Why use a calculator to assess FD returns

Earn some extra money while you save! Putting your money into a good fixed deposit scheme is one of the safest ways to invest. A fixed deposit (FD) scheme is where you can deposit your money with the purpose of earning fixed returns periodically while saving for your future goals. You can deposit your money for a period ranging from 7 days to 10 years as per your convenience. The money in your fixed deposit account earns returns at a higher interest rate than your traditional savings accounts. Fixed deposit accounts also benefit you by allowing overdraft (i.e. loan against FD) of up to 90% of the deposit amount.

Fixed deposit interest rates are based deposit amount, deposit tenure, and bank to bank. The interest rates are compounded quarterly, half yearly or yearly as chosen by you. A fixed deposit account holder is eligible for tax benefits Under Section 80C, given your returns does not exceed Rs 10,000.

Benefits of investing in Fixed Deposits:

1. Assured returns on the deposit amount.
2. Flexible return options on deposits.
3. Simplest investment options with higher returns.
4. Special FD interest rates for senior citizens.
5. Tax-saver deposit schemes are available.
6. Special interest rates for Non Resident Individuals.

The money you invest in a fixed deposit account is your hard-earned money. If you are contemplating to invest money into a fixed deposit account then you must calculate the maturity amount using a fixed deposit calculator. Fixed deposit is considered as an investment option therefore, it is important to calculate the interest returns before investing.

PaisaBazaar offers a fixed deposit calculator which is a distinctly designed to help you calculate your interest returns. It is a convenient online financial tool especially designed to save time by calculating the annualized yield amount within seconds. All you need to do is enter the deposit amount, FD interest rate, and deposit tenure.

What is Deposit Amount?

It is the amount that you deposit into your fixed deposit account at the time of account opening.

What is Rate of Interest?

The Interest rate is the percentage at which you will yield periodic returns. The interest rate varies based on the deposit amount and the deposit tenure.

What is Deposit Tenure?

Deposit tenure if chosen by the deposit account holder at the time of account opening. It is the period of time for which the deposit is made. Banks offer flexible deposit tenures ranging between 7 days to 10 years.

How to check FD returns?

Nowadays all leading lending institutions and financial aggregators (such as Paisabazaar.com) offer fixed deposit calculator to ease the hassle of making lengthy calculations to know the FD returns. In such calculators usually one has to simply enter some basic details, such as investment amount, tenure, and interest rate. And voila, you’ll know your maturity amount, that is the amount you will receive at the end of the fixed deposit’s tenure.

Example:

Ramesh wanted to start saving money and thought of investing in a fixed deposit. He checked online how an investment amount of Rs 1 lakhs would vary with respect to changing interest returns and tenure. Here’s what he found out:

Investment amount	Tenure	Interest rate	Maturity amount
Rs 1 lakhs	1 year	7.50%	1,07,763
	3 year	7.50%	1,25,144
	5 years	7.50%	1,45,329

Based on these results, he decided to open two FDs. The first FD for Rs 1 lakhs for 2 years for financing his short-term goals and another for 5 years as a way of tax-savings and to help him with mid-term goals.

Top 5 Fixed Deposit Schemes

Make your money work for you by investing into the best fixed deposit schemes. A fixed deposit (FD) account is wherein you deposit your money for a stated period and earn returns on the amount at a fixed interest rate. In this sense, while it may seem similar to a savings account, it actually isn’t. Here’s why – 1) an FD is a tax-saving instrument and 2) FDs don’t allow withdrawal without levying a penalty. It is one of the safest investment options as compared to other investment types. You can invest for a period ranging from 7 days to 10 years, which makes it cater to pretty much every age group and investor type.

Best Fixed Deposit Schemes with higher returns:

Ratnakar Bank (RBL)-

The Ratnakar Bank Limited, now known as RBL Limited, is one of the oldest private sector banks in India. The bank was established in 1943 in Maharashtra. The bank was formed as a small group to serve to needs of small and medium businessmen in the Kolhapur-Sangli belt. Now, the bank is widely spread across 16 states and union territories in India. Ratnakar Bank Ltd offers fixed deposit schemes to help people save money for their long term goals and earn at attractive interest rates.

Why opt for Ratnakar Bank Ltd fixed deposit schemes:

1. Overdraft facility available
2. Partial/ Premature withdrawal facility
3. Easy investment option with high returns
4. Flexible return options

Yes Bank:

Yes Bank is the 5^th largest private sector banks in India. It is a “Full Service Commercial Bank” that offers Investment Banking, Corporate Finance, Business and Transaction Banking, Corporate, Branch Banking, Wealth Management Business, Financial Markets, Retail and SME Banking in India. The bank is known as fastest growing Top banks in India, making it a foremost bank for fixed deposit schemes.

