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Calculate FD Returns Online In 2022

Did you make a fixed deposit (FD) but don’t know how to calculate the interest rate? Want to find the yearly, quarterly, or monthly interest using an FD return calculator? Well, this is the right place for you to get all your doubts cleared regarding FD and how to calculate returns. In this article, we will shed light on an FD calculator, how to use a fixed deposit interest calculator, and the FD formula to calculate interest. [B-01] What is a fixed deposit and what are its different types? An FD is a scheme offered by your banks where you invest money to get a higher rate of interest. Your money increases over time at a given interest rate. You get the total amount at the end of your maturity period. It is a very safe option where interest rates are consistent with no market-related risks. The interest rate is not affected by any clashes in the market, and you get your guaranteed returns at maturity. There are four broad kinds of fixed deposits: Cumulative fixed deposit In this type of fixed deposit, when you invest your money, your interest gets compounded. You can use an FD return calculator to calculate and analyse your maturity amount. Non-cumulative fixed deposit In this type of fixed deposit, when you invest your money, you get a return based on a fixed interest rate, and you can withdraw that money on a monthly, quarterly, half-yearly, or yearly basis. This can be called your monthly interest, quarterly interest, half-yearly interest, or yearly interest. Standard fixed deposit This is the basic form of FD, where you invest money for a period of 7 to 10 years at a fixed interest rate. Corporate fixed deposit The money you deposit to the non-banking financial companies or the NBFCs is called a corporate FD. You should check the company’s credit rating and take expert advice to make sure your deposits are secure. What are the benefits of investing your money in fixed deposits? You get assured returns even if there are market fluctuations or any crisis. You get good interest rates, which is a big advantage. You get additional tax benefits by making a fixed deposit. In terms of safety and security, you will be assured that your money is in a safe place. In most cases, it acts as a security fund if you ever want to go for a loan. What is an FD return calculator? An FD return calculator is a handy, easy-to-use online software that helps you find the return on the money you deposit. It assists you in calculating the maturity amount that you are going to receive if you invest money at a given interest rate for a set period of time. It also helps you in deciding which bank you should prefer, according to different interest rates, how much money you should invest and the tenure. What are the advantages of using an FD calculator? Some of the exclusive advantages of using an FD return calculator are: Accurate results: FD calculator is an AI-generated software, so the results it provides are accurate and specific. Error-free outcomes: FD calculators, unlike manual calculations, have no chance of making any kind of mistake while calculating your figures. Saves a lot of time: Since it is software, it does the calculations in less than a second, which saves a lot of your valuable time. How to use an FD calculator? Here is a step-by-step guide to let you know the correct way to use an FD calculator. To calculate yearly, half-yearly, quarterly, or monthly interest rates, you have to: Select the amount you want to invest in the FD scheme. Select the tenure (monthly, quarterly, half-yearly, or yearly) according to your preference. Select the interest rate that you have decided on for your fixed deposit. Click on the “Calculate” option, and you will have your results in seconds! You can recalculate to make sure that everything is correct and that you haven’t mistakenly input incorrect values. How is fixed deposit interest calculated? To calculate fixed deposit interest, there are two methods that are widely used: Simple interest This is not a flexible method to estimate your interest rate. The interest rate is always pre-fixed for a fixed period of time. The formula for simple interest is: SI = P×R×T/100 Where P is your principal amount, R is your rate of interest, and T is your time period. For example, if you invest Rs 5000 at an interest rate of 10 per cent for a period of 5 years, then your interest is equal to Rs 2500 and the total amount is Rs 7500. This method is mostly not preferable as it does not give you any handsome returns. Compound interest This is the most widely used method and, in fact, the formula used here is also considered the universal FD formula. A = P (1+r/n) ^ (n * t) Where A is the maturity amount, P is the principal amount, R is the rate of interest, n is the number of compounding frequencies, and t is the time period. For example, if you invest Rs 5,000 rupees at an interest rate of 10 per cent for a period of 10 years, then your total interest would be Rs 7968.71 rupees and your maturity amount would be Rs 12,968.71. [B-02] Conclusion An FD return calculator is a very useful tool to help you in figuring out the right amount of money you should be investing. Different banks and NBFCs provide variable interest rates. Make sure you talk to the bank officials, your advisors, and the people who have been investing in FD and then make an informed decision. Piramal Finance has some highly engaging blogs and articles regarding fixed deposits. Make sure you visit their website to get some valuable content.

08-11-2023

Other

Why and How To Use The PPF Calculator in 2022?

