# Calculate Your Fixed Deposit Earnings with SBI's Online FD Calculator for the Year 2023

Amount invested₹Estimated returns₹Total value₹Total investment

Total returns

## SBI Bank Fixed Deposit Calculator – Calculate Your Returns with Ease

Fixed Deposits or FDs are one of the most preferred investment options for those who seek low-risk investments without market-linked perils. This conservative choice still draws the most significant number of investors compared to mutual funds, stocks, and even life insurance. Furthermore, a 5-year tax-saver FD allows you to claim income tax benefits of up to Rs. 1.5 Lakh under Section 80C.

State Bank of India (SBI) offers one of the highest interest rates compared to other banks. It's ideal to use the SBI Bank Fixed Deposit Calculator to calculate your returns and make an informed decision.

## What are the benefits of using an SBI Fixed Deposit Calculator?

Fixed Deposits come with a variable rate of interest that depends on the tenure. Those opting for a longer lock-in period gain higher interest rates. SBI offers FDs tenures ranging from 7 days up to 10 years, with interest rates ranging from 2.90% to 5.10%. Senior citizens receive an additional 0.5% interest over the regular rate.

Using the SBI FD Interest Rates Calculator helps you to determine the most suitable tenure for investment, provides accurate results, and makes it easier for you to plan your short-term and long-term investment goals.

Also Read, SBI Bank FD Interest Rates

## How does the FD Calculator work?

The SBI FD Calculator uses the following formula to calculate fixed deposit returns:

• A = P (1 r/n) ^ n*t
• In this formula:
• A is the amount you will receive on maturity.
• P is the amount invested.
• r is the annual rate of interest.
• n is the number of times the interest is compounded. (n will be 4 for quarterly, 2 for half-yearly, and 12 for monthly)
• t is the tenure of investment.
• Here is an example:

Suppose you want to invest Rs. 10,000 for 5 years at a 7% annual interest compounded yearly.

P = 10,000

r = 7%.

n = 1

t = 5

Hence, A = 10,000 (1 7%/1) ^ 1*5

As per this calculation, your Rs. 10,000 investment will become Rs. 14,148 after 5 years.

## How to use the SBI Bank Fixed Deposit Calculator?

To use our online SBI FD Calculator, enter the initial investment amount, rate of interest, and tenure. Within seconds, the calculator will reflect the total amount you would gain from your SBI fixed deposit upon maturity.

## The Benefits of Utilizing the Groww SBI Fixed Deposit Calculator

When it comes to managing your investments, using the Groww SBI bank fixed deposit calculator offers numerous advantages. To name a few:

• 1. Simple and User-Friendly Interface
• The calculator is designed to be simplistic and easy to use, making planning your investment portfolio uncomplicated and stress-free.
• 2. Get a Clear Picture of Your Maturity Amount
• The calculator displays the maturity amount after TDS (tax deducted at source) if you happen to be a taxpayer, allowing you to have a clear idea of your returns.
• 3. Expand Your Savings through a Mix of Short-Term and Long-Term Fixed Deposits

Investing in a combination of short-term and long-term fixed deposits is an excellent method to diversify your savings. A shorter-term FD can provide you with better returns than a savings account, while a longer-term investment can provide returns to cover future expenses, such as a wedding.

With Groww’s online SBI FD calculator, you can invest your funds wisely and acquire the highest possible returns.

“Interested in investing? Begin your investment journey today by opening a Groww account and gaining free access to direct Mutual Funds.”

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