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Fixed Deposit Calculator

FD Interest Calculator 2022

Last Updated 22nd May 2022

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

  • Deposit Amount – This is the amount that you invest once in your FD account. Minimum deposit amount should be ₹ 1,000.
  • Interest Rate – FD rates vary depending upon the 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.
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Bank/NBFCs Rate Tenure Action

List of Top Banks FD Interest Rates Calculator in India

Bank Interest Rates FD Tenure
SBI Fixed Deposit 2.90% - 5.50% 7 Days - 10 Years
HDFC Bank Fixed Deposit 2.50% - 5.75% 7 Days - 10 Years
ICICI Bank Fixed Deposit 2.50% - 5.75% 7 Days - 10 Years
Axis Bank 2.50% - 5.75% 7 Days - 10 Years
ICICI Home Finance 4.30% - 6.45% 12 Months - 120 Months
Kotak Bank 2.50% - 5.75% 7 Days - 10 Years
PNB Housing Finance 5.75% - 6.85% 12 Months - 84 Months
IDFC First Bank 3.85% - 6.05% 7 Days - 10 Years
Bank of Baroda 2.80% - 5.25% 7 Days - 10 Years
Citibank 2.40% - 3.50% 7 Days - 1825 Days

How to Use MyLoanCare Fixed Deposit Calculator?

MyLoanCare fixed deposit calculator is an online tool that helps you to know about the returns on your investments error-free in less time. To use the FD calculator, follow the steps as mentioned below:

  • Go to the FD calculator.
  • Enter details like deposit amount, rate of interest, period of investment, interest compounding frequency and click on calculate.
  • To get a detailed FD calculation, provide your mobile number and verify OTP.
  • The calculator also allows you to access the results on SMS.

Fixed Deposit Interest Calculator

A fixed deposit Interest calculator helps you calculate the interest earned on your fixed deposits. The interest earned will vary according to your deposits. In addition, you can also use the FD calculator monthly interest amount to know how much you want to invest in an FD.

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!

How to Calculate FD Maturity Amount ?

The interest earned on a FD depends on the deposit amount, applicable interest, deposit tenure the type of interest and interest calculation frequency. The banks calculate Interest on FD monthly, quarterly, half-yearly and annually based on the frequency of investment payout you have chosen.

Suppose if you make an investment of ₹ 1,00,000 in FD for a 5-year tenure at an interest rate of 6.75% for depositors below 60 years and 7.55% for senior citizens. The interest calculation on the deposited amount is done quarterly. The maturity amount for this deposit amount is ₹ 1,39,750 and the total interest earned is ₹ 39,750 for citizens below 60 years of age. However, the interest earned for senior citizens is ₹ 45,351 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 6.75% for Citizens below 60 years and at 7.55% 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
2022 ₹ 4,564 ₹ 1,04,564 ₹ 5,113 ₹ 1,05,113
2023 ₹ 7,239 ₹ 1,11,803 ₹ 8,164 ₹ 1,13,277
2024 ₹ 7,740 ₹ 1,19,543 ₹ 8,798 ₹ 1,22,075
2025 ₹ 8,276 ₹ 1,27,819 ₹ 9,481 ₹ 1,31,556
2026 ₹ 8,849 ₹ 1,36,668 ₹ 10,217 ₹ 1,41,773
2027 ₹ 3,084 ₹ 1,39,752 ₹ 3,579 ₹ 1,45,352

You can also use an online fixed deposit maturity calculator to calculate the maturity amount of your fixed deposits. Also, most of the banks offer a tax saving 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.

Fixed Deposit Maturity Calculator Formula

Fixed deposit interest rate calculator uses different formulas for simple Interest and compound interest on FD.

For Simple Interest

FD rate calculator for simple Interest uses the formula as mentioned below:

M = P + (P x r x t/100), where –

  • P is the principal amount that you deposit
  • r is the rate of Interest per annum
  • t is the tenure in years

For Compound Interest: To calculate the maturity amount for compound interest, the FD rate calculator uses the following formula:

M= P + P {(1 + i/100) t – 1}, where –

  • P is the principal amount
  • i is the rate of Interest per period
  • t is the tenure

TDS on FD interest

How to Calculate Monthly Interest on Fixed Deposit?

To calculate the monthly interest on fixed deposits, convert the annual rate from percentage to decimal format by dividing the rate by 100. Now, divide the annual rate (the decimal form) by 12. To get the monthly rate multiply the annual rate with the interest amount. Finally, convert the monthly rate into a percentage by multiplying it by 100.

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FAQs

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

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

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 there a penalty if the bank fd is prematurely withdrawn?

Yes, if you withdraw the bank fixed deposit prematurely, the bank will levy a certain percentage of penalty on the final amount. The penalty rate varies from bank to bank. You can use a FD premature withdrawal penalty calculator to know about the penalty amount on breaking the FD before investment tenure.

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 7.05%, then the number of years in which your FD will get doubled is 72/7.05= 10.21. 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.

How much time does it take to use the FD calculator?

You can use the FD calculator online to know about the maturity amount and the interest earned. The fixed deposit calculator gives you the result in a few minutes.

How does the fixed deposit calculator help in future financial planning?

Using the fixed deposit calculator gives you an idea of how much return you will get on your investments. You can thus make a decision to reinvest or withdraw your funds.

How is the fixed deposit effective rate calculated?

You can calculate the effective fixed deposit rate using the formula provided below:
Effective Interest Rate= ( 1+ Nominal Rate/n) n-1. n= number of periods per year.

What is 1 crore FD interest per month?

The interest on 1 Crore FD depends on the FD tenure and rate of interest. For instance, at 5% rate of interest, you will earn ₹ 5 Lakh annually and thus, the monthly interest will be ₹ 41,667. You can use the monthly payout FD calculator of your bank to know about the monthly interest on your FD.

What is the interest on 1 lakh in Fixed Deposit?

The 1 lakh FD Interest for 1 year will depend on various factors, including the rate of interest, tenure and frequency of interest payout chosen. As per the current rates, Bajaj Finserv provides the highest FD rates at 7.05%. So, fixed deposit monthly interest for 10 lakh in bank will be ₹5875.


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Our News - May 2022
  • 2022-05-12 : Axis Bank Hikes Fixed Deposit Rates
    The private lender now pays interest rates of 2.5 percent to 5.75 percent across various FD tenors.
  • 2022-04-29 : ICICI Bank Changes Fixed Deposit Interest Rates
    The private sector bank has increased the rates by 5 basis points and, thus, on tenure 1 year to 389 days. It offers a 4.35% interest rate, and it is offering a 4.35% rate from 4.30% earlier on 390 days to less than 15 months.
  • 2022-04-28 : Airtel Payments Bank and IndusInd Bank to Offer FDs
    Airtel Payments Bank has tied up with IndusInd Bank to offer fixed deposits starting from ₹500 up to ₹1.9 lakh for its customers. The payment bank customers can open FDs digitally on the Airtel Thanks mobile application.
  • 2022-04-21 : Fino Payments Bank Receives RBI Nod to Offer Partner Banks FD and RD Services
    Fino Payments Bank has received the RBI approval for referral services of fixed deposit and recurring deposit on behalf of a partner bank as a Business Correspondent of Suryoday Small Finance Bank (SSFB).
  • 2022-04-13 : Kotak Mahindra Bank Hikes FD Interest Rates
    The bank has increased the fixed deposit interest rate by 25 basis points. The revised rates are applicable for tenures between 121 days and 179 days and for 364 days, with 4.50 percent and 4.75 percent interest, respectively.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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