Fixed Deposit Calculator

FD Interest Calculator in India Jul 2020

FD calculator calculates the maturity value of the deposited amount depending upon various factors

  • Deposit Amount – This is the amount which you invest once in your FD account. Minimum deposit amount should be Rs. 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.
  • Fixed Deposit during Coronavirus new
FD Maturity Calculator
Rs.
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FD Offers with High Returns offerOffers
Bank/NBFCs Rate Tenure Action
Bajaj Finance7.35%60 MonthsAPPLY
PNB Housing Finance7.60%120 MonthsAPPLY

FD Interest Rates Calculator

Bank Interest Rates FD Tenure
SBI Fixed Deposit 2.90% - 5.40% 7 Days - 10 Years
HDFC Bank Fixed Deposit 2.75% - 5.50% 7 Days - 10 Years
ICICI Bank Fixed Deposit 2.75% - 5.50% 7 Days - 10 Years
Axis Bank 2.75% - 5.50% 7 Days - 10 Years
ICICI Home Finance 6.50% - 7.00% 12 Months - 120 Months
Kotak Bank 2.75% - 5.25% 7 Days - 10 Years
IDFC First Bank 4.00% - 7.25% 7 Days - 10 Years
Bank of Baroda 2.90% - 5.30% 7 Days - 10 Years
Citibank 2.75% - 4.00% 7 Days - 10 Years
IDBI Bank 3.00% - 5.80% 7 Days - 20 Years
Indian Bank 3.05% - 5.50% 7 Days - 10 Years
Indian Overseas Bank 4.50% - 5.70% 7 Days - 10 Years
OBC 3.00% - 5.30% 7 Days - 10 Years
PNB 3.00% - 5.30% 7 Days - 10 Years
HDFC 6.88% - 6.88% 33 Months - 66 Months
PNB Housing Finance 7.00% - 7.35% 12 Months - 120 Months
Allahabad Bank 3.05% - 5.50% 7 Days - 10 Years
Andhra Bank 3.50% - 5.45% 7 Days - 10 Years
Bank of India 3.50% - 5.50% 7 Days - 10 Years
Bank of Maharashtra 3.00% - 5.25% 7 Days - 10 Years
Canara Bank 3.50% - 5.50% 7 Days - 10 Years
Central Bank of India 3.40% - 5.35% 7 Days - 10 Years
Punjab and Sind Bank 3.50% - 5.55% 7 Days - 10 Years
UCO Bank 3.65% - 5.50% 7 Days - 10 Years
Union Bank of India 3.50% - 5.45% 7 Days - 10 Years
United Bank of India 3.00% - 5.30% 7 Days - 10 Years
IndusInd Bank 4.00% - 7.00% 7 Days - 10 Years
Karur Vysya Bank 3.50% - 5.85% 7 Days - 10 Years
RBL Bank 5.00% - 7.50% 7 Days - 20 Years
Yes Bank 5.00% - 7.00% 7 Days - 10 Years
HSBC Bank 2.25% - 4.00% 7 Days - 60 Months
Standard Chartered Bank 4.25% - 6.30% 7 Days - 5 Years
DHFL 8.50% - 9.25% 12 Months - 120 Months
LIC Housing Finance 7.50% - 7.60% 1 Year - 5 Years
Corporation Bank 3.50% - 5.45% 7 Days - 10 Years
Syndicate Bank 3.50% - 5.50% 7 Days - 10 Years
DCB Bank 5.00% - 7.35% 7 Days - 120 Months
Dhan Laxmi Bank 3.50% - 5.85% 7 Days - 10 Years
Karnataka Bank 3.50% - 5.75% 7 Days - 10 Years
South Indian Bank 3.50% - 5.90% 7 Days - 10 Years
Federal Bank 3.50% - 5.85% 7 Days - 10 Years
Jammu And Kashmir Bank 3.25% - 5.50% 7 Days - 10 Years
Lakshmi Vilas Bank 3.75% - 6.75% 7 Days - 10 Years
Bajaj Finance 6.90% - 7.10% 12 Months - 60 Months
DBS Bank 3.00% - 5.50% 7 Days - 10 Years
Bandhan Bank 3.25% - 6.25% 7 Days - 10 Years
AU Small Finance Bank 4.00% - 7.25% 7 Days - 120 Months
Ujjivan Small Finance Bank 3.50% - 6.95% 7 Days - 10 Years
Equitas Small Finance Bank 3.60% - 7.35% 7 Days - 10 Years
Fincare Small Finance Bank 3.50% - 7.50% 7 Days - 84 Months
Jana Small Finance Bank 5.00% - 8.60% 7 Days - 10 Years
ESAF Small Finance Bank 5.00% - 7.50% 7 Days - 3653 Days

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 Rs. 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 Rs. 10,000 in principal plus 10% interest or Rs. 1000 multiplied by 3? That comes to Rs. 13,000. However, if you use the FD interest calculator here, the result will be Rs. 13,449. Why does bank pay you this extra Rs. 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 Rs. 250 to your deposit account and in the next quarter, the interest payable is 2.5% on Rs. 10,250 and not on Rs. 10,000. This process repeats itself for 12 quarters and earns you a total compound interest of Rs. 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 Rs. 3,482 instead of Rs. 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!

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

Fixed Deposit during Coronavirus

RBI has announced a repo rate cut of 75 bps in response to coronavirus lockdown. In response to this rate cut, banks may reduce FD rates in the near future which could adversely impact the interests of fixed depositors.

Frequently Asked Questions on FD Interest Calculator

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.

Our News - Jul 2020
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