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Following-up on my previous post where I illustrated through a real-world example the way to calculate the maturity value and effective yield on a five-year tax saving fixed deposit (FD), I hacked-up a simple Android-application that helps you do the same in an instant wherever you are.
Click here to download the 5-Year Tax Saving FD Calculator Android-application. If you’re adventurous enough, it’s an unsigned .apk file that you can quickly install and run on your Android-phone (I’m still figuring out other mobile platforms). Let me know if you run into any trouble — it should run fine on most Android environments.
- Enter the Amount that you wish to invest in the Tax Saving FD of your choice.
- Enter the Rate of Interest published by your Bank.
- Click on the Calculate button. The Maturity Amount (of maximum interest to you) is auto-computed and shown.
- Choose the Income-Tax bracket that you come under.
- The Effective Annual Yield is auto-computed and shown.
Couple of real-world examples –
Here are two recent advertisements for 5-Year Tax Saving Fixed Deposits. In both cases, I believe that the Effective APY of 17.77% shown in the ad for a Rate of Interest equal to 9.25% is wrong. (unless I am missing something?) The results however do tally for a Rate of Interest equal to 9.75%.
Let me know if you found this application useful.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.