Public Provident Fund or PPF is a profitable scheme that helps you invest money and get valuable returns. Of late, people are finding ways to invest their money risk-free and PPF is one such option. But it might get difficult for you to calculate your interest money regularly without any help. In this case, a PPF interest calculator will help you. Do you know how to use a PPF calculator? If not, then don’t worry because, in this article, we will be discussing everything about a PPF account calculator. You will know about PPF, the PPF calculator, its features and benefits, and how to use it like a pro. [B-01] What is PPF and what are its features? PPF is a small savings scheme which gives you returns once you start investing your money in it. It is a government-assured scheme that came into being in 1968. It is one of the most favourable savings options for people who want to invest without any risks. You can make little savings from your monthly or yearly expenses and invest it here. To calculate your interest regularly, you need to use a PPF interest calculator. Though the returns are not very high, you will still make good profits from it. Features of PPF The tenure of a PPF account is about 15 years, though you can prematurely break it if you are in urgent need of money. The minimum amount you can invest in a PPF account is Rs 500 and the maximum amount is Rs 1.5 lakh. You can only open one PPF account if you are an investor. In some cases, you can open another on behalf of a minor, but as an individual, one person can open only one account. You can open a PPF account if you are a non-resident Indian (NRI) or you belong to a Hindu Undivided Family (HUF). You at least have to make one investment in 15 years to keep your PPF account alive. What are the benefits of a PPF account? There are many benefits, such as: It is a risk-free option which means your principal and the investments you make are safe and secure. The interest you earn from a PPF account is exempted from tax and the principal you deposit is tax-free as well. You can withdraw your money by the end of the 6th year of opening an account, although the lock-in period is 15 years. It is supported by the government, so you don’t have to worry about anything. It allows you to make investments even if you don’t have a lump-sum amount of money. To have a perfect idea about how much money you should invest and how much interest you get in return, you can use a PPF account calculator. This will help you make an informed decision regarding your investment. What is a PPF calculator? The PPF calculator is an online tool that helps you calculate your PPF interest out of the money you invest in your PPF account. The PPF interest calculator is a very easy-to-use, handy, and user-friendly option to look for. You only need your principal money, an interest rate, and a time period to calculate it. How to use a PPF calculator? There is a standard formula to calculate your PPF interest amount and it goes as follows: F = P[({(1+i)^n}-1)/i] Where F is your maturity amount, P is your annual instalments, n is your number of years, and i stands for rate of interest. However, if you manually use this formula to derive your interest amount, it could be difficult to calculate. Therefore, you should use a PPF calculator instead. Since a PPF calculator is already programmed to provide you with your interest money, all you need is to put in your investment details. Here are some steps: Enter your principal money, which should be at least Rs 500 INR but must not be more than Rs 1.5 lakh. The interest rate is already set in some PPF interest calculators as the interest rate is not fixed. For this financial year, the interest rate is 7.1%, which keeps on changing every year. In the tenure bar, put the number of years for which you want to invest. It is 15 years as such, but in case you want to prematurely break your account, you can cut it short. After entering all the details, click on “Calculate” and there you go. You have your interest amount in front of you. Why should you use a PPF interest calculator? Here are some reasons for you to use a PPF calculator: It will help you understand how the account and the interest rate work. It gives you a sketch of how much interest rate you should expect out of the principal you invest. Since interest rates keep on changing, you can use a PPF account calculator frequently to be aware of the recent updates regarding your interest money. It is a time-saving affair, free from errors, which will provide you with precise results. It is free of cost and AI-generated and that means it is dependable. [B-02] Conclusion Investing in PPF is a very safe option and it comes under the “exempt-exempt-exempt” category, which means all your money is free from tax. A PPF account calculator will help you to understand how the whole game works. Do you want to keep reading more on a PPF interest calculator? Well, then visit the official page of Piramal Finance. They have many engaging articles and blogs about all types of investments.

08-11-2023

Mutual Funds

How Can a SIP Calculator Help You in 2025?