Reasons to choose for a Yes Bank fixed deposit schemes:

1. Flexible options to receive the interest returns on deposits
2. Tax-free fixed deposit schemes are available
3. Special fixed deposit interest rates for senior citizen account holders
4. Flexible withdrawal facility

IndusInd Bank:

IndusInd Bank Ltd was established in 1994 to provide transactional, commercial and electronic banking facility. The bank is one of the 1^st new generation banks to offer specialized retail banking services with upgraded technology. IndusInd Bank offers 7.05% p.a to 7.15% p.a. fixed deposit interest returns special deposit tenure from 12 months to 14 months.

Below are the important reasons to choose IndusInd Bank for a fixed deposit scheme:

• Flexible deposit tenures as per your convenience
• Various fixed deposit schemes
• Attractive interest rates
• Auto-renewal facility

DCB Bank:

DCB Bank is a private sector emerging new generation bank with 250 branches in India. The bank is dedicated to building sound economy through its financial services. The bank provides various fixed deposit schemes at attractive interest rates with flexible deposit tenures to meet the individual needs.

Below are the key features of DCB Bank fixed deposit schemes:

• Special interest rates for senior citizens and Non Residents individuals.
• Flexible fixed deposit tenures
• Fixed deposit interest rate is 7.00% p.a
• Assured returns

Punjab National Bank:

It is a state-owned Indian multinational company which offers banking and financial services. The bank was founded in 1894 and is now managing a network of over 6,900+ branches and 9,900+ ATMs. The bank has positioned itself as the “Benchmark of Excellence” and “Most Preferred Bank” in the banking industry. Punjab National Bank offers various fixed deposit schemes as per various goals of an individual. The fixed deposit schemes offered by the bank are PNB recurring Deposit Scheme, FD schemes for Road Accidents Victims, Recurring Deposit Schemes, PNB Anupam Term Deposit Scheme, PNB Balika Shiksha and much more.

Below are some of the important reasons to opt for a PNB fixed deposit scheme:

1. Minimum deposit amount is Rs 100.
2. Flexible deposit tenure
3. Interest returns at 6.90% p.a.
4. Assured returns

Fixed Deposit Interest Rate:

Interest rates are of Fixed Deposit Tax Saver Schemes for a period of 1 year – 2 years:

Bank Name	Ratnakar Bank	Yes Bank	IndusInd Bank	DCB Bank	Punjab National Bank
General	7.50%	7.10%	7.05% - 7.15%	7.00%	6.90%
Senior Citizen	8%	7.60%	7.55% - 7.65%	7.50%	7.40%

**Companies are ordered according to the highest fixed deposit interest rates.

What Are the Options to Get Car Loan With Lower Interest Rates?

Most cherish dreams to buy a car but not everyone has the required capital to do so. This is where car loans can help you. A person who has some funds to account for the down payment and other charges can buy a car with the help of a bank. The bank pays the balance amount and the applicant then becomes liable to pay back the bank for it. The applicant can pay off the loan through Equated Monthly Instalments (EMIs). This reduces the burden of payment and gives the applicant a lot of financial options. For instance, the applicant can decide on how much of a down payment they can afford and then choose a loan amount that they can pay back without any difficulty.

The applicant has to submit some essential and required documents in order to avail a car loan. These include their identity proof, age proof, residence proof, photographs, salary slips, and income tax returns. This is a standard procedure that assures the bank that the applicant in question has given the correct information and is capable of managing the repayments. Another factor that plays an important part is the applicant’s credit score. If the applicant has a good credit score then it assures the bank that the individual in question can be trusted with the loan repayment. If the credit score is poor, the applicant is deemed unfit and their application may be rejected outright even if they have the income to sustain the EMIs.

There are a lot of banks in the market that offer car loans at low interest rates. Banks such as HDFC, ICICI, State Bank of India, Punjab National Bank, Standard Chartered, and Axis Bank give car loans at competitive interest rates. Sometimes, with so many options, it becomes difficult for an applicant to choose the right bank. The information provided below will act as a guide for people looking for the right bank for their car loan.

State Bank of India

State Bank of India is one of the oldest government-owned banks in the country. The bank’s car loan interest rates start at 9.25%. The EMI for the loan starts at Rs.1,619 per lakh for the maximum period which can go up to 7 years. The applicant must have an income of at least Rs. 3 lakh per annum. A processing fee of Rs. 950 plus service tax will be charged.

ICICI

ICICI is the biggest private bank in the country. The bank gives out car loans at an interest rate of 9.10% to 13.25%. The minimum amount of loan that can be availed is Rs. 1 lakh which can be paid back in a maximum period of 7 years. It must be noted that a processing fee of Rs. 6,153 will be charged.

