Dhanlaxmi Bank FD Calculator

FD Interest Rates for Domestic/NRO deposits of less than Rs 2 crore - General Public

FD Interest Rates for Domestic/NRO deposits of less than Rs 2 crore - Senior Citizens

Dhanlaxmi Bank Tax Saver Deposit (Dhanam Tax Advantage Deposit)

NRE Fixed Deposit Interest Rates of deposits less than Rs 2 crore

Interest Rates on FCNR(B) deposits

Interest Rates on RFC deposits

Dhanlaxmi Bank FD Calculator

Fixed deposits are one of the most preferred investment options for many individuals. It helps to grow your savings at minimal risk. Dhanlaxmi bank offers various fixed deposit schemes. You can benefit from attractive Dhanlaxmi bank fixed deposit rates. This bank also offers multiple FD options to choose from.

To find the most suitable FD scheme and tenure that aligns with your financial objectives, it is essential to assess the interest return beforehand. In this regard, opt for an online Dhanlaxmi Bank FD calculator. Let’s find out more about this.

Dhanlaxmi Bank Fixed Deposit (FD) Calculator

Dhanlaxmi Bank fixed deposit comes with a tenure ranging from 7 days to 10 years. The fixed deposit rates for general citizens range from 3.25% to 7.25%. For senior citizen depositors, the rates vary from 3.25% to 7.75%. These rates are for deposits less than ₹2 crore. Dhanlaxmi Bank fixed deposit rates for tax-saving FDs stand at 6.10% for regular citizens.

The interest rate will vary as per the chosen tenure. Your FD accrued interest will depend on the applicable interest rate, tenure and deposit amount. By determining the maturity amount and interest accrued you will be able to choose a suitable scheme for a specific tenure. The higher your FD scheme tenure, the more would be the rate of interest and returns.

But assessing accumulated FD interest manually can be erroneous and may be a tedious job. Instead, you can use an online FD calculator. All you have to do is to enter some basic investment-related details. The tool will calculate the accurate data promptly.

How Does Dhanlaxmi Bank Fixed Deposit Calculator Work?

Online FD calculators are designed with a user-friendly interface. To use the online Dhanlaxmi Bank FD calculator, go through the following easy steps:

1. Click on the “Total Investment” tab and enter the amount that you wish to deposit for the FD.
2. Now, in the box stating “Number of Years” you have to enter the tenure of the FD scheme. You can also drag the purple line till you reach the preferred period of investment.
3. Enter the Dhanlaxmi Bank fixed deposit rate below.
4. The tool will instantly provide the maturity amount along with the accrued interest.

Now, there are two types of fixed deposit schemes based on the type of interest provided:

• Simple interest FD
• Compound interest FD

The formula used to calculate the return for each type of FD is different.

To calculate returns on simple interest FD, the formula used is:

M = P+ (PXRXT/100).

Here M is the maturity amount that you’d receive after the FD tenure is over

P is the deposit amount

R is the Dhanlaxmi Bank fixed deposit rate

T is the tenure

Let’s take an example for better understanding:

Suppose, you have invested in a simple interest FD of ₹20,000 for a period of 5 years at a 7% interest rate. As there is no question of compounding, you’d receive a maturity of:

M= 20,000+ (20,000x 7×5/100)

₹27,000

The interest accrued after 5 years will be ₹7000. Each year your interest would stand at (20,000x 7×1)/100 or ₹1,400.

In case of compound interest, the following formula is used to determine interest amount and maturity:

A = P (1+r/n) ^ n * t

If we take the above-mentioned figures into consideration, the maturity amount for compound interest FD would stand at:

A= 20,000 (1+7/1) ^(1×5)

A= ₹28,051.03

So, the interest accumulated would be ₹8,051.03. In this case, the interest accumulated after each year would vary due to the compounding principle of calculation.

Now, if you assess the interest and maturity amount manually it may take up a lot of time. Moreover, there might be chances of error. To avoid this, make sure to use an online FD calculator.

Benefits of Online Dhanlaxmi Bank FD Calculator

These are some of the major advantages of using an online Dhanlaxmi Bank FD calculator:

• Quick and Hassle-free
  Online FD calculators are completely automated. They are designed to provide accurate results promptly. All you have to do is enter the necessary details about the FD like deposit amount, interest rate and tenure. It does the calculations in a hassle-free and smooth way.
• Completely Free
  Another major advantage of these online tools is that it is totally free. You don’t have to pay any fee to register for it. Also, you can use it as many times as you want to. There is no need to sign up with any personal data.
• Accessible Anytime Anywhere
  Online FD calculators can be accessed at any time. You will only need to have a smart device and an internet connection. So, you can get an idea about the interest accrued and maturity amount from the comfort of anywhere with just a few clicks.
• Helps in Informed Investment Decision
  You can easily alter the data such as interest, deposit amount, etc. in the tool. This will allow you to choose a suitable FD scheme at a particular tenure that can match with your investment and financial objectives. Depending on the returns you can pick a particular FD scheme.

If you are planning to invest in Dhanlaxmi Bank fixed deposit, you can use the Upstox FD calculator. It is completely free and comes with a user-friendly interface. Use the calculator, assess the returns, choose a suitable FD tenure and deposit amount and get on!