Shriram Finance FD Calculator

How can Shriram Finance Fixed Deposit Calculator help?

Accuracy, reliability, and guarantee are the top priorities of every individual when it comes to money. The Shriram FD Calculator fulfils all of that. It is accurate because it uses an auto-calculator to calculate the interest amount. Therefore, when one looks for investing, the Shriram FD Calculator tells the exact amount that will be returned at the end of the investment tenure. This helps in making proper financial plans for the future.

When one invests money, he/she does it to either grow it or secure it. No one wants to lose it. The interest amount that the FD calculator shows is a guaranteed return along with the principal amount!

This tool offers a flexible range of options for choosing the investment amount and the investment time. The investment can range anywhere between 5K to 1CR, and the investment time can be anywhere between 12 to 60 months. This means that the investor can decide the amount and time that suits them best.

How does the Shriram Finance FD Calculator Work?

The easy-to-use interface of the calculator makes it user-friendly. It asks for just two things – the amount that the investor wants to invest and the time for which the amount will be invested. As soon as the numbers are entered, it calculates and displays both the cumulative and non-cumulative interest returns.

What are cumulative and non-cumulative interest returns? Once you invest a certain amount in an FD, you will get the interest at a certain rate which the bank or NBFC fixes. This rate differs from bank to bank and company to company. Cumulative interest return means that the interest amount is paid to the customer after the term period is over. Non-cumulative means that the interest amount is paid to the customer in certain intervals as chosen by the customer itself. The Shriram Finance Fixed Deposit Calculator has four options in the non-cumulative section – monthly, quarterly, half-yearly, and yearly. This means if a customer opts for the monthly scheme, then he/she will be getting the interest every month and similarly for other cases. It also shows the rate of interest for each case that is being applied. This upholds transparency as the customer knows everything before deciding to invest.

How is the Interest Decided?

There are two methods of deciding interest – simple and compound. When simple interest is applied to a certain investing amount, it means that the interest will be earned on that principal amount only. On the other hand, compound interest is faster and hence, a better method to grow money. It is simply because applying compound interest means that the interest will be earned not only on the principal amount alone but also on the interest earned on that amount. Therefore, compound interest is always a smarter choice.

The formula for Simple Interest calculation is:

SI= (P*R*T )/ 100.

Here, P is the original amount of principal, R denotes the rate of interest, and T denotes the time.

The formula for Compound Interest calculation is:

CI= P(1+R/N) ^ (N*T).

Here, P is the Principal, T is the time, R is the rate of interest, and N is the number of times the rate of interest is applied.

Generally, simple interest is only used by banks when the investment time is less than 6 months. Any investment period above that uses the compound interest to decide its interest rate. This ensures an increased return, and hence, money grows faster, which is ultimately the goal of an investment. The Shriram FD Calculator also uses compound interest to decide its rates.  

The following table shows the calculation of the Shriram Finance Fixed Deposit Calculator for an investment amount of 10k for a time of 12 months using the compound interest formula. This is the cumulative interest return rate.

The following table shows the non-cumulative interest return rate for the same amount and time:

How to use Shriram Finance Fixed Deposit Calculator?

It is an extremely easy-to-use tool. One needs to visit the official site, and under the calculators' drop-down option, the Shriram FD Calculator can be found. It would ask the customer to enter the amount and the period. Within a fraction of seconds, the calculator would display the results. It is advised that the investor knows beforehand how much he/she wants to invest and for what amount of time. This would speed up the process and reduce confusion.

It can be used as many times as required. Hence, the investor can try a different combination of the variables. This will help in comparing, and it would be easy to choose between the different results. It shows both the cumulative and non-cumulative returns in one place, which makes it even more helpful.

If the customer is a senior citizen, then he/she needs to click on the senior citizen option. As it is known, the rate of interest for senior citizens is a bit higher than regular customers. Hence, it would show results accordingly.

The following table displays the calculations of the Shriram FD Calculator for an investment of 15k for 12 months using the compound interest formula under the senior citizen scheme. This is the cumulative interest return:

The following table shows the non-cumulative interest return rate for the same amount and time under the senior citizen scheme:

Advantages of using the Shriram Finance FD Calculator

The Shriram FD Calculator is one of the best in the market as it has a wide range of advantages:

• Other FD calculators give an estimated value of the interest amount, whereas the Shriram fixed deposit calculator gives the exact number that will be paid to the customer after maturity. This means that the customers know exactly what to expect at the time of maturity. This helps them plan their finances better.
• It is very easy to use. Any nonprofessional can use his/her intuition and use this interface. All it requires is a pre-knowledge of the amount and time to be invested.
• It is safe and reliable. It does not ask for any personal details. So, if someone is in an early stage of choosing the best investment place, they can visit the site and calculate the returns on fixed deposits without entering any personal information.
• It is free and can be used as many times as required by the customer.
• It gives accurate results within seconds.
• It is readily available and time-saving and saves all the manual labour and confusion for calculating returns.

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