Fixed Deposit Interest Calculator
Best Fixed Deposit Interest Calculator Singapore
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Fixed Deposit Calculator
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How to calculate fixed deposit interest ?
Fixed Deposit Account or Time Deposit Account is some what similar to a normal Saving Account . It provide the saver a guarantee Fixed Interest Rate Return associated to a Contracture Tenor Period.
Tenor Period normally range between 1 week to 60 months. After the Tenor Mature , the saver will get both the guaranteed principal deposited and guaranteed Fixed Interest Rate Return .
The Only Difference between a Fixed Deposit & a Normal Saving account is. If the Saver withdraw Funds from the Fixed Deposit Account before maturity . Penalty will be imposed.
Fixed Deposit Interest Calculation :
The Formulae use for Fixed deposit calculation is :
R=PrT
R= Return on Interest
P= Principal
r=Interest Per Annum
T= Tenor ( Months or Years)
Example :
You are placing S$20,000
For 8 Months
With an annual Interest Rate of : 1.2%
Return of Interest = [S$20,000 X ( 8 /12 months ) X 1.2%]/ 100
Return Of Interest = S$160