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Fixed Deposit Calculator

FD Interest Calculator Online Dec 2020

Last Updated 04th Dec 2020

RBI keeps Repo Rate unchanged at 4%

An FD calculator calculates the maturity value of the deposited amount. You can use the online FD calculator to know about the returns on your investments based on following factors.

  • Deposit Amount – This is the amount which you invest once in your FD account. Minimum deposit amount should be ₹ 1,000.
  • Interest Rate – FD rates vary depending upon deposit tenure.
  • Deposit Tenure – Maturity value also depends on the period for which you invest your money in FD. Generally, FD tenure ranges from 7 days to 10 years.
  • Interest Compound Frequency – This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.
FD Maturity Calculator
Investment Offers with High Returns offerOffers
Bank/NBFCs Rate Tenure Action
Bajaj Finance FD6.85%60 MonthsAPPLY
PNB Housing Finance FD6.95%120 MonthsAPPLY
DBS Bank Savings Account5.00%N.A.APPLY

FD Interest Rates Calculator in India

Bank Interest Rates FD Tenure
SBI Fixed Deposit 2.90% - 5.40% 7 Days - 10 Years
HDFC Bank Fixed Deposit 2.50% - 5.50% 7 Days - 10 Years
ICICI Bank Fixed Deposit 2.50% - 5.50% 7 Days - 10 Years
Axis Bank 2.50% - 5.50% 7 Days - 10 Years
ICICI Home Finance 6.00% - 6.50% 12 Months - 120 Months
Kotak Bank 2.50% - 4.90% 7 Days - 10 Years
PNB Housing Finance 5.90% - 6.70% 12 Months - 120 Months
IDFC First Bank 2.75% - 6.00% 7 Days - 10 Years
Bank of Baroda 2.80% - 5.25% 7 Days - 10 Years
Citibank 2.75% - 3.75% 7 Days - 1825 Days
IDBI Bank 2.90% - 5.10% 7 Days - 20 Years
Indian Bank 2.90% - 5.15% 7 Days - 10 Years
Indian Overseas Bank 3.40% - 5.25% 7 Days - 10 Years
OBC 3.00% - 5.25% 7 Days - 10 Years
PNB 3.00% - 5.25% 7 Days - 10 Years
HDFC 5.85% - 6.25% 33 Months - 66 Months
Allahabad Bank 2.90% - 5.15% 7 Days - 10 Years
Andhra Bank 3.00% - 5.40% 7 Days - 10 Years
Bank of India 3.25% - 5.30% 7 Days - 10 Years
Bank of Maharashtra 3.00% - 4.90% 7 Days - 10 Years
Canara Bank 2.95% - 5.50% 7 Days - 10 Years
Central Bank of India 2.75% - 5.00% 7 Days - 10 Years
Punjab and Sind Bank 3.10% - 5.25% 7 Days - 10 Years
UCO Bank 2.75% - 4.85% 7 Days - 10 Years
Union Bank of India 3.00% - 5.40% 7 Days - 10 Years
United Bank of India 3.00% - 5.25% 7 Days - 10 Years
IndusInd Bank 3.25% - 7.00% 7 Days - 10 Years
Karur Vysya Bank 3.50% - 5.65% 7 Days - 10 Years
RBL Bank 3.25% - 6.95% 7 Days - 20 Years
Yes Bank 3.50% - 7.00% 7 Days - 10 Years
HSBC Bank 2.25% - 4.00% 7 Days - 60 Months
Standard Chartered Bank 2.50% - 5.60% 7 Days - 5 Years
LIC Housing Finance 5.50% - 5.60% 18 Months - 5 Years
Corporation Bank 3.00% - 5.40% 7 Days - 10 Years
Syndicate Bank 2.95% - 5.50% 7 Days - 10 Years
DCB Bank 4.75% - 6.95% 7 Days - 120 Months
Dhan Laxmi Bank 3.50% - 5.60% 7 Days - 10 Years
Karnataka Bank 3.40% - 5.70% 7 Days - 10 Years
South Indian Bank 3.50% - 5.50% 7 Days - 10 Years
Federal Bank 2.50% - 5.50% 7 Days - 4 Years
Jammu And Kashmir Bank 3.00% - 5.30% 7 Days - 10 Years
Lakshmi Vilas Bank 3.60% - 7.00% 7 Days - 10 Years
Bajaj Finance 6.10% - 6.60% 12 Months - 60 Months
DBS Bank 2.50% - 5.50% 91 Days - 10 Years
Bandhan Bank 3.00% - 6.00% 7 Days - 10 Years
AU Small Finance Bank 3.75% - 6.75% 7 Days - 120 Months
Ujjivan Small Finance Bank 3.05% - 6.50% 7 Days - 10 Years
Equitas Small Finance Bank 3.60% - 7.00% 7 Days - 10 Years
Fincare Small Finance Bank 3.00% - 6.50% 7 Days - 84 Months
Jana Small Finance Bank 3.00% - 7.50% 7 Days - 10 Years
ESAF Small Finance Bank 4.50% - 6.50% 7 Days - 3653 Days
India Post Office 5.50% - 6.70% 7 Days - 5 Years