HDFC

HDFC is a prominent private bank in the country. It offers car loans at an interest rate of 9.15% to 11.6%. The minimum amount of the loan is Rs. 1 lakh and the maximum tenure is 7 years. A processing fee of Rs. 5,150 is charged.

Punjab National Bank

Punjab National Bank is a state-owned bank that offers car loans at an interest rate ranging from 9.6% to 11.2%. The EMI starts at Rs.1,640 and the loan period can go up to 7 years. A processing fee of 1% is charged on the loan amount but the amount charged cannot exceed Rs. 6,000.

Standard Chartered

Standard Chartered offers car loans at an interest rate of 11.25% to 14.49%. The maximum loan amount that can be availed is Rs.30 lakh which can be paid back over a period of 5 years. No processing fee is charged.

Axis Bank

Axis Bank is the third largest private sector bank in the country. Axis offers car loans at an interest rate of 9% to 11.50%. The minimum loan amount is Rs. 1 lakh which can be availed for a period of 7 years. A processing fee of up to Rs.5,500 may be charged.

The information has been summarised in the following table.

Bank	Interest Rate	Processing Fee	Loan Amount	Tenure
SBI	9.25%	Rs. 950 + Serv. Tax		7 Years (Max)
ICICI	9.10% - 13.25%	Rs. 6153 (Max)	Rs. 1 lakh (Min)	1-7 Years
HDFC	9.15% - 11.60%	Rs. 5150	Rs. 1 lakh (Min)	7 Years (Max)
PNB	9.60% - 11.20%	1%, Max Rs. 6000		7 Years (Max)
Standard Chartered	11.25% - 14.49%	Nil	Rs 30 lakh (Max)	5 Years (Max)
Axis	9.00% - 11.50%	Rs 5500	Rs. 1 lakh (Min)	7 Years (Max)

What Are the Current Business Loan Interest Rates of Leading Banks in India

The recent focus on promoting new businesses has led to the emerging of many small and medium businesses in the country. However, funding for new businesses is not always easy to secure. Entrepreneurs often fall back to other options to get their ideal realised, and banks provide a viable alternative. Business loans have thus become an important part of the Indian financial scenario.

Business loans are used for several purposes such as starting a business, sustaining the costs of an existing business, and for expanding production or venturing into new avenues. There are a lot of banks that offer good interest rates on business loans too. Some of those banks and their interest rates have been highlighted here.

State Bank of India

SBI is the biggest bank in the country with over 14,000 branches all over India. It is a government owned bank headquartered in Mumbai, Maharashtra. The bank offers attractive business loans with an interest rate ranging from 11.20% to 16.30%. The minimum amount for business loans is Rs. 5 lakh and the maximum is Rs. 1 crore. The period or tenure ranges from 12 to 48 months. With these numbers, the lowest EMI starts from Rs. 2,594 per lakh, a figure which is lucrative as well as easy to manage for a small business. These features make SBI an ideal bank for business loan applicants.

ICICI Bank

ICICI bank is the largest private sector bank in the country. It is also the second biggest bank in India. ICICI has around 4,450 branches in different parts of the country. They offer a range of financial solutions including business loans. Their business loan interest rates are in the range of 12.15% to 16.65%. The maximum borrowing limit is up to Rs. 1 crore. The tenure is for a period of 12 to 84 months with the EMI amount starting at Rs. 1,773 per lakh. ICICI has several schemes within their business loan offering, each tailored to a different need. The diversity has worked well for ICICI and attracts a large number of applicants.

HDFC Bank

HDFC Bank is one the leading banks in India. It is the second largest private bank in the country and has around 4,555 branches across India. HDFC’s business loans have some of the most lucrative interest rates in the country with a range of 15.50% to 18.30%. The applicants must note that a loan processing fee of up to 2.50% of the total loan amount will be charged. The processing fee can range between Rs. 1,000 to Rs. 75,000, depending on the size of the principal loan amount. Another thing to note is that no prepayment would be accepted till 6 EMIs have been completed. Despite these restrictions, HDFC still has some of the most competitive offerings for entrepreneurs looking to finance their business ideas.

PNB

Punjab National Bank is a prominent state-owned bank that has a wide range of financial products. Headquartered in New Delhi, the bank has around 6,968 branches all over the country. PNB offers competitive interest rates for individuals looking for a business loan. The bank offers interest rates between 12.60% and 15.60%. The loan amount starts from Rs. 50 thousand and goes up to Rs.15 lakh. The tenure ranges from 12 months to 60 months and the EMI starts at Rs. 2,255 per lakh. There are no prepayment or foreclosure charges and the processing fee is 1.8% of the total amount plus taxes.

