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FD

Everything You Need to Know About Post Office FD Calculator

Not sure what is FD Calculator? Use a fixed deposit calculator to see the potential interest rate you can earn from a fixed deposit. With the help of the Post Office FD Calculator tool, you can quickly get to know the interest rates on India Post Office Fixed Deposits. This article will explain a Post Office FD Calculator and how to get the most out of it. [B-01] What is Post Office Fixed Deposit (FD)? The Indian Postal Services are the oldest and most popular investment option is the Post Office Fixed Deposit or a Post Office Time Deposit. Due to the help of the Indian government, they are seen as a secure way to invest money. As a result, it is a well-known investment option for earlier generations. Like a bank deposit, a post office fixed deposit allows the funds to be deposited by the investors for a fixed time and at a fixed interest rate. The interest rate offered rises with the length of the investment. An investor can receive a fixed return on their investment. TDS is applied to the interest that the post office pays. Although it is calculated quarterly, the interest is due annually. Under section 80C of the Income Tax Act, a 5-year post office FD is eligible for tax savings. A minimum of INR 200 must be invested, followed by multiples of INR 200. A post office FD may be transferred between post offices. There is a six-month withdrawal restriction on post office FDs. After that, early withdrawal is possible with a 1% penalty. The Post Office FD is a good choice for highly cautious investors who want to make a one-time investment. Interest Rate for Post Office FDs At the start of each quarter, the government fixes the rates. The ones mentioned in the table have been set for the April 2022–June 2022 quarter. The Post office FD calculator is calculated on this interest rate: TenureInterest Rate (per annum) 1 year5.50% Two years5.50%Three years5.50%Five years6.70% What advantages does using the post office FD calculator offer? Among the main perks of using an FD calculator are: The use of this tool is quite simple. It compares various post office FD investment factors for giving a final output. Estimating the amount of money you can get at maturity and the interest rate is also very easy. You can use this FD calculator free of cost several times to calculate returns. The calculator should complete the FD calculations in a matter of seconds. Investors benefit from the time and effort savings. Why should I buy a post office FD? Here are some of the main features and advantages of a Post Office FD investment that justify why investors ought to think about doing so: 1. Facility for nomination Investors can add nominees to their accounts when they open their Post Office FD investment accounts. If the original investor dies, the legal heir can claim the fixed money. 2. Cheapest investment A minimum deposit of Rs. 1,000 is needed to open a Post Office fixed deposit account, and there is no upper limit. The program also allows up to three adults to open a joint account. 3. Favourable interest rates Post office FDs offer more interest rates compared to bank FDs. Senior citizens can also benefit the most from this as they can get better rates. 4. Taxation Investors who buy a 5-year Post Office FD can also get many tax benefits under Section 80C of the Income Tax Act, 1961. On the maturity amount received from a Post Office FD, TDS is applied. 5. Simple renewal At maturity, the investor can quickly renew a post office FD investment. One must either fill out a form or choose the auto-renewal option. 6. Premature withdrawal An investor can not remove a post office FD investment for six months after the investment date. If an FD is closed within six months to one year after the investment date, the investor only receives the interest rate on a savings account. A 2% penalty is added to the interest earned if the account is closed before the year is out. Use of the Post Office FD Calculator Has Many Benefits Using the online post office FD calculator has the following benefits: You can avoid manually doing the calculations that need a complex formula by using the post office FD calculator. The calculator applies the calculation and displays the outcomes right away. The FD calculator provides precise numbers. This removes the issue of mathematical errors, which can occur when you do manual computations. You can use the post office FD calculator to plan your investments since the returns from post office FDs are guaranteed. Different interest rates are available on various investment terms in post office FDs. You can quickly enter the necessary numbers in the calculator to obtain the desired results. This allows you to plan and maximise the rewards of your investment. The post office FD calculator inputs can be changed as often as you like. This allows you to compare various choices to select the best investment. You can not take money out of your fixed deposit before it matures; thus, using the post office FD calculator is also essential. If you do, you might have to give up a vast portion of the interest you had been earning. As a result, you are advised to do a deep analysis before investing in any fixed deposit scheme. You can do this using the FD calculator at the post office. [B-02] Final Thoughts Due to the control of the Government on these schemes and the resulting security, many investors in India prefer to invest in Post Office fixed deposits. The Post Office FD calculator may be the best option for investors who wish to invest in a risk-free environment and demand assured profits. Interested in reading more investment-related blogs and posts on personal loans and financial calculators? Head on over to Piramal Finance!
08-11-2023
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Banking