Do you want to invest in mutual funds but don’t know where to begin? Want to know more about SIP, market trends, and the best way to calculate your SIP? Do you want to learn how to use a mutual fund SIP calculator and how it could benefit you in 2025? Well, this is the article you need to get your doubts cleared. In this article, you will learn about SIP, how it works, and what its pros are. You will also know why you should use a SIP calculator online instead of using a manual option. [B-01] What is SIP and why should you use it? SIP, also called Systematic Investment Plan, is a popular way of investing in mutual funds. It is an easy way to invest a fixed amount of money at regular intervals and get a good profit. Some people think SIP is a different investment scheme from mutual funds, but in reality, it is a plan to invest in mutual funds. It helps you develop discipline in monetary matters and grows your wealth over time. To know how much you will be gaining from mutual funds by using SIP, you should use a mutual fund SIP calculator. You should follow this path because it allows you to enter the stock market world without entering the high-risk zone. Here are some reasons why you should start looking for SIP: Monetary discipline SIP instills monetary discipline in you, thus preventing you from making bad financial choices. It forces you to make wise choices with the money you have and curbs your extra expenses. Decreases the level of risk It decreases the amount of risk while investing as it is properly structured as per market trends. Now, you can invest in mutual funds without worrying about any sort of risk. High flexibility You can increase or even decrease the amount of money you invest without worrying much about it. This helps you maintain flexibility in your investments and keeps you hassle-free. Experiencing a compounding effect You begin to know the true power of the compounding effect. Suppose, you invest Rs 500 every month for 20 years, you will have Rs. 3.82 lakhs at the end of the 20 years, and this is the compounding effect. Helps in planning Once you know how the market works and how you can bring about significant change through small investments, you can plan your future investments accordingly. This gives you a vision of how much you should expect while investing. To better plan your investments, you should use a SIP calculator online to calculate your mutual fund returns. What is a SIP calculator? A SIP calculator is a tool that helps you calculate your returns from your mutual fund investments. A SIP calculator online also helps you get a clear picture of how much return you should expect after investing a particular amount of money for a fixed period of time. Investment experts suggest that one should keep using a mutual fund SIP calculator now and then. This will help the person keep up with investment updates and market trends. How to use a SIP calculator? A SIP calculator uses a standard formula: F=P x {[(1 + r)n – 1] ÷ r} x (1 + r) Where F is the money you will be getting at the end of your maturity period, P is your principal money, which you invest through the SIP, r stands for your compounded rate of return, and n is your number of years. For instance, if you invest Rs 8,000 every month at an interest rate of 10 percent for the next 10 years, then your total money will be around Rs 16,52,416 using the above formula. To use a SIP calculator online, you need to follow some simple steps: First, enter the weekly or monthly investment amount in the requisite bar. Now, enter the interest rate in the SIP calculator online, that you will be getting from the funds. Enter the number of years/months for which you should be investing your money. Click on “Calculate”, and you will have your mutual fund return amount right in front of your screen. Why should you use a SIP calculator? You can plan your investment more effectively now because you can try different investment amounts and interest rates. You can estimate the correct values of the returns on your investment, ensuring better outcomes. Using a SIP calculator online is a very time-saving option as you get the results in less than a second. It is very handy, effective, easy to use, and user-friendly, which means you won’t have to worry about anything while calculating your mutual fund returns. The results that a mutual fund SIP calculator shows you are 100 percent accurate as it is generated by an AI. [B-02] Conclusion A SIP system improves the quality of your investment and increases your rate of return. It saves time and money for you by incorporating financial discipline. A mutual fund SIP calculator gives you all types of scenarios with your investment options and helps you estimate your interest. Are you looking forward to reading such articles and gaining more knowledge about SIPs, mutual funds, personal loans, and other investment portfolios?

