How To

How to Choose the Best Fixed Deposit Plan

Investing rightly and timely is one of the most important aspects of investments. To be financially stable throughout your life, keep in mind that investing your buck in the right schemes is essential. In India, a fixed deposit is considered one of the safest investment instruments as it offers guaranteed returns and is not affected by fluctuations in the market.

Around a year back, even I invested in the same via an application on my smartphone. Within just a few easy steps, I could avail the best interest rates on fixed deposits.

What is a fixed deposit?

As the name suggests, a fixed deposit is an investment scheme that offers an individual to invest money for a fixed period along with a fixed interest rate. Further, when the investment tenure ends, the investor receives the amount invested and the compound interest. In India, it is considered one of the safest investment options to grow wealth in the long run.

This is because unlike other forms of investment, such as stocks which are volatile in nature, the FD returns are assured, and the ROI here doesn’t depend on the market fluctuations.

What are the pros of an FD?

● Guaranteed returns

The interest rate on a fixed deposit is fixed at the time of deposit and is not affected by market fluctuations. This means that the depositor can be certain of the returns they will receive.

● Regular income

For those who seek a regular investment, an FD is a good investment for them. This is because they can opt for interest payout on it, either monthly or quarterly. Moreover, in India, best interest rates on fixed deposits pulls many individuals towards it.

● Easy withdrawal

A FD can be broken or withdrawn before maturity whenever an individual requires money. However, a minor penalty is incurred if you plan to withdraw before the tenure ends.

● Tax-free interest

The interest amount earned over the total investment is tax-free. However, keep in mind that it is up to a certain limit.

What is an FD calculator?

As the name suggests, a Fixed deposit calculator is basically a tool that helps you calculate the maturity value or interest earned on your investment. There are certain mandatory inputs, such as the deposit amount, investment term as well as rate of interest.

Therefore, based on this information, the calculator will give you the maturity value of the investment, which basically includes the original deposit amount plus the interest earned.

Which calculator to use and how to use it?

There are tons of calculators available on the Play Store/App Store. But, honestly speaking, I’ve been using the FD calculator offered by the Bajaj Finserv app that offers the best interest rates. It is super easy to use and gives the exact figures within a blink of an eye howitstart.

  1. Download the Bajaj Finserv app from the App Store/ Play Store.
  2. Sign up after entering your personal information
  3. Log in
  4. On the home page, tap on three bars on the top right.
  5. Choose the ‘Try our Calculators’ option.
  6. Go to ‘Deposits Calculators’
  7. Choose ‘Fixed Deposit Interest Calculator’.
  8. Fill in the required details
  9. Experiment as per your requirement


Before investing in such an investment plan, it is essential to calculate fd interest by using a calculator so that you have exact figures in your mind. This ultimately helps in achieving the financial goals in the long run and is considered a safe and sound investment dstvportal.

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