Fixed Deposit Interest Calculator

Deposits are of two types – periodic interest payout and cumulative.

Periodic Interest Payout - In this option, you would receive a fixed interest at the end of every period (say, a quarter). The interest amount would remain unchanged through the tenure of the FD. Entire principal would be repaid at the end of the period.

Cumulative deposit - You may remember having studied “compound interest” in middle school. Say, you place a deposit of ₹ 10,000/- with Bank A at 10% p.a. for 3 years. Now, how much money would you get at the end of 3 years?

  • Is it ₹ 10,000 in principal plus 10% interest or ₹ 1,000 multiplied by 3? That comes to ₹ 13,000. However, if you use the FD interest calculator here, the result will be ₹ 13,449. Why does bank pay you this extra ₹ 449? This is the compounded FD interest.
  • In simple terms, interest on bank FD’s is typically compounded quarterly. So, a 10% per annum rate of interest means 2.5% per quarter. At the end of first quarter, the bank credits ₹ 250 to your deposit account and in the next quarter, the interest payable is 2.5% on ₹ 10,250 and not on ₹ 10,000. This process repeats itself for 12 quarters and earns you a total compound interest of ₹ 3,449.
  • More the compounding frequency, higher the interest a customer earns on FD. So, instead of quarterly compounding, if the above FD was on monthly compounding basis, the interest amount would be ₹ 3,482 instead of ₹ 3,449 with quarterly compounding.
  • In the context of fixed deposits, FD interest compounding refers to earning interest on the interest itself! Slightly complicated but then you make more money this way!

FD Maturity Calculator

The interest earned on a FD depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on FD can be calculated monthly, quarterly, half-yearly and annually. The interest rate for senior citizens is higher than the normal rates.

Suppose if you make an investment of ₹ 1,00,000 in FD for a 5-year tenure at an interest rate of 7.00% for depositors below 60 years and 7.50% for senior citizens. The interest calculation on the deposited amount is done quarterly. The maturity amount for this deposit amount is ₹ 1,41,478 and the total interest earned is ₹ 41,478 for below 60 years of age citizens. However, the interest earned for senior citizens is ₹ 44,995 which is higher. The maturity schedule of FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 7.00% for Citizens below 60 years and at 7.50% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2020 ₹ 580 ₹ 1,00,580 ₹ 621 ₹ 1,00,621
2021 ₹ 7,228 ₹ 1,07,808 ₹ 7,761 ₹ 1,08,382
2022 ₹ 7,747 ₹ 1,15,555 ₹ 8,360 ₹ 1,16,742
2023 ₹ 8,304 ₹ 1,23,859 ₹ 9,005 ₹ 1,25,747
2024 ₹ 8,900 ₹ 1,32,759 ₹ 9,700 ₹ 1,35,447
2025 ₹ 8,719 ₹ 1,41,478 ₹ 9,547 ₹ 1,44,994

Most of the banks offer tax savings fixed deposit scheme with a lock-in period of 5 years. You can invest in the tax-saving option and can save tax on the fixed deposit.

FD Calculation Formula

FD investors can calculate the returns and maturity amount on a fixed deposit by using the FD maturity calculator. The FD maturity calculator is an online tool that helps one determine the FD interest rate earned and the maturity amount, on the basis of a mathematical formula. The formula to calculate the FD returns is, A=P(1+r/n)^n*t. Here, A is the maturity amount, P is the principal amount invested in the FD, r is the rate of interest and n is the tenure. The FD interest rate calculator or FD maturity calculator is a reliable, and convenient tool that helps one to determine the returns offered on FD.