08-11-2023

Personal Loan

Complete Guide to Loan Prepayment Calculator in India

Looking to make a partial prepayment against your Home loan? Does your Home Loan consume a big chunk of your salary? Home Loan Prepayment Calculator will help you to understand the viability of the loan prepayment options. It will give you clarity on what is going to be your revised EMIs after making the partial payment. Calculating the amount manually can be a tedious job, whereas the Home Loan Prepayment Calculator can make the calculations easy. Let’s understand in detail how home loan repayment works, what is Home Loan Eligibility Calculator and how to use it. We will also check the advantages of the Home Loan Prepayment Calculator, and things to consider before making a home loan prepayment in India. [B-01] What is Home Loan Prepayment? “Prepayment of home loan” means paying off a mortgage loan before its agreed-upon term. Prepayment might lighten your financial stress. Prepayment of a loan reduces the EMI or shortens the loan term. It reduces interest and saves money. The total interest amount increases as the loan term increases, partially prepaying the amount can reduce your debt load. Prepayment can cut interest rates and shorten repayment durations. Your monthly loan payments will be substantially lower. If you’re considering a prepayment, a prepayment calculator can help. Check the following points to understand what the home loan prepayment calculator requires: Principal Amount: The principal amount is the sum of money you borrowed from the lender. Outstanding loan amount: It is the balance you have with the lender. Balance Tenure: The balance tenure is the total number of outstanding EMIs. Part Payment Amount: The part payment amount is the portion of the outstanding loan balance that you want to pay. Three times the EMI is the required minimum part payment amount. How Does a Home Loan Prepayment Calculator Work? A prepayment calculator will help you figure out how much you can save by paying off your loan early. A home loan prepayment calculator is a useful online tool for calculating the impact of prepaying your loan. Keep these four key things in mind, when you decide to prepay the loan. Most online calculators will help you with all four of them. The share or total sum of EMIs put away Amount of the next EMI payment due Total recalculated EMI Term of Loan Revisions Through this method, you can calculate your new EMI and your potential for savings. To do the calculations, you need to fill in your loan information, which consists of – Existing Loan Balance Repayment Terms Inflationary Interest Rate How to Use the Prepayment Calculator for Home Loans? Let’s now examine how this tool functions. To demonstrate this, let’s use the following integers as an example: Rs. 20 lakh is the loan amount (principal). Duration: 20 years The interest rate is 9% annually. You may check that your EMI without any advance is Rs. 17,995 by using an EMI calculator. Let’s assume that you prepay Rs. 1 lakh now. Your current EMI is Rs. 17,095. This is a monthly savings of 5% on the EMI of Rs. 900. You can also decide to shorten your tenure while keeping your EMIs at Rs. 17,995. You can learn how to pay off your loan much more quickly by using this calculator. Things to Consider Before Prepaying Your Loan Do keep the following factors in mind, before planning to prepay a loan: Required funds in the future Before making a prepayment, you should also think about your future financial needs. Your funds will be gone once you pay off your loan in advance, which is typically the extra money. Before you decide, be certain that you are aware of your financial need. Tax reductions You cannot receive income tax advantages if you pay back your loan. Currently, Section 80C allows you to claim a tax exemption of up to Rs 1.5 lakh per year on principal amount repayment. Additionally, you may seek an exemption from Section 24 interest payments of up to Rs 2 lakh (b). Additionally, In the Union Budget for 2021–22, the Finance Minister also increased the benefits of Section 80 EEA, allowing an additional deduction of Rs. 1.5 lakh on interest. (more than the Rs 2 lakh permitted under 24b). Check savings after paying If you can save enough on your interest amount then only you should think about prepaying your loan. You could avoid prepaying your loan if you are not saving a sizable sum. For example, the interest component of your EMI is significantly lower in the later years of a home loan than it is in the early years. Therefore, you won’t save much if you prepay the debt during the last years of the loan. Possibilities for investment The savings you’ll get from prepaying the loan should be compared to the profits on any other investment possibilities you may have. It is preferable to invest your money if the returns are higher than to use it to pay off your loan early. Advantages of Home Loan Prepayment Calculators To make sure you are making an informed choice, use a home loan prepayment calculator. It can help you manage your finances effectively and determine your affordability. If the prepayment is within your means, it might lessen your financial burden by decreasing your overall debt, EMIs, and even the total amount of interest accrued. Eligibility for Prepayment of a Loan As long as the lender accepts it, anyone can make a full or partial payback on their outstanding debt. Some lenders forbid prepayment since it could result in losses for them. Checking the prepayment clause before you sign your home loan agreement is crucial. You can also use the Home Loan Eligibility Calculator to check your eligibility. Do check if your bank charges any fees for early loan payback. [B-02] Conclusion Home Loan Prepayment Calculator is an online tool that calculates monthly EMI for your loan and helps to check if the repayments that you make every month can help you shorten the loan tenure. It will help to know how much you will save by paying off the home loan early. Whether prepaying the loan is the best choice for you or not should be determined carefully by yourself. Visit the official website of Piramal Finance to get in-depth knowledge of prepayment calculators. Do check their informational financial articles along with other products and services they deal in.

08-11-2023

GST

GST Calculator: How to Calculate GST Amount Online?

