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Fixed deposits are one of the most sought-after financial instruments in India. Millions of Indians put their life savings in fixed deposit schemes offered by banks across India.
However, investors should understand the various types of fixed deposits to ensure that they get their desired results on their deposits. A fixed deposit can be placed for a
minimum period of seven days. Fixed deposit schemes are offered by all banks in india such as State Bank of India, ICICI Bank, IDBI Bank, HDFC Bank, Bank of India and
Corporation Bank among many others.
Get risk-free returns with our instant, paperless Fixed Deposits. Explore Fixed Deposits
If Rs, 1 lakh is put in a non-cumulative scheme, the interest is paid every annually or monthly as decided by a firm. If the interest is paid every quarter, an individual gets Rs.2500.
Investors who want a regular income can opt for non-cumulative scheme and those who do not can opt for cumulative schemes.
In a cumulative or reinvestment fixed deposit, interest is compounded quarterly. The compounded interest is then reinvested with the principal amount. The maturity period of
cumulative fixed deposits ranges anywhere from six months to 10 years. Given that in a cumulative fixed deposit scheme, interest is paid at the time of maturity in addition to the
principal amount, it is most suitable for individuals who are not in need of regular interest payment. Cumulative fixed deposit schemes can, therefore, be known as money
multiplier schemes. On the contrary, in a non-cumulative fixed deposit scheme, interest is payable at fixed frequencies. Non-cumulative fixed deposit schemes are, therefore,
suitable for pensioners who are in need of periodical payment of interest.
Principal amount
Interest Rate
Period of Deposit
Upon filling up of the above details, you will have to submit the data to get the maturity amount, interest and yield.
For instance, if you have a fixed deposit of Rs. 1 lakh at 8% interest for a period of five years, your total interest receivable will be Rs.48,595. The total maturity amount will
be Rs.1,48,595 while the effective yield will be 9.719.
A= P (1+r/n)nt
A = final amount
P = principal amount
n = number of times interest is compounded (monthly compounding - 12, half-year - 2 and 4 for quarter)
t = number of years
Example
Customers can also opt for monthly, quarterly, half-yearly or yearly compounding frequency. For instance, if you deposit Rs.1 lakh for a period of 5 years at 8.5% interest and
monthly compounding frequency, you will receive Rs.1,52,730 as maturity amount and 10.54 as effective yield. If your opt for quarterly compounding for the same principal and
interest, you will receive Rs. 1,52,279 as maturity amount with an effective yield of 10.45. If you opt for half-yearly compounding frequency for the same principal and interest
rate, you will receive Rs.1,51,621 as maturity amount and 10.32 as effective yield. If you opt for compounding frequency on an annual basis, you will receive Rs.1,50,365 as
maturity amount and 10.07 as effective yield.
If you put Rs.1,00,000 in a non-cumulative fixed deposit scheme on an annual basis for a period of five years at 9.25% p.a, your maturity amount will be Rs.1,46,250 (interest
earned is Rs.46,250). On a monthly, half-yearly and quarterly basis for the same principal, interest rate and tenure, the maturity amounts will be Rs.1,44,500 and Rs.1,45,250 and
Rs.1,44,750 respectively.
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