Standard Chartered Bank

Standard Chartered Bank is an internationally renowned private bank with its headquarters in London, UK. It has 1,200 branches in more than 70 countries and has a workforce of over 87,000 people. The bank offers competitive business loans with fixed interest rates starting from 11.99% to 17%. There is no processing fee and an applicant can borrow up to Rs. 30 lakh. The tenure ranges from 1-5 years.

How credit cards protect your purchases from damage or theft

Most people even in a developing country like India are not aware of the benefits of insurance. Even purchases made through your credit card can provide you with a option of purchase protection. It works as follows, if you buy items using your RBL credit card that has purchase protection, then you need not worry at all about it getting stolen or lost. This is because purchase protection is a kind of insurance that some credit cards offer as a benefit. It will give you peace of mind, especially if the purchase is an important or expensive one.

The benefits of purchase protection

If you use a credit card to make a purchase and the item turns out to be defective, you can complain to your credit card company. They in turn will take up the case to the vendor and you can get your money back, subject to some restrictions. This is basically known as disputing a charge. 

Then there may be a situation when a perfectly good purchase gets ruined or is stolen or lost due to plain clumsiness or even bad luck. This is where you can make use of the purchase protection if you bought the item with a credit card that provides this benefit. However, make sure that you do not confuse purchase protection with paid-for add-ons like credit protection plans which are quite lucrative but usually are of very little use for consumers who intend to use them for payment relief in cases such as unemployment.

RBL offers purchase protection on many of its high end cards, just like other credit card companies. However, some consumers are not aware of this benefit or simply fail to benefit from it. Purchase protection can save you a lot of money in case of damage to or theft of your expensive items.

Purchase protection can be used in many situations, but the coverage depends on the particular card and the individual situation. Appropriate proofs must be presented to the bank or the lending institution about the damage or the loss 

In order to get coverage through purchase protection you need to call the credit card company, fill out a claim form and submit it with documentation of the loss. The paper work involved in this procedure is like any other insurance plan, but it is totally worth it especially because it is a free of cost additional benefit which you can avail by completing few formalities

The cons of purchase protection

Here you need to bear in mind that the authority for deciding whether your purchase protection claim is approved rests with the credit card company. They will review all the circumstances and take a look at the larger picture. It may be possible that what is covered in one case may not be covered in another case.

The details of coverage vary from one card company to another, but most of them don’t cover certain items like animals, cars, boats, food and other consumable items and all kinds of tickets. Along with exclusion based on the type of item, some credit card companies may also not provide coverage for items that are lost in a particular manner. For instance, many card companies don’t cover things stolen from a car, left out in public, stolen from a gym or school due to carelessness or taken out of luggage that was not with its owner.

Hence you need to think about it again and take an informed decision regarding purchase protection plans on credit cards.

How to conduct safe online transactions

Cashless transactions are on the rise, may it be internet banking or e-wallets. But one thing that is of utmost importance is safety quotient when it comes to online transaction. It is very important to be cautious while making transactions. We always have to keep in mind some significant steps to minimise the chances of fraudulent transactions.

• Do not have same passwords- We generally use same passwords for different accounts in order to remember them. In the process we do not realise that if supposedly a hacker decodes the password to one of our accounts then automatically he will be able to access the rest of them. So, have unique passwords and keep them away from the virtual world.

• Install and update security software- We generally tend to ignore software updates or upgrading it to the latest one. Any glitch in our software being used actively can lead to possibility of a hacking attempt or expose us to malware, spam and spyware. So, keep all your software’s up to date.

• Use encryption signs are life savers- Did you just login to some fancy clothing website?
  
  But, all the euphoria you were undergoing for all this time while picking up that pretty dress just went down the drain. Why? Here you were about to enter your credit card number but all of a sudden dilemma hit you. You started to contemplate whether this is a genuine website or just another fraudulent website.
  
  So, now these Encryption signs shall help us to do away with the dilemma. The basic signs of encryption include a small green sign of a padlock and a protocol or an URL address starting with https ( s here stands for security). Look for these signs and have a safe transaction.

• Avoid using public computers- Doing financial transactions over a public Wi-Fi connection or on any public device is highly unsafe and not recommended. Even if the device we are using is our best friend’s mobile. Doing any sensitive transactions from a device which is not a personal device means we are compromising on our security.

• Stay away from phishing emails and websites seeking confidential information-
  Did you just receive 2 free tickets to the upcoming cricket match? Oh, it’s a good day. The mail says, pay for one ticket and get 2 tickets free. But before you click on the link to pay, check the site or payment gateway. Make sure you only pay through a trusted payment gateway. Also, these links may sometimes lead you to a third party website. In that case check the website’s digital certificate and encryption signs to make sure that the website you are on is genuine and not another fraudulent imposter.

So whether you are using mobile wallets such as Paytm and Freecharge or bank’s apps such as SBI Buddy or Chillr, make sure that you follow these tips to have safe transaction.