BusinessFinance

SDP Plan: Make use of SDP Calculator to Plan Your Life

SDP Plan: Make use of SDP Calculator to Plan Your Life

A Systematic Deposit Plan is one of the potent ways to earn substantial returns with the minimum initial investment. Most of its features tend to benefit those who want to generate a steady earning without eroding their principal deposit. However, before applying for an online SDP investment option, individuals should compare the estimated revenue against different maturity periods to pick the most fruitful one.

Meanwhile, to avoid complex calculations and to ease comparisons, individuals should use a systematic deposit calculator online. Subsequently, to make the most of such vital financial tools, individuals should make it a point to learn how to use it accurately.

Steps to use the systematic deposit calculator

  1. Go to the financial institution’s official page.
  2. Look for a systematic deposit calculator.
  3. Enter the suitable customer type, i.e., new customer, existing customer, senior citizen or employee. 
  4. Enter the sum of money you want to deposit as principal amount, minimum being Rs.5,000.
  5. Select a suitable maturity period ranging between 12 months and 60 months.
  6. Select the number of deposits that is convenient.

Once these steps are completed, intending depositors would obtain accurate results about their online SDP investment. You can learn the following details –

  • The prevailing rate of interest.
  • Estimated interest on the deposited amount.
  • The estimated payout for each month.
  • The total amount of payout at maturity.
  • Accrued interest.

Benefits of using the online SDP investment calculator

Here’s how individuals can benefit from using an online SDP investment calculator –

  • Accurate calculations

The said calculator uses a precise formula to calculate the maturity value of a particular Systematic Deposit Plan. This not only eliminates the errors that are common in manual calculations but also simplifies the process significantly. However, it must be noted that the accuracy of such results depends mainly on the information shared by the users.

  • Informs about the prevailing interest rates

Under the online SDP investment plan, varying interests apply which primarily depend on the applicant profile. Some individuals may find it challenging to keep track of such changes. Nevertheless, while using the calculator for a Systematic Deposit Plan, individuals would not be required to input the interest rate of their own.

The reason being, the information is already pre-programmed into the tool and is updated frequently.

  • Convenient to use

Check the maturity value of a Systematic Deposit Plan with ease on the online calculator. The computation process is hassle-free and can be completed within a few seconds. Additionally, individuals would be able to eliminate the scope of making manual errors significantly.

  • Easy to adjust

The best thing about this financial tool is that it enables users to make n number of adjustments to the details provided. This, in turn, helps weigh the effectiveness of different maturity periods and helps the user to opt for the most suitable one.

  • Facilitates financial planning

Being aware of the estimated returns and the maturity value beforehand allows individuals to develop a systematic approach towards savings. Further, it helps them to manage their finances accordingly and also helps utilize the estimated earnings efficiently.

Other than these, by using a systematic deposit calculator individuals would further be able to compare the effectiveness of a Systematic Deposit Plan against other saving options.

SDP V/S other savings options

The Systematic Deposit Plan has multiple benefits over other savings tools like a regular fixed deposit or a savings account.

  • Higher returns

The returns generated through the Systematic Deposit Plan are relatively high when compared to a regular savings account. This would not only help generate more revenue but would also help meet financial goals more effectively.

  • Small principal deposit

Similarly, unlike fixed deposit holders, account holders have to deposit a minimum of Rs.5,000 towards their systematic plan each month. This makes the Systematic Deposit Plan more comfortable to manage and ideal for individuals who do not yet have a lump sum corpus available.

  • Safer savings option

When compared to popular market-linked savings tools, the Systematic Deposit Plan is a safer avenue to park funds. Unlike market-oriented schemes, systematic plans tend to get influenced by market fluctuations and hence, entirely safe for both beginners and risk-averse seasoned individuals.

Hence, by using an efficient calculator online, individuals can compare the impact of different maturity periods on their online SDP investment. In turn, it would help them to plan their deposits smartly and allow them to make the most of their existing financial plan.

Tags

gauravkhanna921

Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at Highlight Story

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close
mersin escort bayan