National Housing Bank FD Calculator

Given below is a table of interest rates offered for the NHB Sunidhi FD Scheme - General Public

Given below is a table of interest rates offered for the NHB Sunidhi FD Scheme - Senior Citizens

Given below is a table of interest rates offered for the NHB Suvriddhi Tax Saving FD Scheme - General Citizens

Given below is a table of interest rates offered for the NHB Suvriddhi Tax Saving FD Scheme - Senior Citizens

National Housing Bank FD Calculator

A wholly owned RBI entity, NHB or National Housing Bank offers an FD scheme known as NHB SUNIDHI term deposit. National Housing Bank fixed deposit rates range between 6.75% p.a. to 7% p.a. for general citizens and 7.35% p.a. to 7.60% p.a. for senior citizens. You can also claim income tax benefits of up to ₹1.5 lakhs under section 80C when investing in a 5-year NHB Suvriddhi Tax Saving scheme.

You can use the NHB FD calculator to calculate your returns to make the most suitable investment decision. Keep reading to know more.

National Housing Bank Fixed Deposit (FD) Calculator

NHB offers different FD schemes with varying FD rates that cater to different individual financial preferences. When it comes to growing your savings with stable returns at low to no risk, fixed deposit schemes can be a preferred option.

However, to choose a suitable FD scheme and tenure as per your financial plans, it is essential to know the estimated returns. In this regard, you can use an online FD calculator to get an idea of the return on your potential FD investment. It is an excellent tool to quickly find the interest and maturity amount to arrive at the right financial decision regarding your FD amount investment.

Manual calculation of FD interest can be quite a tedious job. An automated online calculator will accurately provide the results.

How Does the National Housing Bank FD Calculator Work?

Using this online device eliminates the hassle of manual calculation. It typically works based on the information that you feed into the calculator. To use it you simply need to enter an investment amount in the “Total Investment” box.

Now drag the cursor to draw the slider until reaching your desired tenure. You can also enter the tenure period in the required box. Upon entering the interest rate your screen will display the “Total Value” and “Estimated Return” promptly. Total value is the maturity amount and estimated return stands for the accrued interest.

Fixed deposit is of two types based on the type of interest accrued: simple interest FD and compound interest FD. Let’s understand in detail how to calculate each type of FD interest.

Simple Interest
The simple interest formula to calculate your maturity amount is:

M= P+ (PXRXT/100),

In this given formula,

• M is the maturity amount
• P denotes the investment amount
• R stands for the National Housing Bank FD Rates
• T represents the investment tenure.

This formula is used for FDs that usually mature within a year.

Compound Interest
In this case, the interest is compounded on a fixed frequency. The compound interest formula to calculate your maturity is:

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

Where,

• A represents the maturity amount
• t stands for tenure
• r denotes a rate of interest
• n is times when interest is compounded within a period ( It can be compounded yearly, quarterly or monthly)

So, the compound interest earned over the period = Maturity amount – Principal amount.

Let’s take an example:

Suppose you have invested ₹20,000 in NHB for 5 years at a yearly compounding interest rate of 7% p.a. Therefore the total maturity amount you will earn after 5 years will be:

A = 20,000(1+7%/1)^(1*5) = ₹28,051.03

Interest earned = ₹28,051.03 – ₹20,000 = ₹8,051.03.

National Housing Bank fixed deposit calculator can come to your rescue, if you want to determine the FD return but wish to avoid the tedious task of calculation.

Benefits of an Online National Housing Bank FD Calculator

Here are some of the notable benefits of using this online device.

• Calculating your interest return before investing in National Housing Bank FD can significantly help to choose suitable tenure and the principal amount that can help you meet your financial goals.
• You can alter the input data such as deposit amount, interest rate and tenure to find an ideal FD scheme that caters to your financial objective.
• This tool offers a convenient way of computing complex calculations without any risk of miscalculation.
• An FD calculator is easy to use. Even if you are not tech-savvy, you can still carry out all of the calculations seamlessly. Moreover, these tools are totally free and you can access them it any time.

Prior knowledge about your maturity amount enables you to make informed decisions about FD investment. The Upstox National Housing Bank fixed deposit calculator makes all FD calculations simpler and hassle-free, helping you to plan your investment better.