EMI Calculator

What is EMI ?

An FD is a savings account with a bank where a customer can deposit a lump sum of money for a fixed tenure at a fixed interest rate. Unlike a normal savings bank account, the interest earned is fairly higher. Unlike a mutual fund, the deposit amount and the stated interest rate are both guaranteed.

The FD may have a lock-in period during which the funds cannot be withdrawn without paying a penalty. EMIs are generally considered a low-risk, low-return investment option and are popular among investors in India. Different banks offer different interest rates for EMIs, including different rates for senior citizens. It is important that you research EMIs adequately before committing any large sum of money to a EMI.

What is a EMI Calculator?

A EMI Calculator is a free, online tool that can help you automatically calculate the future value of your EMI investment based on the amount invested, the duration of investment, and the rate of returns offered by the bank. It is a better alternative to manually calculating the maturity amount of an FD. Since it is publicly available online, anyone with a device with internet access can use it to accurately calculate returns on their FD investments.

Nowadays, it is easier to keep a check on changing rates. However, with the discovery of public provident fund calculator, account holders find it easier to find out monthly changes made in interest. In the market, you may find lot of user-friendly EMI Calculators and for choosing trustworthy ones, Groww is simply the option.