6 Major Differences Between Bank Rate and Repo Rate

Bank rates and repo rates are both short-term tools for regulating the flow of money in the market. Their functions are similar in limiting inflation and liquidity and aiding in balance inquiry. We must discuss bank rate vs repo rate in detail to know about both concepts in a better way. Let us get a handle on their meaning before diving into the contrast. The Reserve Bank of India keeps an eye on the repo and bank rates. [B-01] Defining Repo Rate In times of economic distress, the Reserve Bank of India (RBI) loans money to commercial banks at an interest rate known as the repo rate. The repo rate controls the rate at which banks can borrow funds. If the Reserve Bank of India (RBI) needs to boost the liquidity rate, it can do so by lowering the repo rate and urging the banks to unload their securities. Both policymakers and central banks use interest rates to influence the economy. A repo rate is a monetary policy tool the central bank uses to manage the amount of money in circulation, inflation, and market liquidity. When the Central Bank has to pump funds into the economy, it lowers the repo rate, making investment borrowing easier. It boosts economic growth by raising the money supply. Defining Bank Rate The bank rate, also called the discount factor, is the interest rate the central bank charges commercial banks when they borrow money. Bank rates influence the rate of central banks’ borrowed money. When interest rates are lowered, the economy benefits. As a result, the cost of borrowing money drops, which can encourage borrowers to take out more loans, increasing overall spending. If policymakers believe inflation will rise, they will likely hike the bank rate. It is used to decide economic and monetary policy. The RBI raised the repo rate by 50 basis points, from 4.40% to 4.90%, on June 8, 2022. The current interest rate at the bank is 5.15%, a 50 basis point (bp) increase from the prior rate of 4.65%. Repo Rate vs Bank Rate—Key Differences The repo rate and bank rate are both set by the central bank and used to keep tabs on direct market liquidity. But there are important distinctions between the two, which we have discussed in detail below. The interest rate the central bank charges for investing the money back from financial institutions is the repo rate, and the interest rate the central bank charges for lending money to these banks is the bank rate. In contrast to charging the bank rate, charging the repo rate involves using assets, leases, agreements, and collateral. Compared to the bank rate, the repo rate is relatively fixed and sure to be constantly lower. Since fewer people will take out loans at the higher bank rate, the economy will feel the effects. In contrast, the repo rate is handled by banks and has no direct effect on clients. The bank rate serves the long-term funding needs of commercial banks, but the repo rate meets their more immediate liquidity needs. Let us examine these six major comparative points regarding bank rates vs repo rates in brief: 1. Added loan fee: The bank rate is the interest rate that a central bank charges for a loan that it makes to a commercial bank; in contrast, the repo rate is the interest rate that a commercial bank charges to purchase securities that a commercial bank has previously sold to a central bank. 2. Aim: Long-term objectives can be met with bank rates, whereas intermediate objectives can be met with repo rates. 3. Repurchase Agreement: Money borrowed from the Central Bank at the bank rate is not subject to any arrangement. The loan is made to the commercial bank at a set interest rate. However, in the case of the repo rate, banks enter into a repurchase arrangement. As part of this deal, the bank has promised to repay the loan at a specific interest rate. 4. Use of Collateral: No collateral is needed while negotiating bank interest rates. With repo rates, on the other hand, the loan is approved only after the collateral is presented. 5. Rate: Almost always, the bank rate is greater than the repo rate. 6. Effect of Rate Changes: When the bank rate is raised or lowered, the economy and consumers are directly affected. For example, if bank rates rise, loans will cost more as the interest rate rises. This restricts credit and impedes economic expansion. Rates that are lowered result in lower interest rates and more affordable loans. As a result, lending and borrowing increase, boosting the economy. The economy is not affected in this way by reverse repo. [B-02] Conclusion We hope the six key differences regarding bank rate vs repo rate are clarified. The country’s Central Bank is the highest authority on monetary policy and is responsible for setting and regulating bank and repo rates. These rates control the money supply, inflation, and bank lending rates. Reducing the repo rate and the bank rate allows borrowers to avail themselves of loans at lower interest rates. An increase in repo rates, therefore, will have a corresponding increase in the interest rates on loans. Are you looking for similar finance blogs? Visit the Piramal Finance website and help yourself to the knowledge of wide-ranging financial products and services, especially credit cards and personal loans. Are you looking for similar finance blogs? Visit the Piramal Finance website and help yourself to the knowledge of wide-ranging financial products and services, especially credit cards and personal loans.
08-11-2023
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Other

