I have kept Fixed Deposit’s (FD) in my mother’s name and the interest is being used for her monthly expenses. I have several of them (different amounts, interest rates, and maturity) and would like to consolidate into one FD. I am also considering FD’s with companies like Shriram Finance etc. So, I want to compute the penalty before going for premature withdrawal of existing FD’s. Also need to consider the higher interest rate of the new fixed deposit to see whether or not it will compensate the premature withdrawal penalty in the long run.
Is there a formula or calculator or Excel spread sheet to do the computation?
Any suggestions and comments will be helpful. All the FD’s are in public sector/nationalized banks. Thanks, Venkatesh.