Income Tax on Fixed Deposit Interest

  • Interest income from FD’s is taxed at the tax rate applicable to the deposit account holder. It means that the interest income forms part of the total income of the account holder while and it is taxed as per the applicable tax slab the individual falls under.
  • One word of caution - interest on deposits is to be taxed on an accrual basis and not a receipt basis. Say, you place a cumulative deposit with a bank for 5 years and hence will receive interest only at the end of five years. Still, you must pay tax on the accrued interest for each of the years in that year itself.

TDS on FD interest

Other Investment Calculators

FAQs

What is the minimum amount that can be deposited into a FD account?

You can deposit a minimum amount of Rs. 1,000 in FD account but there is no upper cap on deposit amount.

Are there any extra benefits for senior citizens on fixed deposit?

Yes, senior citizens get extra benefit of higher interest rates on their FD.

What is the minimum and maximum tenure for which I can open an account in FD?

You can open a fixed deposit account for minimum 7 days and maximum upto 10 years although it may vary bank to bank.

When do I become accountable for tax?

As per Income Tax Act, 1961 under section 194A when the interest earned on FD in a financial year exceeds Rs. 40,000, TDS is applicable on the credited interest.

How is a fixed deposit calculated?

The formula to calculate the maturity amount of a cumulative FD is:
A = P(1+r/4/100)^(4*n)
Here, 4 represents quarterly compounding;
it will be replaced by 12 in case of monthly compounding, by 2 in case of half-yearly compounding and by 1 in case of yearly compounding.

Is the interest earned on a bank Fds taxed? If yes, then how?

Yes, the interest on the bank fixed deposit is taxed. The interest is income is included in your total income while calculating income tax, and the tax is levied as per the applicable tax slab.

Is there a penalty if the bank fd is prematurely withdrawn?

Yes, if the bank FD is prematurely withdrawn, then a certain percentage of penalty on the final amount. The scale of the penalty varies from bank to bank.

How can I save tax on FD?

If your total income does not fall under any income tax slab, then you can submit Form 15G or 15H (for senior citizens) to stop the bank from deducting TDS on the interest income of your fixed deposit.

In how many years FD will double?

The interest rate on FD depends upon the tenure you choose. To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 6.95%, then the number of years in which your FD will get doubled is 72/6.95= 10.36. Thus, it will take 10 years for your FD to get doubled. You can use an online FD calculator to strategize your investment.

What are the details required to use an FD Calculator?

You can use the FD calculator to calculate the maturity value of the deposited amount by details such as the principal amount that you have invested, rate of interest on your investments, tenure of deposits and interest compound frequency.


Our News - Dec 2020
  • 2020-12-01 : Lakshmi Vilas Bank customers can access all services
    DBS Bank India announced that customers of the merged bank Lakshmi Vilas Bank can continue to access all banking services. DBS Bank further clarified that the interest rates on savings and fixed deposits are unchanged.
  • 2020-11-26 : Credit growth slows to 5.8% in the September quarter
    RBI reported that the credit growth which includes retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loan decelerated to 5.8% in the September quarter from 8.9% in the year-ago period. Further, deposits which include FD and RD increased by11% year-on-year in the July-September period as compared to 10.1% growth a year ago. The share of current account and saving account (CASA) in total deposits stood at 42.3% in September 2020 compared to 41.2% a year ago.
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-10 : Ujjivan Small Finance Bank reported a marginal rise in Q2 net profit
    Ujjivan Small Finance Bank posted a marginal rise in net profit at Rs 96 crore for September. Total income during July-September 2020-21 increased to Rs 818.01 crore on the back of retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans. Further, The bank opened 5.1 lakh deposit accounts between April and September while retail deposits have now grown to 49% of total deposits as against 42% a year back. Deposits which includes fixed and recurring deposits stood at Rs 10,743 crore.
  • 2020-11-06 : New FD rates for Kotak Bank
    Kotak Bank changed its FD rates. The FD rates for 7 to 30 days is 2.50% and 31 to 90 days it is 2.75%. The fixed deposit rate for short tenor for 91 to 179 days it is 3.50% and it is 4.50% for 180 to 364 days. Fixed deposit rate for long tenors of 12 months to 389 days is 4.60%, for 369 days to less than four years is 4.90% and for four years one day to less than 5 years is 4.75%. The revised rates are in effect from 4 November 2020.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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