Cancelled Cheque: Everything You Need To Know

Although more people are banking online, you may sometimes need a cancelled cheque. This is a physical document with your bank account information on it. It can verify your information or prove that you have a valid bank account. Cancelled cheques are often required when opening a new bank account or applying for a loan. Banks can crosscheck your account information when you provide a cancelled check. Even if you’re looking to buy something on a monthly payment or EMI, you will need this type of cheque. Read on if you’re wondering how to write this cheque or its purpose. We’ll tell you everything about cancelled cheques. [B-01] What is a cancelled cheque? A cancelled cheque is a regular cheque with the words like ‘cancelled’ or ‘void’ written across it. The cheque may have your account number, branch number, and your bank’s name. It also has a watermark and unique security features to prevent it from being copied or altered. This way, you don’t need to worry when sending your cheque to an institution or individual. When do you need to cancel a cheque? You have to submit a cancelled cheque when opening a new bank account. Also, it is required when applying for a loan or setting up EMI payments. A cancelled cheque makes it easy for the recipient to verify your identity. It ensures that the account is active. Here are some cases where you’ll need to submit a cancelled cheque: KYC Documentation You have to submit a cancelled cheque when updating your KYC details. This is to ensure that the bank has your latest account information. When investing in mutual funds, you may be asked to submit an image of a cancelled cheque beforehand. Direct Deposit You must submit it to set up a direct deposit for your paycheck or any recurring payment. The employer or the organisation making the deposit can verify your account information and pay the amount safely and securely. Your employer will record your bank account information on file once the direct deposit is set up. As a result, you’d only need to provide more details if you moved banks or established a new account. Automatic Bill Payments Besides, bill payments or monthly expenses are also processed through a cancelled cheque. You will need to provide your bank with a cancellation cheque for these expenses. They may ask for a cancelled cheque to verify your account information. Opening a Demat Account When opening a Demat account, you need to reach out to a stockbroker. Your stockbroker will need your bank account details and a cancelled cheque. This is to verify your identity and ensure the account is active. These details will make your transactions easy and comfortable. Payroll Deductions Suppose you have any deductions from your paycheques, such as for health insurance or a retirement savings plan. In that case, you will need to provide your bank account information to the organisation making the deduction. They will likely ask for a cancelled cheque so that they can verify your account information. When you give someone a cancelled cheque, they can use it to do a transaction for you. So make sure you trust the person or organisation before giving them a cancelled cheque. How to write a cancelled cheque? Writing a cancelled cheque is straightforward. It is similar to writing a regular cheque, with a few extra steps. Follow these instructions: Step 1 Take a fresh cheque Step 2 Do not add any personal details like your name or signature to this cheque. Step 3 Draw two parallel lines where you can write “Cancelled” using block letters. Draw these lines diagonally across the cheque. Be careful while writing a cheque. Don’t draw the lines or write over the MICR code, branch address, account holder’s name, account number, etc. If you’re sending the cancelled cheque by mail, you should use registered mail. This way, you’ll have proof that it was delivered. You may also want to keep a copy of the cheque for your records. FAQs: If you need to know more, here are some common questions people ask about cancelled cheques: Can I provide a photocopy of a cancelled cheque? In some cases, a photocopy may be accepted. However, it’s always best to check with the payee to see if they require the original cheque or if a photocopy will work. Do I need to sign before cancelling a cheque? It is advisable not to sign a cheque you’re about to cancel. It may give the person in possession of the cheque the ability to alter the payee’s name and the amount and cash it. Can I withdraw money using a cancelled cheque? No, a cancelled check cannot be used to withdraw money from your bank. What information on a cancelled cheque can be used by the receiver? The account number and the bank’s details are the only information extracted from a cancelled cheque. The account holder’s name, the date, and the amount of the cheque cannot be determined from a cancelled cheque. What should I do with old cancelled cheques? You can shred them or keep them in a safe place. If you need to provide a cancelled cheque at some point, you can always make a new one. [B-02] Conclusion A cancelled cheque is a sign of authorisation that can be used to set up transactions on your behalf. Only provide this cheque to people or organisations you trust. When in doubt, ask the payee if they will accept a photocopy of the cheque instead. Lastly, ensure you understand how to write and cancel a cheque before doing so. At Piramal Finance, we are here to guide you through the process. Contact our representatives if you need help writing or sending a cancelled cheque to get a loan. For other facts about personal loans, credit cards and financial management, check out more blogs on our website!
08-11-2023
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Other

All You Need to Know About Account Balance Check?

