The Yes Bank FD calculator can help estimate the interest and maturity amount even before opening an FD account.
By comparing estimated returns on varied terms of an FD, you can choose the best option that suits your needs.
How Does an FD Calculator Work?
A fixed deposit calculator works based on the compound interest formula. It considers variables like the principal, tenure, and interest rate offered by the bank to calculate the interest and total amount receivable on maturity
What is the Yes Bank FD Calculator Formula?
The Yes Bank FD calculator formula depends on the type of interest that the bank is offering on your deposit. Generally, FD interest is calculated on a compounding basis. The formula for this method is:
Maturity Amount=p (1+r/n)^nt
p = Principal amount
t = Time Period
n = Frequency of compounding in each time period
r = Rate of Interest
How to Use the Yes Bank FD Calculator Online?
Using the online Yes Bank FD calculator is easy and swift. Here are the steps to follow:
Let’s suppose you want to invest Rs. 20,00 in a fixed deposit with Yes Bank for 2 years. The interest rate is 5% p.a. Considering these values, you can estimate your interest and maturity proceeds using the online Yes Bank FD calculator as follows.
Step 1: Visit the Yes Bank FD Calculator on Angel One.
Step 2: Enter Rs. 20,000 in the "Total Investment" field.
Step 3: Choose the duration of the FD as 2 years.
Step 4: Select the interest rate as 5%.
Step 5: Instantly view your interest and maturity proceeds. While the estimated interest is Rs. 2,090, the total maturity amount will be Rs. Rs. 22,090.
Benefits of Using an FD Calculator
- Helps plan investments: The Yes Bank FD calculator online can help calculate the funds that you will need at the end of your tenure to reach your goal. This can help you decide if the terms of the FD are the right choice for you.
- Easy to use: The FD calculator is a user-friendly tool that gives results in no time. You just need to enter basic information like how much you want to invest, how long you want to stay invested, and the expected/applicable interest rate.
- Saves time: Calculating the interest and maturity manually can be time-consuming. The FD calculator does it for you in no time and also eliminates manual errors.
- Estimate earnings in advance: The online Yes Bank FD calculator can help ascertain your earnings on an FD well in advance. This allows you to make informed-investment decisions and achieve your goals.
- Retirement planning: The calculator helps senior citizens to manage their retirement corpus by allocating funds to several FDs over varying tenures to ensure a regular income stream.
- Convenient and free to use: The calculator is a free tool and convenient to use. You can access it at any time from anywhere.