Want to know more about GST and the ways to calculate it? Want to find ways to calculate the GST amount online? Interested in knowing how to use a GST calculator online? Well, then this article will help you skim through it. In this article, you are going to learn about GST, the formula to calculate it, and how to use a GST calculator. [B-01] What is GST and What are its Broad Types? GST, or Goods and Services Tax, is a form of indirect tax that you pay while buying goods and services. This tax is included in the goods and services you purchase. A GST calculator online can help you calculate the GST amount. The GST Act was passed and approved by the Indian Parliament on March 29th, 2017. It was introduced to bring all the indirect forms of taxes under one roof. This made it easier for the government to administer the total tax fund. It put a full stop to black marketing and hoarding. It helped bring uniformity to the country’s taxation system. Furthermore, it reduced taxes on certain goods and services, which benefited the general public. It reduced the logistics costs by abolishing all the border taxes. Let us discuss the various types of GST (Goods and Services Tax) Types of GST In total, there are four types of GST collected by the government, and they are: CGST / Centre GST: This GST is charged by the central government of India on all the goods and services you purchase. SGST / State GST: This GST is charged by the state government on all the goods and services you purchase. UTGST / Union Territory GST: This GST is charged by the union territory government on all the goods and services you purchase if you belong to any of the union territories. IGST / Integrated or Combined GST: This GST is charged by both the central government and the state government on all the goods and services you purchase. What is a GST Calculator? A GST calculator is a tool that helps you calculate the price of gross or net products. It is an online calculator that is already programmed to compute the GST amount. Manufacturers, wholesalers, retailers, and users can use this online, AI-generated software to calculate the tax amount. What Are the Benefits of Using a GST Calculator Online? There are many advantages to using a GST calculator, and these are some of them. Easy to use: GST calculators are very user-friendly and easy to use. The calculators that are available online do not require any effort, you just have to enter the figures to calculate the final amount. Time-saving: All the GST calculators online save your time to a great extent. You don’t even have to wait a second to get the results. They show the tax numbers in no time. Free from human error: Precision is another huge advantage of using a GST calculator online. Unlike manual calculations that turn out to be tedious at times and can give wrong results, these online calculators give you accurate results. Bifurcated values: The GST calculator online gives you bifurcated values, which means it gives you a separate value for CGST and SGST, respectively. What is the Standardised Formula to Calculate Goods and Services Tax? According to the GST Act of 2017, there are two formulas for two different situations. The first situation is for the GST inclusive amount. Here, the GST inclusive amount is the sum of the original price of the product or service and the GST. The second situation is for the GST exclusive amount. Here, the GST exclusive amount is obtained by not adding the GST amount to the original price of the product or service. For the goods and services where GST is included: GST = cost of the goods or services × GST%/100 It is the cost of goods or services multiplied by the GST percentage divided by 100. So, net price = Cost of the goods or services + GST amount. For example, if the original price of a good or service is 5000 rupees and the GST rate is 5%, then by using the above formula, the GST is equal to 250 rupees, and the total amount including GST becomes 5250 rupees. For the goods and services where GST is excluded: GST = Original cost – [Original Cost × 100/100+GST%] For instance, if the original price of a good or service is 5000 rupees and the GST rate is 5%, then by using the above formula, the GST amount is equal to 238.10 rupees, and the total amount excluding GST equals 4761.90 rupees. So, net price = Cost of the goods or services – GST amount How to Use a GST Calculator Online to Calculate Goods and Services Tax? There are two simpler steps to follow to calculate the GST online. The first step is to enter the original price of the goods and services. The second step is to enter the product or service’s GST percentage. After entering these two numbers, you just have to click on the “calculate” button. The GST calculator shows you the GST amount in no time. [B-02] Conclusion A GST calculator is a very handy and easy-to-use device that will help you get the GST value of the products and services you are buying. The GST percentage values are fixed at 0.25%, 3%, 5%, 12%, 18%, and 28%. Another thing to notice is that in the case of reverse charging, 18% GST is charged, but the GST calculation method remains unchanged. You should be aware of the category (GST inclusive amount or GST exclusive amount) while using a GST calculator to calculate the GST amount. Visit the official website of Piramal Finance to understand how to calculate the GST online. Read their well-researched blogs, and do not forget to explore their products and services.

08-11-2023

Other

How Does the Online Gratuity Calculator Work in India?

Want to know how to make use of a gratuity calculator in India? Curious about how it functions and how to calculate gratuity? Well, then you are in the right place. The gratuity calculator calculates the amount of gratuity you will receive after working for the same company for 5 years and then leaving. Let’s discuss in detail the gratuity, the formula for calculating the gratuity, the gratuity calculator online, and more. [B-01] What is Gratuity? It is a simple cash benefit that you receive from your employer in return for the services you provide to them. You have to work for a company for a minimum of 5 years or more to receive a gratuity fund. This is given as a token of appreciation for your commitment to your profession and your contribution to the job. You can also receive your gratuity fund if you are terminated from your job or if you are retired. A gratuity fund is usually given after retirement, resignation, or termination from a job in India. This keeps piling up in your total funds, which you receive collectively from your employer. The rules and regulations work according to the Gratuity Act of 1972. What is a Gratuity Calculator Online? A gratuity calculator is a device that helps you calculate the gratuity money that you are going to receive after your retirement or resignation. The gratuity calculator online uses a standard gratuity formula to help you estimate your gratuity fund. There are various rules on how to calculate the gratuity fund, and you have to keep certain things in mind beforehand. What is the Formula to Calculate Gratuity? According to the Indian Gratuity Act of 1972, there are two categories for which gratuity calculation is done. Category 1 – Employees who come under the Act. This formula is based on two important points: (a) the number of years of service to the company and (b) the last salary. This is how a gratuity calculator in India calculates the gratuity fund. Gratuity = Last salary drawn × 15/working days ×Number of service years [The standard number of working days for this category is 26 days.] Here, the last salary you drew from your bank account is multiplied by 15 and divided by the number of working days and the number of service years. One doubt you might have about the number 15. This is because the gratuity fund is always calculated at the rate of 15 days’ wages. Also, the last-drawn salary is not only the basic pay you get from your employer. It also includes your dearness allowance (if you work for the government) and the commission you get from your employer. For instance: if your last drawn salary is 20 thousand INR and you have drawn it for 5 years, then by using a gratuity calculator online, your gratuity fund sums up to: GF = 20,000×15/26×5 = 57,000/-(approximately) Here are your estimated work days in a month: 26. Category 2 – Employees who do not come under the Act. In case you are not covered under the act, you are still going to get your gratuity fund. But, there is a slight change in the gratuity formula. Instead of 26 days of work, your number of days of work will be marked as 30 days. So, the gratuity formula remains the same in this case. Gratuity = Last salary drawn × 15/Number of working days×Number of service years [The standard number of working days is 30 days for this category.] For instance, if your last drawn salary is 20 thousand rupees and your number of years of service is five, then the gratuity calculator online calculates your gratuity fund as follows: GF= 20,000 × 15/30 × 5 = 50,000/- Here, the only difference is that your working days are marked as 30 days. How to Use a Gratuity Calculator Online? Here are two simple steps to follow to use a gratuity calculator online: Enter your last drawn salary, your dearness allowance, and your recent commissions. In case, you don’t have a dearness allowance or a commission, enter only your last drawn salary. Enter the number of years of service you have given to the company. The software then instantly calculates your gratuity fund in no time. In case, you do not come under the first category, use a separate category gratuity calculator online to calculate your gratuity. Benefits of the Gratuity Calculator Easy to use: The gratuity calculator online is a simple device that is programmed for user convenience. You don’t have to do anything except put your figures in the software, and it calculates them in no time. Quick results: It is a very time-saving affair, as it gives you your estimates in seconds. You don’t have to wait for the estimated fund, you get your figures in seconds. Precision: It gives you precise results as well, and this is because it is generated by an AI. What are the Gratuity Taxation Rules? There are some rules regarding gratuity taxation in India, and they are as follows: The amount of gratuity you receive in case you are a government employee is excluded from the income tax. The tax-excluded gratuity amount that you claim to the employer cannot exceed 20 lakhs rupees. It is therefore important to be careful while using a gratuity calculator online. Make sure you keep all these things in mind while calculating your gratuity estimate. [B-02] Conclusion At times you need a gratuity calculator in India at your convenience to estimate your gratuity periodically. This will help you know the gratuity amount in case you resign or retire from your job. An easy-to-go software option could be really helpful to provide you with precise estimates. While you calculate your gratuity funds, make sure you are aware of the category you belong to. Check the official website of Piramal Finance to understand the online gratuity calculator. You can also read their blogs on various topics and check out the products and services they offer.