You’ve just been paid, and you’re eager to see how much money you have in your account. So, you log in to your bank’s website and type in your username and password. Then you click on the “Accounts” tab and select your account. Finally, you click on “Account Balance Check.“ However, instead of getting the expected result, you get a message that says, “We’re sorry, we’re experiencing technical difficulties. Please try again later.” Don’t worry. This happens to the best of us. In this article, we’ll walk you through checking your account balance step-by-step. But let’s know about the basics first. [B-01] Why is it important to check your account balance? You may be wondering why conducting balance enquiry regularly is essential. Well, there are a few reasons. First, ensure you’re not spending more money than you have in your account. This can lead to some nasty overdraft fees, which no one wants to deal with. Another reason why it’s important to keep track of your account balance is to make sure that all of your transactions have been properly processed. Sometimes, mistakes can happen, and by checking your account balance regularly, you can catch these mistakes before they cause any damage. When and how should you check your account balance? You should do your account balance check at least once a week. This way, you’ll always be on top of your finances, and you’ll be able to spot any suspicious activity right away. If you’re not sure how to check your account balance, don’t worry. Here are the steps involved in this process: Step 1: Log in to your online banking account. Step 2: Look for the “Accounts” tab and select “Account overview.” This will give you a detailed breakdown of all your accounts, including the current balance. Step 3: If you want to get even more specific, you can also view transactions from the past few months. This will give you a good idea of where your money is going and how much you’ve been spending. What Is the Best Way to Check Your Account Balance? There are a few different ways to check your account balance, and the one you choose will depend on your personal preferences. Here are the most common methods: Online Banking Online banking is the most popular way to make an account balance enquiry, as it’s quick and easy. All you need is a computer, tablet, or any other mobile device with your bank’s app and an internet connection. To get started, here’s what you need to do: Step 1: Open your bank’s official website and enter your login details and password. If logging in via a mobile device, open the bank’s app with your MPIN or login password to get started. Step 2: If you are using this method for the first time, you may also have to register as a first-time user and generate an MPIN or create a password. Step 3: To register, enter your account number, email address registered with the bank, mobile number, and debit card number issued by the bank with its CVV given on the back. Step 4: The app or website will generate an OTP and send it to your registered mobile number. Step 5: Enter this OTP with your username and password to see the account details. If you are an existing user, follow the steps already explained above. ATM You can also check your account balance with your ATM card. Just be sure to have your bank card and PIN handy. The steps involved in this process are: Step 1: Once at the ATM, enter your card in the slot and feed in your PIN (a four-digit code). Step 2: Choose the balance enquiry option on the screen. The machine will tell you your account balance immediately. Step 3: You may also obtain a printed receipt from the machine by choosing the right option. Some banks may charge an additional fee for using the ATM of a different bank. Ask your bank about these charges before you start using your card at the machine. Text Messages If you need a convenient method for account balance enquiry, you may get them through SMS alerts. All you have to do is select SMS alerts when opening your account. This way, you will automatically get account balance updates for every transaction you make. It does not even require a password or username to use this option. If you did not select SMS alerts when filling out the form, you may still visit your bank branch and fill out a separate form to activate this feature. Telephone Calling If none of the above methods appeals to you, you can take the traditional route and call your bank to know the balance. There must be a bank call centre number that will automatically tell you the amount in your account. Since the systems are automated now, you have to enter your account number to get details on your registered mobile number. UPI and Other Apps UPI and banking apps have become imperative for digital payments and transactions, especially if you have more than one bank account. With a single UPI app, you can manage them if the registered mobile number is common for all accounts. For an account balance check on UPI, you need to: Step 1: Activate your app and set a PIN. Step 2: When you open the app, choose the “check account balance” option. Step 3: Enter your UPI PIN, and the balance will be displayed on the screen automatically. Missed Call Almost all the banks in India offer the facility of balance enquiry through a missed call. In this service, when you make a missed call with your registered mobile number, the bank will send your balance update via a text message. You need to keep your number active and your bank’s phone number handy to avail of this facility. [B-02] In conclusion Lastly, you can follow the time-tested methods and visit your bank branch to get your passbook updated for an account balance check. The passbook has all the information, including your transactions, so it’s best to keep it up to date so you can keep track of your finances. If you need help with any of these processes, do not hesitate to seek expert help. The financial advisors at Piramal Finance are always available, just one call away, to answer any query or clear any doubts about account balance enquiry methods. If you need help with finances, you can always take the help of a financial expert like Piramal Finance. They will suggest what’s best for you and help take care of your personal loan requirements, if any.
08-11-2023
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Electronics

