South India FD Calculator

Fixed Deposit Rates on Domestic/NRO deposits of less than Rs. 2 Crores - General Public

Fixed Deposit Rates on Domestic/NRO deposits of less than Rs. 2 Crores - Senior Citizen

South Indian Bank Tax Savings FD Rate - General Public

South Indian Bank Tax Savings FD Rate - General Public

NRE FD Interest Rates on Deposits Less Than Rs. 2 crores

Interest Rates on FCNR(B) Deposits

Interest Rates on RFC Deposits

FD VANTAGE

South Indian Bank FD Calculator

South Indian Bank fixed deposit interest rates range between 2.65% p.a. to 7% p.a. for regular citizens and 3.15% to 7.25% p.a. for senior citizens for deposit amount less than ₹2 crore. This financial institution offers multiple fixed deposit schemes with excellent interest rates. Accordingly, you can open a fixed deposit account as per your choice.

However, before opening an FD account, it can be beneficial to compute the maturity amount using an online South Indian Bank FD calculator. It enables you to compute how much interest you will earn over a specific period at any given interest rate. Let’s find out more about South Indian Bank fixed deposit and online FD calculating tools.

South Indian Bank Fixed Deposit (FD) Calculator

In the most fundamental sense, this online calculating tool will help you to estimate your maturity value against your FD investment. With a South Indian Bank fixed deposit, you can choose tenure from 7 days to up to 10 years where the interest rate starts from 2.65% for general individuals and senior citizens can earn an additional interest benefit of 0.50% p.a. The interest rate will differ as per your chosen tenure. For instance, if you select a shorter period the rate of interest is lower and vice versa.

Therefore all these varying facts and figures can complicate the process of calculating the interest amount earned manually. You can now estimate the interest amount through an online South Indian Bank FD calculator. This calculator needs certain basic information about your FD investment and it will produce precise results every time based on the information entered.

How Does the South Indian Bank FD Calculator Work?

South Indian Bank FD calculator uses a specific formula to calculate the maturity amount and interest earned from your fixed deposit. However, this online FD calculator comes with a user-friendly interface, which is easy to use. All you need to do is enter various details to determine their estimated interest amount.

For those who are wondering how to use this online device, here is a step-by-step guide:

1. Provide the deposited amount on the required box of “Total Investment”
2. Enter your investment tenure in the box provided below or you can opt for the purple slider until reaching the desired tenure.
3. Now provide the interest rate
4. Finally, the right side of the screen will provide the total value and estimated return you will receive against your FD investment.

Fixed deposits can be of two types: compound interest FD and simple interest FD.

The formula used in both cases is shown below:

Compound Interest

In this scenario the formula is:

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

‘A’ stands for the maturity amount

‘r’ is the South Indian Bank fixed deposit interest rate

‘t’ represents the FD tenure

‘P’ is the amount deposited

‘n’ is the number of times interests get compounded.

To get a clear idea of how this equation works consider the following example:

So we can assume Mr X has invested ₹7 lakh in South Indian Bank FD for 2 years with a quarterly compound rate of 7.25%. Therefore in this scenario,

P= ₹7,00,000

r= 7.25

t= 2

n= 4

Hence, A= ₹ [7,00,000 (1+0.0725/4) ^ 4 x 2] = ₹8,08,178.

So as per the calculation, the maturity amount will be ₹8,08,178 after 2 years and the interest income is:

A-P = ₹ (8,08,178-7,00,000)

= ₹1,08,178

Simple Interest

On the contrary, this formula used for simple interest calculation:

M= P+ (PXRXT/100), where

‘M’ represents the maturity amount

‘P’ is the investment amount

‘T’ denotes tenure of investment, and

‘R’ is the interest rate.

As you can see this calculation process can be complicated and time-consuming. So it is necessary to take help from an online South Indian Bank FD calculator.

Benefits of an Online South Indian Bank FD Calculator

Mentioned below are some notable benefits of using this calculator that every investor must know:

• Prompt Results
  The online calculator is completely automated which helps to compute the maturity amount within a few seconds. It evades the risk associated with lengthy manual calculations and offers instant results. As a result, you can save a lot of time, resulting in a convenient and hassle-free experience.
• Offers Customisation Option
  One of the notable perks of utilising this online FD calculator is that you can make various alterations to your fixed deposit rates in south Indian bank and other variables. You can make changes as many times as you wish.
• Perform Comparison
  The opportunity to make various adjustments also aids in comparing the returns from different FD schemes. This will enable you to shortlist the most suitable investment option for your financial goals. For instance, if you want to compare South Indian Bank FD schemes with any other bank’s scheme, you can use this online FD calculator.It is crucial to plan your investments as per your financial goals. You will earn huge South India fixed deposit interest rates from a long-term deposit compared to mid or short-term deposits. You can use the Upstox South Indian Bank FD calculator if you are planning to invest in FDs of this bank.