A Fixed Deposit (FD) with the Bank of India (BOI) is a popular investment option that offers guaranteed returns and safety for your savings. Unlike a savings account where funds can be withdrawn anytime, an FD requires you to deposit a lump sum for a predetermined period, known as the tenure, at a fixed interest rate. In return, BOI offers a higher interest rate than a regular savings account.
When you open a BOI FD, you specify an amount (the principal) and the duration for which you want to invest. The bank then pays you interest on this principal amount at the agreed-upon annual interest rate for the entire tenure. At the end of the tenure, you receive your original principal back along with the accumulated interest, which is the maturity amount.
The calculation of the maturity amount depends on the compounding frequency. BOI typically compounds interest quarterly, meaning that the interest earned is added to the principal every three months, and subsequent interest is calculated on this new, larger sum. This compounding effect helps your investment grow faster over time.
Our Bank of India Fixed Deposit Calculator simplifies this process. By entering the principal amount you wish to deposit, the annual interest rate offered by BOI, and the desired tenure in months, the calculator will accurately estimate your total maturity amount, including the principal and the earned interest. This tool is invaluable for financial planning, helping you understand the potential growth of your investment and make informed decisions about your savings.
function calculateBoiFd() {
var principal = parseFloat(document.getElementById("principal").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var tenureMonths = parseInt(document.getElementById("tenureMonths").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(principal) || principal <= 0) {
resultDiv.innerHTML = "Please enter a valid principal amount.";
return;
}
if (isNaN(interestRate) || interestRate < 0) {
resultDiv.innerHTML = "Please enter a valid annual interest rate.";
return;
}
if (isNaN(tenureMonths) || tenureMonths <= 0) {
resultDiv.innerHTML = "Please enter a valid tenure in months.";
return;
}
var ratePerAnnum = interestRate / 100;
// BOI typically compounds quarterly.
var n = 4; // Number of times interest is compounded per year
var t = tenureMonths / 12; // Tenure in years
// Formula for compound interest: A = P(1 + r/n)^(nt)
// Where:
// A = the future value of the investment/loan, including interest
// P = the principal investment amount (the initial deposit or loan amount)
// r = the annual interest rate (as a decimal)
// n = the number of times that interest is compounded per year
// t = the number of years the money is invested or borrowed for
var maturityAmount = principal * Math.pow(1 + (ratePerAnnum / n), n * t);
// Round to two decimal places for currency
maturityAmount = maturityAmount.toFixed(2);
var earnedInterest = (maturityAmount – principal).toFixed(2);
resultDiv.innerHTML = "Maturity Amount: ₹" + maturityAmount + "Earned Interest: ₹" + earnedInterest;
}