Best Android Phones Under 10000 in India

Are you looking for a smartphone with great features at an affordable rate? These days, having a good phone is a must, thanks to the internet and social media. Does it sound exciting if we say that you can buy an Android Phone Under Rs. 10000 without missing out on high-tech features including camera quality, battery backup, and storage? In this article, we will look over some of the Best Phones Under 10000 in India. If you want a phone for basic daily use or good camera quality, these are the best Android phones in the market. Whatever the use, they are flexible in terms of both cost and features. [B-01] Xiaomi Redmi 10A: Rs. 7,999 Xiaomi’s Redmi 10A tops the list of Best Phones Under 10000 in India. Its camera is extremely high in quality and features a 13MP primary camera with a 2MP secondary lens. The Xiaomi Redmi 10A takes high-definition, colour-rich photos day or night. The MediaTek Helio G25 chipset and 4 GB of RAM paired with 64 GB internal storage offer the phone plenty of computing capabilities. Specifications Display: 6.53-inch HD+ Battery: 5,000 mAh Ram: 4 GB Storage: 64 GB Pros Massive battery Standard definition screen Solid performance Cons Slow charge rate Lightweight design Xiaomi Redmi 9: Rs. 9,000 If you are also looking for the best Android phones for your money, go no further than the Xiaomi Redmi 9. This phone has excellent performance considering its low price. This has made it a popular choice among Indian users. What’s more is a 5,000mAh battery that easily survives for two days. There is a 13-megapixel main camera and a secondary 2-megapixel lens making it a good choice. Specifications Display: 6.53-inch HD+ Battery: 5,000 mAh Ram: 4 GB Storage: 64 GB Pros Exposé-style screen Robust logic controller Long-lasting battery performance. Cons The camera could do a little better POCO M2: Rs. 10,000 The smartphone maker released the POCO M2 for people who don’t want to spend a lot of money on a new device. Both the battery and the CPU of the POCO M2 are good. POCO M2 is one of the best Android phones under 10000 if you are fond of playing games on your mobile phone. There are four cameras—13 megapixels, 8 MP, 5 MP, and 2 MP—on the back. Specifications Display: 6.53-inch HD+ Battery: 5,000 mAh Ram: 4 GB Storage: 64 GB Pros Good battery backup FHD IPS display Solid performance Reasonable cost Cons Mediocre camera POCO C3: Rs. 8300 You will love the strong configuration of this stunning device. The POCO C3 is a great Android phone under 10,000 if you are looking for a phone with good performance and gaming prowess as well. The POCO C3 is powered by an octa-core MediaTek Helio G35 processor with a 13 MP primary camera, a 2 MP macro camera, and a 2 MP depth sensor. Specifications Display: 6.43-inch HD+ (1600×720-pixel) Battery: 5,000 mAh Ram: 4 GB Storage: 64 GB Pros HD+ resolution at 5000 mAh Effortless performance Cons No Type-C port No fingerprint sensor Realme C31: Rs. 9,000 The device is powered by the Unisoc T612 CPU. A 13MP main lens, a 2MP macro lens, and a monochrome lens are all included in the cameras. The device lacks camera quality but it is a reasonable trade-off for a mid-range device. Specifications Display: 6.5-inch HD+ Battery: 5,000 mAh Ram: 3 GB/4 GB Storage: 32 GB/64 GB Pros Side-mounted fingerprint sensor Panda glass Enduring battery Specific micro SD card slots Cons No Type-C port No good cameras Micromax IN Note 1: Rs. 9,600 The Micromax IN Note 1 includes a 5000mAh battery and a 2GHz Octa-Core MediaTek Helio G85 processor. The phone features a 48 MP, 5 MP, 2 MP, and 2 MP sensor in the device’s quad-camera configuration on the back and a 16-megapixel primary camera. Specifications Display: 6.67-inches screen (1080 x 2400 pixels) Battery: 5,000 mAh Ram: 4 GB Storage: 64 GB/128 GB Pros Reasonable battery life Overall effective performance Simple UI Cons Outdated fingerprint sensor Low light photos Realme Narzo 30A: Rs. 9,000 Another great android phone under 10,000 from the brand is the Realme Narzo 30A. The device is optimized for battery backups and performance. The Realme Narzo 30A features an incredible Octa-core MediaTek Helio G85 processor paired with a 6000mAh battery. The phone comes with a 13 MP back camera along with an 8 MP primary camera. Specifications Display: 6.5-inch (720 x 1600 pixels) Battery: 6,000 mAh Ram: 3 GB/4 GB Storage: 32 GB/64 GB Pros Excellent selfie camera Fantastic battery life Generally acceptable performance Cons A heavy and large body Average performing rear camera Samsung Galaxy M13: Rs. 10,000 Even though it was introduced under the Samsung name, the Samsung Galaxy M13 is surprisingly affordable. The stunning device features a main camera with 50MP and a 5MP+ 2MP+ 8MP front camera. Specifications Display: 6.6-inches Battery: 6,000 mAh Ram: 4 GB Storage: 64 GB Infinix Hot 12 Play: Rs. 8,100 For other smartphones in its price range, the Infinix Hot 12 Play is a formidable foe. What makes this phone the finest one available for under Rs. 10,000? An octa-core Unisoc T610 processor powers this Infinix smartphone. The Infinix Hot 12 Play has a 13MP primary camera and a depth lens. In addition, the battery life is excellent, clocking in at 6000 mAh. Specifications Display: 6.82-inch (1640 x 720 pixels) Battery: 6,000 mAh Ram: 4 GB Storage: 64 GB Pros Rate of refresh of 90 Hz The fingerprint scanner Massive battery capacity Specialized SD card slot Cons Feeble battery life Moderate effectiveness Interface bloatware [B-02] The Bottom Line A smartphone does not just have to be fancy. Instead, it should offer you good features too. We hope that the list of the Best Phones Under 10000 in India helps you to make your choice. These Android phones are chosen based on processor speed, memory/storage, camera quality, battery backup and affordability as well. Visit us at Piramal to read more such informative blogs.
08-11-2023
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FD

