Nainital Bank FD Calculator
Fixed Deposit Interest Rates on Domestic deposits of less than Rs 2 crore - General Public
| Tenure | Regular Citizens |
| 7 days to 14 days | 3.25 |
| 15 days to 30 days | 3.25 |
| 31 days to 45 days | 3.25 |
| 46 days to 90 days | 4.25 |
| 91 days to 179 days | 4.25 |
| 180 days to less than 270 days | 4.95 |
| 270 days to less than 1 year | 5.05 |
| 1 year to 18 months | 5.75 |
| Nani Utkrisht Term Deposit Scheme – 605 days | 6.05 |
| Above 18 months to 2 years | 5.6 |
| Above 2 years to 3 years | 5.6 |
| Above 3 years to 5 years | 5.6 |
| Above 5 years to 10 years | 5.35 |
Note: The FD interest rates are effective as of 3 September 2022
Fixed Deposit Interest Rates on Domestic deposits of less than Rs 2 crore - Senior Citizens
| Tenure | Senior Citizens |
| 7 days to 14 days | 3.75 |
| 15 days to 30 days | 3.75 |
| 31 days to 45 days | 3.75 |
| 46 days to 90 days | 4.75 |
| 91 days to 179 days | 4.75 |
| 180 days to less than 270 days | 5.45 |
| 270 days to less than 1 year | 5.55 |
| 1 year to 18 months | 6.25 |
| Nani Utkrisht Term Deposit Scheme – 605 days | 6.55 |
| Above 18 months to 2 years | 6.1 |
| Above 2 years to 3 years | 6.1 |
| Above 3 years to 5 years | 6.1 |
| Above 5 years to 10 years | 5.85 |
Note: The FD interest rates are effective as of 3 September 2022
Nainital Bank Tax Saver Deposit
| Tenure | Interest Rates (% p.a.) |
| 5 years to 10 years | 5.75 |
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Nainital Bank FD Calculator
Fixed deposit is a great way to grow your savings at minimal risk. Nainital Bank fixed deposits come with attractive interest rates, flexible tenure and top features. But choosing the right FD scheme and tenure is important for generous returns. For that, you need to estimate the FD maturity and returns.
You can use an online Nainital Bank FD calculator for this purpose. This calculator gives you the estimated maturity amount based on your preferred tenure and interest with precision and accuracy.
Read on to know more about it.
Nainital Bank Fixed Deposit (FD) Calculator
Nainital Bank FD rates vary based on investment tenure. For longer tenure the rate of interest will be higher. For instance, in case of short tenure that ranges between 7 days to 14 days, the interest rate applicable is 3.25% p.a. for general citizens (deposits below₹2 crore).
Similarly for long-term tenure (say between 3 to 5 years) the applicable interest rate is 5.75% for general citizens for the same deposit amount.
The manual calculation of the maturity amount and accrued interest can be complicated as it involves a complex formula. The online Nainital Bank FD calculator assists in avoiding these issues and provides accurate results each time.
How Does the Nainital Bank FD Calculator work?
Using this calculating tool is quite convenient and easy. Here is the step-by-step guide to using this calculator.
- Enter your investment amount in the “Total Investment” box.
- Now drag the purple slider until reaching the desired tenure or you can enter the number of years in the required box manually.
- Finally, after entering the interest rate your screen will display the “Estimated Return” and “Total Value” that you will receive against your FD investment.
Accordingly, you can alter the figures of deposit amount, tenure, and interest rate to calculate and compare FD interest and check different scenarios.
Fixed deposits are of two types based on the interest accrued: compound interest FD and simple interest FD.
In the case of compound interest, the formula used is:
A = P (1+r/n) ^ n * t
In this given formula,
‘A’ represents your maturity amount
r denotes the rate of interest
t is the number of years
P stands for the principal amount
n is the number of times the interest is compounded
To understand the given formula let’s consider an example
Example
Suppose, you invested ₹10,000 in the Nainital FD scheme at an interest rate of 5.7% p.a. which is compounded annually for 4 years.
In this given scenario,
P = ₹10,000
r = 5.7%
n = 1
t = 4
As per the formula:
A = P (1 + r/n) ^ n*t
= 10,000 (1+5.7%/1) ^ 1*4
= ₹12,541
So the interest amount is A-P = ₹12,541- ₹10,000 = ₹2,541.
On the other hand, in case of simple interest, the formula used is:
M = P+ (PXRXT/100)
Where M is the maturity amount, T is the tenure of investment, P is the deposited amount and R is the rate of interest.
Benefits of An Online Nainital Bank Fixed Deposit
Here are some of the major benefits one can avail from an online FD calculator:
- Serves As a Comparison and Analysis Tool
Comparing the maturity value of different FD schemes with varying rates and tenures can help you make an informed decision. You can easily change the different figures and find the best FD investment option without any hassle. - Easy-to-Use
Another prominent advantage of using this calculator is that it has a user-friendly interface. Nainital Bank FD calculator will give you accurate values of your interest earnings depending on the inputs for interest rate, tenure, and principal amount. This tool ensures convenience and performs calculations promptly. - Free and Easily Accessible
Online FD calculators do not come with any charges. You are allowed to use it as many times as you want. Also, you do not have to register or sign up with any personal details. Visit any website, enter necessary details and check the accrued interest.
Upstox Nainital Bank fixed deposit calculator can be a viable tool to calculate your income from the FD scheme swiftly and seamlessly. This tool comes with a simple user interface. All you need to do is provide data in each of the respective fields and determine FD maturity for a certain deposit amount and tenure.
Frequently Asked Questions
What is the highest and lowest interest rate offered by Nainital Bank FDs?
The highest interest rate offered is 7.50% p.a. for a tenure of 705 days and the lowest interest rate offered is 3.25%. These rates are applicable for general citizens for an investment of less than ₹2 crore.
What are the minimum and maximum amounts of investment for FDs under the Nainital Bank?
The minimum deposit amount for regular FD is ₹1000 while for Tax saver FD scheme is ₹100. However, there is no cap on the maximum amount of the FD
Can customers open fixed deposit account online at Nainital Bank?
Yes, any existing customer can open a fixed deposit account online in Nainital Bank. All you need to do is log in to the net banking facility or use mobile banking account.
Does Nainital Bank have a premature withdrawal facility on their FDs?
No, this financial institution does not allow premature withdrawal facility before the completion of 5 years unless in the event of the death of the investor or depositor.
Does Nainital Bank provide an auto-renewal facility for their fixed deposit?
Yes, this financial institution provides an auto-renewal facility for your FD.
Are there any special interest rates for senior citizens?
Senior citizens will earn an additional 0.5% interest rate on the deposits across all tenures. But this is not available on the tax-saver scheme.
Who are eligible to open an FD account with Nainital Bank?
Any individual aged 18 years and above who holds an account with the bank meets the eligibility criteria to open an FD account with Nainital Bank. Clubs, societies, trusts, and agencies that meet the eligibility criteria can also open an FD account with the bank.
Can a customer open a term deposit account online in Nainital Bank fixed deposit?
Yes, a customer having internet banking account can open a term deposit account online.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.