What is an HDFC FD Calculator?
An HDFC FD Calculator is a user-friendly tool for estimating returns from an HDFC FD, providing insights into wealth gained and maturity amounts. By taking inputs such as investment amount, tenure, interest rate, and compounding frequency, the calculator offers a tabular and graphical representation of investment growth. It's important to note that the HDFC FD calculator provides estimates based on inputs and doesn't guarantee returns. This free online tool can be used multiple times to assess potential returns from an HDFC FD investment.
HDFC Fixed Deposit Features
HDFC Fixed Deposit (FD) is a preferred savings scheme known for its features:
- Retirement savings: The employee receives a lump sum payout from the EPF upon retirement, which is accrued over time.
- Guaranteed Returns: HDFC FD offers a fixed and assured income at a predetermined interest rate.
- Flexible Tenure: The scheme allows a flexible tenure ranging from 7 days to 10 years, offering various maturity options
- Minimum Deposit Amount: Investors can start with a minimum deposit of INR 1,000, making it accessible to a wide range of individuals
How to use HDFC FD Calculator?
Investors often prefer understanding investment returns in tangible terms such as wealth gained rather than mere percentages. This approach enables better planning for financial goals. Stacks Wealths's online HDFC FD Calculator is a user-friendly tool designed to estimate returns from an HDFC FD investment. Requiring minimal inputs, the calculator offers outputs using two approaches: the investment amount approach and the target amount approach. This simplicity empowers investors to make well-informed decisions aligned with their financial objectives.
How is HDFC Bank interest calculated?
Ms. Shikha, who invests INR 2,50,000 in an HDFC Bank FD for a 5-year tenure at an annual interest rate of 5.3%, the interest is compounded annually. Following this, the maturity amount at the end of 5 years is calculated to be INR 3,23,655, with an interest earned of INR 73,655. It's worth noting that while HDFC FDs offer higher interest compared to a savings account, the interest is subject to taxation based on the investor's tax slab. Furthermore, TDS at a rate of 10% is deducted on interest exceeding INR 40,000 (INR 50,000 for senior citizens) from the Assessment Year 2020-2021 onwards.
Benefits of using HDFC FD Calculator
Investors must align their financial goals with the objectives of their investments to make informed decisions. Knowing the potential returns from an investment aids in assessing whether the investment aligns with the investor's objectives. The HDFC FD Calculator proves beneficial for estimating the maturity amount, enabling investors to make well-informed choices. Here are the advantages of using the HDFC FD Calculator:
- Ease of Use: The HDFC FD calculator is user-friendly, requiring simple inputs, and features sliders for adjusting tenure and interest rates, providing flexibility for various scenarios.
- Free Access: Accessible online at no cost, the HDFC FD calculator can be utilized multiple times for different calculations.
- Comparative Analysis: Investors can compare outcomes by adjusting interest rates or tenures to determine the most suitable scenario for achieving their goals. Comparative analyses with other investments, such as PPF, can be done using calculators like the Scripbox PPF Calculator and HDFC FD Calculator Detailed Reports: The Scripbox HDFC FD Calculator offers downloadable reports with in-depth analyses of the investment, covering payout details and wealth gained.
