Bank Of India FD Calculator for Interest Rate 2.90%
In Bank Of India Fixed Deposit account, a fixed sum of money is deposited for fixed tenure usually for a period from 7 days to 10 years. A higher interest rate is offered on fixed deposits which vary from bank to bank according to the amount deposited and duration of investment. You can get a fixed interest periodically till its whole term or can directly get whole interest along with the principal at the time of maturity. Find latest updated fixed deposit interest rate as on 23 09 2023, offered by each bank.
Banks offer the deposit period in various forms like days, months or years and even the compounding of interest varies from bank to bank which can be monthly, quarterly, half-yearly or yearly.
You can easily calculate the amount of interest earned and maturity amount using following FD calculator. It is to be noted that the result of this calculator will give you an approximate value and only your bank can provide you the exact value.
Bank Of India Fixed Deposit Calculator
How does Bank Of India Fixed Deposit Interest Rate Calculator Work?
Bank Of India Fixed Deposit Interest Rate Calculator calculates the interest earned on a fixed deposit with the help of outlined components:
(1) Deposit Amount
It is an amount which an FD account holder wants to invest in the fixed deposit. It is also called principal. It is to be remembered that this amount can be deposited only once hence you have to decide the amount to be invested according to your investment objectives.
(2) Interest Rate
It is the rate of interest offered by the bank where you open the FD. It differs for different tenures. Once FD is opened for a specific tenure then the interest rate will remain the same for the whole tenure.
(3) Term of Deposit (FD Tenure)
It is the duration for which the amount is invested in an FD which may vary from 7 days to 10 years. In the calculator, you can select the tenure in days, months or year.
(4) Compounding of Interest
Interest can be compounded on monthly, quarterly, half yearly or annual basis. It can be a simple interest as well. You need to enter it based on the offer by the bank.