08-11-2023

FD Calculator: Calculate Your FD Interest Easily

Created a fixed deposit but don’t know how to calculate the interest rate? Want to find the yearly, quarterly, or monthly interest using an FD calculator? Well, this is the right place for you to get all your doubts cleared regarding FD and its calculation methods. In today’s article, we will throw some light on an FD calculator, how to use a fixed deposit interest calculator and the standardised formula to calculate the interest rate. [B-01] Fixed Deposit and its Types A fixed deposit or an FD is a scheme offered by your banks where you invest money to get a higher rate of interest. Your money increases over time at a given interest rate over time. You get the total amount at the end of your maturity period. It is a very safe option where interest rates are consistent with no market-related risks. The interest rate is not affected by any sort of market clashes and you get your guaranteed returns at maturity. There are four broad kinds of fixed deposits and they are: Cumulative Fixed Deposit: In this type of fixed deposit, when you invest your money, your interest gets compounded. You can use an FD calculator to calculate and analyse your CFD. Non-cumulative Fixed Deposit: In this type of fixed deposit, when you invest your money, you get a fixed interest rate and you can withdraw that money on a monthly, quarterly, half-yearly, or yearly basis. This can be called your monthly interest, quarterly interest, half-yearly interest, or yearly interest. Standard Fixed Deposit: This is the basic form of FD where you invest money for a period of 7 to 10 years at a fixed interest rate. Corporate Fixed Deposit: The deposit you carry out with non-banking financial companies or the NBFCs is called a corporate FD. You should check the company’s credit rating and take expert advice to make sure your deposits are secure. Benefits of Investing in Fixed Deposits The fixed deposit has various benefits, read to know them: You get assured returns irrespective of any crisis or market fluctuations. You get promising interest rates, which is a big advantage. You get additional tax benefits by creating a fixed deposit. In terms of security, you will be assured that your money is in a safe place. It acts as collateral in most cases, if ever you want to opt for a loan. What is an FD Interest Calculator? An FD interest calculator is a handy, easy-to-use online software that helps you find the interest out of the money you invest. It assists you to calculate the maturity amount you are going to receive if you put your money at a given interest rate for a set period. It also helps you decide which bank you should prefer according to different interest rates, how much money you should invest and the tenure. Through FD Calculator Monthly Interest calculation becomes easy. What are the Advantages of Using an FD Calculator? Some of the exclusive advantages of using an FD interest calculator are: Accurate results: FD calculator is AI-generated software, so the results it provides are accurate and specific. Error-free outcomes: FD calculators, unlike manual calculations, have no chance of making any kind of mistake while computing the final figures. Saves a lot of time: Since it is software, it does the calculations in less than a second which saves a lot of your valuable time. How to use an FD Calculator? Here is a step-by-step guide explaining how to use FD Calculator Monthly Interest along with yearly, half-yearly, and quarterly rates. Select the amount you want to invest in the FD scheme. Select the tenure (monthly, quarterly, half-yearly, or yearly) according to your preference. Select the interest rate that you have decided on for your fixed deposit. Click on the “CALCULATE” option and here you have your results in a second. You can recalculate the same to make sure that everything is correct and that you haven’t mistakenly put incorrect values. How is Fixed Deposit Interest Calculated? To calculate fixed deposit interest, two methods are widely used: Simple Interest This is not a flexible method to compute your interest rate. The interest rate is always pre-fixed at a fixed period. The formula for Simple Interest, SI is: SI = P×R×T/100 where P is your principal amount, R is your rate of interest, and T is your time period. For example, if you invest 5000 rupees at an interest rate of 10 percent for a period of 5 years, then your interest is equal to 2500 rupees and the total amount is 7500 rupees. This method is mostly not preferable due to its rigid nature and fewer returns. Compound Interest This is the most widely used method and in fact, the formula used here is also considered the universal FD formula. A = P (1+r/n) ^ (n * t) where A is the maturity amount, P is the principal amount, R is the rate of interest, n is the number of compounding frequencies, and t is the time period. For example, if you invest 5,000 rupees at an interest rate of 10 per cent for a period of 10 years, then your total interest would be 7968.71 rupees and your maturity amount would be 12,968.71 rupees. [B-02] Conclusion An FD interest calculator is a very useful tool to help you understand the interest that you will receive on your monthly investment. Different banks and NBFCs provide variable interest rates. Make sure you talk to the bank officials, your advisors, and the people who have been investing in FD, and then make an informed decision. You can also refer to the official website of Piramal Finance to understand about FDs in detail. Go through the various informative articles posted by them and check their products and services.

