Reserve Bank of India (RBI) proposed that payment of interest on savings bank accounts by scheduled commercial banks would be made on a daily product basis with effect from April 1, 2010. This means that you will earn interest every day!
Keeping this in mind, say you need to buy high end 3D LED TV which cost you Rs 3,39,150 and you do not want to use EMI option and you have enough balance in your bank and you have credit card.
It is advisable to use credit card after billing is done so you shall get 45 days of time (may be lower/higher depending upon your bank and card) without any interest. So now you would be gaining Rs 1,672 for 45 days if the same amount kept in a bank ( assuming interest rate of 4% ).
If you do not have credit card, you can use it to postpone your huge purchases or check how much can earn daily!
"SB Interest Calculator" helps you to find how much interest amount you can earn based on number of days.
Retirement/401k Calculator - Calculates how much your 401(k) plan will accumulate at retirement, by putting in certain percentage of your salary each month into the plan.
TVM calculation - Computes future value of money based on periodic, constant payments with fixed interest rate at different compounding intervals.
Moreover, it gives options to:
- Present calculation in USD as well as in other commonly used currencies around the world.
- Text (SMS) calculation results to any mobile phone.
NOTE: For a complete range of financial calculations, see our comprehensive iQuick Calculator Pro.
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From the four basic concepts of any investment (amount, time, interest rate and taxation), it´ll help you understand which is your best option, and allowing you to run different scenarios by modifying any of the 4 parameters, presenting you with new alternatives.
The application includes a feature that will easily allow you to switch between APR (Annual Percentage Rate) and EAR (Effective APR Rate).
You also have a dynamic information icon, which enables context-sensitive help, which will provide assist at any time, and that will solve any doubts you may have while using the tool.
In addition, Versatile Savings Pro, provides you additional granularity and a powerful graphic display of the results. It´ll also include in the result parameters as taxes, inflation, etc. The application will also provide guidance to assist you with making the best decisions to ensure you get the best return out of your money.
To give more flexibility to the application it’s available in the following languages: English, French, Dutch, Italian, Spanish, Norwegian and Catalan.