How To Make Use Of FD Interest Calculator

FD Interest Calculator Do you want to know how to use FD Interest Calculator? You must use a fixed deposit calculator to see the interest rate on which you can earn desired returns by making a money deposit for a fixed period. A fixed deposit, also known as an FD, or a term deposit in banks, is a safe and widely used investment choice in India that can help you manage your income and finances. FD has the least risk of losses with assured returns making it the most viable and famous option for investing money. Almost every bank offers an FD – and to know which FD can cater to your needs, you must use a simple but useful tool called FD Calculator. The FD Calculator is a tool that aids in computing the exact amount, returns, and time of an FD. We will discuss in detail various features and perks of using an FD Interest Rate calculator. [B-01] What is an FD Interest Calculator? By using an FD Interest Rate calculator, you can get an idea about the returns on your fixed money, which you will get at the end of a fixed term, at the ongoing interest rate. If you want to know how much interest you will earn on a fixed deposit, you must use an FD calculator to do the math. The maturity period of an FD is found by taking a sum of the initial deposit, the interest rate on the FD, and the total no. of years until maturity. After the FD term expires, the maturity amount is paid out. It has all interest accrued on the fixed money. The FD interest rate calculator is used to: Know about your Fixed Deposit’s yearly rate of interest. The amount of money to be fixed can be decided more easily by the investors with the help of an FD calculator. To know how much money or profit you will make over time. To know how much money you can get each month or quarter by fixing cash in an FD. The FD (Fixed Deposit) Interest Rates Calculator: How Do I Use It? To know about the total cost of your Fixed Deposit, the rate of interest, and the date it will get mature, you must use an FD Interest Calculator. You can choose from the “Normal” and “Senior Citizen” categories of FD. You can choose a fixed deposit with a higher rate of interest. If no date is fixed, today’s date will be used as the FD date in the FD Calculator. Type in the Amount you wish to get fixed. You can enter the FD’s maturity in a year-month-day or days only format. If you have chosen the no. of years you want to fix your money, enter it. You can see the interest rate, maturity date, and application amount. How do you calculate the rate of interest on an FD? The formula for calculating interest is as follows: The rate of interest for the next quarter is calculated using the entire balance. The fixed deposit pays interest based on the discounted value at the end of each month after it has been compounded. The simple interest method is used to calculate interest in the case of a short-term fixed-income investment. How to figure out when a fixed deposit will mature: NP(1+r/n)(n*t) = Maturity Amount The initial FD investment amount, denoted by “P”, “The rate of interest denoted by r,” “The annual compounding rate, denoted by n,” “t is the term length of the FD.” What are the benefits of using the FD Interest Calculator? Using an FD interest calculator has the below-mentioned perks: An idea of your fixed money’s maturity date and returns will help you to plan the term length. The best bank for your deposit can be chosen by putting in the details and comparing the results. Verify that your inputs and results are always precise and error-free. Speed up your calculations compared to using a calculator or spreadsheet. You can compare the maturity amounts and make more informed decisions on fixed deposit renewals. To find out the regular interest payments. Smart budgeting and money planning. Allows for several uses for comparing the results of different inputs. Very easy to use. Very accurate and error-proof. Use of the FD calculator is free. One can use it as often as needed before fixing money. The details input by you will not be shared anywhere. [B-02] Conclusion If you calculate the interest amount you can earn on a fixed deposit manually, it can be very tough. It can get very tricky and cost you a lot of time. But, in a flash, you can evaluate your potential profits from a Fixed Deposit with financial expert Piramal Finance using their quick and easy FD interest calculator. To get a rough idea of returns, you must enter your desired term in years and the amount of money you wish to invest into the FD interest calculator. It is easy to use & accurate in calculations and can help you plan your investment activities. An FD is the easiest way to invest your money, but even it needs analysis. Now that you know about the FD Calculator do not wait anymore and plan your fixed deposit to grow your wealth. To know more about financial calculators and how to make use of them for personal loan solutions, visit the Piramal Finance website.
08-11-2023
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Other

Best PPF Calculator For India In 2022

Not everyone is good at maths. If you want to put money into the PPF but don’t know how much to put in or what kind of return you would get on a certain amount. We’re here to help with the PPF calculator. After you figure out how much you can save regularly, the PPF calculator figures out how much you will get back. The PPF calculator uses the current interest rate and a 15-year time frame. [B-01] What is PPF? PPF stands for the Public Provident Fund. It was put into place in 1968 to invest money with almost a decent return. It has an interest rate of 7.1% per year and helps people start saving for retirement. PPF is backed by the Indian government and has negligible risk, but returns are guaranteed. The money you put in, the interest you get, and the money you get at the end are all tax-free. What is a PPF Calculator? You can use the PPF calculator, an online tool, to figure out how much your PPF (Public Provident Fund) investment could earn over a certain amount of time. The PPF is a government-backed savings plan that has a lot of benefits. During your working years, PPF is a great way to lower your tax bill. An online PPF calculator will simply use the formula for calculating PPFs to figure out how much your investments will be worth after a certain number of years and a specific interest rate on your PPF account. Opening a PPF Account The majority of banks let you open a PPF account online. But you can also make an offline account at a post office near you. Here is more information: Find a form to fill out at the post office or sub-post office. Please fill out the form, then send it along with the KYC paperwork and a photo of the passport size. A post office PPF account can be opened with a minimum deposit of Rs. 500 and an initial maximum of Rs.70,000. But the most you can put in each year is only Rs. 1.5 lakh. You can also use the Post Office PPF Calculator. The applicant will get a passbook for the PPF Account once all the necessary paperwork and the first deposit have been sent in. The passbook will have everything, like the account holder’s name, the branch’s name, the PPF account number, etc. ​​​​​​​ Minimum Tenure for PPF The PPF has a minimum term of 15 years, which can be extended in 5-year chunks. Small deposits range from 500 rupees to 1.5 lakh rupees in PPF accounts. You can put money into one or up to 12 charges. At least one PPF account must be sent in every year for 15 years. Why Invest in PPF? PPF is the best choice for investors who don’t want to take risks and want to make long-term investments with guaranteed returns. But investors who want to make more money are willing to take some risks. They might want to think about other options. Subject to EEE status 80C, PPF is a tax-wise way to save money. How Much You Should Invest in PPF? You should figure out how much you put into the PPF account and how much you can save on taxes. The least you can invest yearly is 500 rupees, and the most you can invest is 1,50,000 rupees. Under Section 80C, you can put up to INR 1.5 million in PPFs to lower your tax bill. It would help if you had some cash on hand to have enough cash on hand. Formula for Calculating PPF Using the PPF Calculator On the 5th of each month, the lowest balance in the PPF account is used to figure out the interest. Investors who pay their monthly payments by the 5th of the month will get their money back. If not, the previous balance of the PPF account is used to figure out how much interest to pay. If you want to lump money into the PPF each year, you should do so before April 5. The following formula can be used to figure out the expected interest and value at maturity: A = P [({(1+i) ^n}-1)/i] ‘A’ stands for the amount of maturity. “P” reflects the PPF account’s yearly payment. ‘i’ is representative of the PPF scheme’s expected interest rate. The ‘n’ is representative of the PPF investment amount made. The PPF Calculator employs the above calculation for a greater return with a longer investment period. The Best PPF Calculator Post Office PPF Calculator: A Post Office PPF Calculator can assist you in determining your PPF returns. You can determine the possible profits by putting in information like the amount invested and how long the investment will last. The Post Office PPF Calculator determines future returns based on what you put in. It figures out how much your money will grow in the future if you invest in the PPF at the post office. So, the maturity sum and wealth gained from the PPF investment are also figured out. Axis Bank PPF Calculator: This PPF calculator is a useful tool because it can tell you exactly how much your PPF will be worth when it comes due. When your PPF is active, it will tell you how your account works every 15 years. The amount invested, the interest earned, and the value at the end of the year could be some of these conditions. SBI PPF Calculator: The SBI PPF Calculator is a tool that helps with complicated calculations related to PPF. It shows how much an investor can expect to earn each year if they put money in for a set amount of time. The amount in the investor’s account determines how much interest should be added to the PPF account. The Indian Finance Ministry and its government look at the PPF interest rate every three months. The return has been going down over the past few years. HDFC PPF Calculator: The HDFC PPF Calculator is a banking tool that makes it easy for investors to determine their PPF returns. In the HDFC PPF plan, the investor’s set contributions over a certain time are used to figure out the returns. The PPF rules say that the interest is calculated monthly, but it is only put into the HDFC PPF account on March 31 of each year. At the standard PPF rate of return, interest is added to the PPF every year. [B-02] Conclusion Given the benefits of PPF, an investor who wants a safe and reliable way to invest may choose it. Investors who want to plan for retirement, make long-term investments, and avoid the effects of market changes can use the PPF. PPF has a 15-year lock-in period, but you can take out the money in small amounts and borrow from it. It keeps an investor’s cash safe in case of an emergency. Since the Indian government backs these investments, the risk is low. But let’s say you’re looking for an excellent guide to investing. You should look at Piramal Finance’s services and products and read more about their offerings on financial calculators, credit cards and personal loans.
08-11-2023
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Mutual Funds