08-11-2023

Other

How to Calculate Land Area

Looking for land to purchase but worried about how accurately to measure it before buying? The land area calculator will help you to calculate the same. Land area is measured differently across India’s many states. Find a common international measurement system that corresponds to the state’s local land measurement term. Land calculators on the internet make it easy to get an exact measurement. Read this article to learn about the methods of calculating or measuring land. Importance of Measuring a Land Many techniques exist for accurately surveying both small and large, erratic plots of land. Some approaches are straightforward and based on elementary geometry, while others are more involved and could make use of global positioning system (GPS) data and satellite photos. This piece explores the various tools and methods at the surveyor’s disposal. Before purchasing land, it is important to construct a boundary wall, and settling a boundary wall dispute with a neighbor is important. Getting an accurate measurement of the land is also important. We can take the necessary measurements and calculate the results using only the geometry we learned in high school. If, however, the land in question has a peculiar shape or if you intend to acquire a very large plot of land, say, a farm that is several miles across, then you need to use the advanced technique. How to Measure a Land or Plot Area The methods for measuring land are listed below. Check them out: Calculate using Geometric Method The geometric method involves surveying and plotting the irregularly shaped plot over a sheet of graph paper. The land is broken up into geometric shapes whose areas may be calculated mathematically. To fill up a map, one begins with the largest geometric figure that can be drawn neatly, then works their way down to ever smaller ones. The areas of each of them are determined, and their sum provides the total area. For example: Area of Rectangle: Length × Breadth Area of Square: Length × Length Triangle Area = 1/2 Base Height Area of Trapezium: 0.5 × (Length 1 + Length 2) x Height Using these formulas, you can calculate the correct area. Calculate Using Planimeter on Map You can get a little tool called a planimeter if you need to measure the size of a flat section in a 2D diagram. All shapes, both regular and irregular, can be accurately measured using this apparatus. Just flip it wherever you need to and run the end pin along the area’s perimeter to get an accurate reading. It can easily move in any direction because of its flexible connectivity. To make use of a planimeter, you must first acquire a map or aerial snapshot of the area. Google Earth, Wikimapia, and other programs now provide access to high-resolution satellite images. After measuring the lengths and angles of the various lines with a planimeter, you may use that information to create your own map. The Issue of Scale May Arise The area will be reported on the planimeter’s own scale, usually expressed in square meters, so you’ll need to do some converting before proceeding. With the knowledge of the map’s scale ratio and a known area on the map, you may determine the area of a small square drawn anywhere on the map. Finally, you get an assessment by running the planimeter across it. If your planimeter reads 1.5 square meters, but your square is 300 square feet, then 1 m2 is 200 feet square. With this in mind, to convert the planimeter’s final reading in square meters to square feet, just multiply the metric value by 2. Calculate By Using Measuring Wheel You can also use a measuring wheel to get a rough estimate of the size of the area. For the most part, it functions similarly to a planimeter. All you need to do is walk around the perimeter of the area to get an accurate reading. Make sure you follow the above-given instructions at the exact location. Created in the form of a single bicycle wheel, it must be rolled to all of the property lines to obtain an accurate measurement. When you get to the starting point, it shows the current reading in the units you chose. Calculate By using Graph Paper You can use graph paper to superimpose a map on a transparent sheet, or you can take a photostat on a slide of clear plastic. Once that’s done, it can be clamped over a sheet of graph paper of the appropriate size. Given that we know the area of every square in the graph, the area can be calculated by counting the squares and multiplying that number by the map’s scale. Calculate Using GPS GPS, which stands for “global positioning system,” is a network of satellites that, when used with a portable receiver, can pinpoint your exact location. It is useful for calculating the area of large tracts of land by first traveling to their extremes and noting their coordinates. Calculate Using Aerial Photographs A planimeter or graph paper with the appropriate scale can also be used to measure land areas seen in aerial images. For land surveys, these are a must-have. If the terrain is marked clearly or has good contrast, this is a really helpful tool. Conclusion The purpose of this article is to give a comprehensive examination of land area calculators. Whether you’re setting out small or large plots of land or buying a new house, you’ll need to know how much space you have. Land calculators help you calculate the area of land in acres. Before investing, it is also important to be aware of the land area. To understand more about land area calculators, do not forget to visit the official website of Piramal Finance. Read their informative articles on various topics and check out the different products and services they offer.

