Individuals, whose primary concern is the safety of their investments, have preferred Fixed Deposits (FDs) for ages. One of the most attractive features of opening Fixed Deposits with RBL bank is the interest rates that are on offer, thus attracting many investors. RBL FD Calculator is one of the things that come in handy when planning one’s FD portfolio. So, we will examine the features and advantages of the RBL FD calculator, the ease it brings to your financial planning and the reasons you might want to invest in RBL Bank’s FD schemes.
Here’s how you can use the calculator:
- Enter the Deposit Amount: You can input the amount you wish to invest in the fixed deposit. It could be as low as ₹10,000 or as high as ₹1 lakh, the calculator does not mind any value you wish to deposit.
- Choose the Tenure: RBL Bank has tenures as low as 7 days and as high as upto 120 months. You can determine the period depending on your investment objective. Be it a scenario where high liquidity is needed or long lock in period. The calculator responds as per your needs.
- Check the Interest Rate: RBL Bank provides decent FD interest rates, with highest being 8.85% pa and the lowest at 3.50% dependent on the amount and duration of the deposit. The customer can choose the applicable interest rate depending on their deposit.
- Calculate: After all the details have been filled in, you hit calculate and immediately the value at maturity and total interest earned are displayed.
This tool saves you the trouble of enduring the tedious process of manually calculating your returns with precise figures making planning of the finances bearable.
How the RBL FD Calculator Helps in Financial Planning
This is where the RBL Bank FD Interest Calculator becomes an essential part of all the FD investors in the future so that they make a little more knowledgeable investment planning. This is how:
- Clarity on Returns: The particular tool offers an investor clarity on the portions of money that will be added onto the investment by the people over the specified period. They can be able to assess the various terms that they can want and compare the different rates of interest so that they can select the most favorable.
- Instant Calculations: No need for tedious manual calculations. With the help of the RBL FD calculator, people can look forward to the maturity amount as well as the interest earned at the end of the period absolute instantly saving one’s precious time and effort.
- Helps in Goal Planning: If you’re saving cash for your child’s college, a future house, or retirement, the calculator ensures that your investment matches your needs by providing exact return figures that conform to your goals.
- Avoids Penalty Surprises: Should you wish to consider an early withdrawal, the calculator is provided to you on how much interest you may be able to lose, assisting you to come to the right conclusion.
Why Choose RBL Fixed Deposits?
RBL Bank’s Fixed Deposit schemes has got certain features which makes them worth considering disadvantageous looking for a secure and rewarding investment on the part of the investors. So let us examine some of the important ones:
1. Attractive Interest Rates
The interest rates charged on the FDs at RBL Bank are quite attractive. These rates vary from 3.50% p.a. to 8.85% p.a. depending on the amount deposited and the period chosen. The bank also opts to give even better rates to senior citizen account holders giving back to retirees who earn FDs to make up for the lack of income not able to do the job anymore. These interest rates are very encouraging as they make sure that your money will have grown quite a lot after a certain period.
2. Flexible Tenures
RBL Bank also provides you with the option to invest for even one week to up to one hundred and twenty months which broadly falls under their shorter and longer investment periods respectively. This is beneficial as you are able to fit your investments according to short-term needs as well as long-term wealth creation.
3. Premature Withdrawal Option
RBL Bank does not restrict premature withdrawals on their FDs though there would be some charges levied for doing so within some stipulated periods. This provision covers the liquidity risk in the event of an emergency or in the event you require funds before the stipulated maturity period. Nonetheless, it is prudent to utilize the RBL FD Calculator, to determine how premature withdrawals will affect the expected returns.
4. Safe and Secure Investment
It has been observed that FDs are one of the most rigid investment types, that too in the case with RBL Bank, you can be rest assured that your money is safe. The majority of the investor population chooses to sign up with this bank because it is well capitalized and strong.
5. Tax-Saving Option
RBL Bank allows those employees to take section 80(c) tax-saving FDs in accordance with income tax act 1961. These deposits are for a minimum of 5 years but offer the dual advantage of allowing the depositors to earn interest as well as help save taxes on investments. Thus they are beneficial for the investors who come under the taxable bracket.
Conclusion
Investing in an RBL Bank Fixed Deposit is secure and rewarding, and can help in achieving your financial goals. Planning investments becomes easy by using the RBL Bank FD Interest Calculator.