What is Step Up SIP Calculator, and How Does it Work?

People finish marathons because they persist and train over a long period. The people who ace examinations have worked consistently to achieve what they have. And the same goes for investments. For those investors who prefer low risks and decent returns, Step Up SIP is the best option for investing. The term ‘SIP’ has now been nailed into our brains. Step Up SIP allows you to better control your finances by investing in mutual funds regularly, depending on your financial conditions. These also provide tax advantages. In this article, we will look at the Step Up SIP Calculator, its benefits, and how it works. [B-01] What Is A Step Up SIP Calculator? The most common type of investment is the one where it is done in a lump sum. However, in contrast, SIP enables individuals to invest in a disciplined way wherein a specified amount of money is put in mutual funds at fixed intervals. Step Up SIPs, on the other hand, provide the investors with an option to grow their SIP amount by a fixed sum or a percentage at their discretion at certain intervals. This is the best way to enhance mutual fund investments, which can accompany their increasing income. And therefore, this allows people to achieve their financial goals and objectives without straining their budget. Benefits Of Using A Step Up SIP Calculator There are several benefits of using a Step Up SIP calculator that have been outlined below: The calculator calculates how much you would be accumulating at the end of the period for a particular policy. This is important since you can not modify or change your Step Up SIP once you have bought it. The calculator is fairly simple and quite easy to use. The main benefit would be that it is free of cost and also you can use the calculator from any corner of the world. Since the calculator is self-explanatory, you would not need much help using it. How To Use Step Up SIP Calculator? Step Up SIP Calculator is a free online tool that allows you to calculate the returns from the investments you have made in Step Up SIP funds. Step UP SIP Calculator is a very simple calculator that can be understood quickly. Here is how you can use the calculator without any issues or difficulty. The calculator works on the following four concepts: The “Monthly Investment Amount” field shows the amount of money you desire to be your monthly SIP investment in a mutual fund. Then comes the Expected Growth Rate, which is the rate of return you would want to expect from the investments you would be making in mutual funds. The length of time is quite important when you invest in a mutual fund. And most important is the step-up, which is the annual percentage growth in the value of your SIP investment accumulated over the investment term. Let us examine this with an example for an easier understanding of the whole concept of the Step Up SIP calculator. You are given an option to choose the percentage of step up. This step-up shows how much your SIP amount rises throughout your investment period. Let us say we take your step Up percentage as 5%, which means you want your investments to grow 5% over time. In other words, when you invest an amount of Rs. 50,000 in a year in mutual funds, your SIP would have Rs. 55,000 in the second year. And then, for the third year, Rs. 55,000 will be taken as the amount and invested, giving another 5% increase on this amount. Like this, you can make a significant amount over some time. And thus, like this, you would be able to feel your investments growing with the help of the Step Up SIP calculator, also known as the growing SIP calculator. Let us now look at how you can use the simple Step Up SIP Calculator. Step 1- First, you must put in the monthly investment amount you would be contributing to the mutual fund. Step 2- You have to put the period or the duration of the mutual fund you would be purchasing. This time is the duration till your mutual fund matures. Step 3- As the last step, enter the interest percentage on the calculator, and you are good to go. All you have to do now is click on the option ‘Calculate’ and you will be able to see the results in the next few seconds. The results would be having the amount of profit you accrue, estimated returns, a growth table and a growth chart. And therefore, by using the Step Up SIP calculator, you can calculate how much corpus you would be able to build by the end of the mutual fund. [B-02] Conclusion By now, you would have had basic information regarding SIP calculators and the concept of Step Up SIPs. Step Up SIPs are one of the many ways investors like you can invest indirectly in mutual funds. Step Up SIPs have made it possible for most individuals to invest in mutual funds and slowly build their corpus. These SIPs also help ensure that individuals achieve their financial goals and objectives quickly with a disciplined approach. In case of doubts about SIPs or Step Up SIPS and personal loans, consult the financial experts at Piramal Finance.
08-11-2023
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Banking