08-11-2023

Other

What is Gratuity and How To Calculate It?

Gratuity is an amount paid to the employee by their employer in return for the services provided by them. Not every employee is entitled to receive gratuity. Employees who have served the company for 5 years or more receive it. However, one can receive gratuity before 5 years in case the employee gets disabled in an accident or due to a disease. The amount of gratuity received depends on the last drawn salary and the number of years you have worked for the organisation. The rules are set by the Payment of Gratuity Act, 1972. Further in the article, we will learn the gratuity calculator formula in 2022 and other important details regarding it. [B-01] What is a Gratuity Calculator? A gratuity calculator is a tool to find out the amount of gratuity you are entitled to receive. This can help in planning your future finances in case of retirement or if you are planning to quit the job. Various factors affect gratuity calculation. Factors like years of service and the last salary drawn. The amount of gratuity also differs from employee to employee as the salaries of individuals are different. Advantages of Using a Gratuity Calculator There are many benefits of using a gratuity calculator in India. It helps you in determining the amount your employer owes you for the service provided by you. A gratuity calculator takes away the burden of calculating it manually. It saves time and you can do it from the comfort of your home. A gratuity calculator also helps in planning your finances and meeting your goals. Eligibility Criteria for Payment of Gratuity Certain factors make you eligible for gratuity. You need to meet the following criteria. You should be eligible for superannuation. You have resigned from the job after working there for 5 years continuously. You can receive a gratuity before 5 years of service in some cases. This includes disablement or death in an accident or due to a disease. In case of death, the nominee receives a gratuity. You don’t work full-time for any other employers. Gratuity Calculation Formula 2022 The number of years an employee has worked for the same organisation plays an important role in calculating gratuity. If a person has worked for 12 years and 7 months, his number of years will be rounded off to 13 years. And if the person has worked for 12 years and 4 months, then the rounded-off figure will be 12 years. There are two categories of gratuity calculation. The first is for employers who are covered under the Gratuity Act. The second is for employers who are not covered under the Gratuity Act. Employers covered under the Gratuity Act Gratuity calculator fomula 2022: Gratuity=n*b*(15/26) n= Duration of employment b= Last basic salary + dearness allowance 26 is the number of working days. Gratuity is calculated at the rate of 15 days’ wages. Example: If the number of years of service of an employee is 10 years and the last salary withdrawn along with dearness allowance is Rs. 1 lakh. Then, the gratuity will be calculated as: 10100000(15*26)=5,76,923 Employers are not covered under the Gratuity Act Gratuity calculator formula 2022: Gratuity=n*b*(15/30) n= Duration of employment b= Last basic salary + dearness allowance Taking the same values as the above example. The gratuity will be calculated as: 10100000(15/30)=5,00,000 When a company isn’t covered under the Gratuity Act, then they are not liable to pay the gratuity to its employees. In cases where they want to pay the gratuity, the amount is based on half a month’s basic salary for every year. Taxation Rules for Gratuity The amount received in gratuity is taxable. However, the Income Tax Act does provide some exemptions. It is considered as ‘Income from Salary’ while filing the taxes. A government employee can avail full tax exemption. For the non-government employee of an organisation covered under the Gratuity Act, the tax exemptions can be claimed on the minimum amount of the following: Maximum limit of Rs. 20 lakh Last basic salary x years of employment x 15/26 Amount of gratuity received In cases where the non-government employee of an organisation is not covered under the Gratuity Act, the exemptions can be claimed on the minimum amount of the following: Maximum limit of Rs. 20 lakh Half a month’s average salary x years of employment Amount of gratuity received [B-02] Conclusion Gratuity is an important part of an employee’s working life. They are entitled to this amount in exchange for the services they have provided. It helps them when they retire or leave their jobs. However, calculating gratuity manually can be a bit difficult. So, the gratuity calculator formula used online can be helpful and accurate. For more of your finance queries and solutions, visit us at Piramal Finance.

08-11-2023