How can I check my bank balance without going to the bank?

Today, dealing with money without going to the bank is easy. With digitisation, you can send money, receive money, check your account balance, and deposit money with just one click. Digitisation has made it easier, but you still need to monitor your bank balance. You need to know how much money you have in your bank account to find out immediately about any scams or failures. Do you want to know how to check your bank balance without going to a bank? This article will discuss easy ways to determine how much credit you have in your bank account. Before you check your bank balance, there are a few things you need to keep in mind. First, make sure that your phone number is registered with the bank. Second, ensure the contact number works so you can make and receive phone calls. Third, you should have set up internet banking services. Last, your ATM and debit card must be linked to your bank account. Here are some steps to follow to check your bank balance: [B-01] Net Banking Net banking is one of the fastest and easiest ways to determine how much money you have in your bank account. All you have to do is go to the website for your bank and log in. If you are not signed in, you will need to sign up. All you have to do to sign up is enter information like your phone number, account number, email address, debit card number, and CVV number. After you enter these details, a one-time password will be sent to you. You can set up your username and password after you enter the OTP. So, now you’re signed up and can easily log in whenever you want to see how much money you have. In addition to checking your bank balance, you can transfer money, pay bills, and do other online transactions with net banking. Text Messages You can also use text messages to check your bank balance. This service is available to all bank account holders. If you get SMS alerts when you register for a new bank account, your balance and the amount credited or debited will be sent to you after every transaction. Aside from this, you can also check your bank balance by sending a text message from your registered mobile number to the bank number. Use an ATM You can also use an ATM to check your bank balance. All you have to do is enter your debit card or ATM card and follow the steps given. Swipe your ATM or debit card. Type in the PIN (a four- or six-digit code). Choose the “Balance Enquiry” option. You can check your bank balance. One important thing to remember when using an ATM to check your bank balance is to use an ATM from your bank. You might have to pay a fee if you use an ATM from a different bank. You might have to pay an extra fee if you use an ATM from a foreign bank. Through UPI and other apps for banking With UPI and other banking apps, it’s easy to see how much money you have in your account. If you’ve never used UPI, here are the steps to follow: Download any UPI on your mobile. To send an SMS from a mobile device with a UPI app, make sure the SIM card for the registered mobile number has enough money on it and is active. To make sure your phone number is verified, the app will send you an SMS. After the verification, you will be asked to create a UPI ID and a separate PIN. After you set up your PIN, which is a four-digit code, the registration process is done. Remember that if you already have a UPI ID for one app, you can use that same ID for all other apps. Also, some apps can ask for your email address. In some cases, the email address might not match the email address that was registered. To see how much money you have in your bank account, go to the UPI app and choose the “check account balance” option. When you enter your UPI PIN, the balance will be shown automatically, and there is no charge for this. Contact the bank If you don’t feel comfortable using digital methods, you can also call your bank. But if the bank’s system is not automated, you might only be able to talk to a person during certain hours instead of all the time. Also, if the system is automated and works 24/7, you can easily check your balance by entering your account number and PIN. Set up alerts You don’t have to always check your balance manually. Instead, you can ask your bank to send you details whenever something happens. You can set up alerts to let you know when your bank balance is low or when a big transaction or withdrawal has happened. You can be notified by text or email. Missed Call When a customer makes a missed call from their registered mobile number, the bank sends a balance update message. To get updates about missed calls, you have to provide some information. The needed information is listed below. If your cell phone number is registered with the bank, you will get balance updates. The number must be active to make a missed call and get an SMS. This service should be available through your bank. [B-02] Final Thoughts After reading this article, you should have a clearer understanding of how to check your bank balance without having to physically go to the bank. Now that you know you can check your bank balance online and in other ways, do it often! People who want to know how to check their bank balance can get great help from Piramal Finance. You can read important blogs about easy business and personal loans, financial products, and solutions here.
08-11-2023
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