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Indian Bank FD Calculator

Indian Bank Fixed Deposit Calculator 2022

Last Updated 11th Jan 2022

Indian Bank FDs have tenures ranging from 5 years to 5 years with maximum rate of interest of 5.25%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.75%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 2.80% 3.30% ₹ 1,00,054 - ₹ 1,00,127
15 days to 29 days 2.80% 3.30% ₹ 1,00,115 - ₹ 1,00,262
30 days to 45 days 2.80% 3.30% ₹ 1,00,230 - ₹ 1,00,407
46 days to 90 days 3.25% 3.75% ₹ 1,00,410 - ₹ 1,00,925
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Indian Bank Fixed Deposit Calculator

Indian Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Indian Bank. Banks may allow a higher interest rate on larger deposits. Indian Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Indian Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Indian Bank is 5.25% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years to 5 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 2.80% for a 5 years FD and a rate of 5.25% for a 5 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.80%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Indian Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Indian Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Indian Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a Indian Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Indian Bank FD Rate Calculated?

Indian Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Indian Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Indian Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Indian Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Indian Bank FD for a 5-year tenure at an interest rate of 5.25% for depositors below 60 years and 5.75% for senior citizens.The maturity schedule of Indian Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.25% for Citizens below 60 years and at 5.75% 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 ₹ 5,354 ₹ 1,05,354 ₹ 5,875 ₹ 1,05,875
2023 ₹ 5,641 ₹ 1,10,995 ₹ 6,220 ₹ 1,12,095
2024 ₹ 5,943 ₹ 1,16,938 ₹ 6,586 ₹ 1,18,681
2025 ₹ 6,261 ₹ 1,23,199 ₹ 6,973 ₹ 1,25,654
2026 ₹ 6,596 ₹ 1,29,795 ₹ 7,382 ₹ 1,33,036

Indian Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Indian Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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FAQs

What is the highest interest earned on Indian Bank fixed deposit?

You can earn a maximum interest of 5.25% on Indian Bank fixed deposits.

How many years FD will double in Indian Bank?

The growth of Indian Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Indian Bank FD.You can also use Indian Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Indian Bank.

What are the minimum and maximum amounts that I can invest in an Indian Bank FD?

The minimum investment limit in Indian Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Indian Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits above Rs. 5 lakh of FD amount for premature withdrawal.

How can I calculate Indian Bank premature FD amount?

To calculate premature FD amount you can use Indian Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Indian Bank News - Jan 2022
  • 2021-11-09 : Indian Bank Slash Fixed Deposit Interest Rate
    Indian Bank has revised the interest rate for fixed deposits on different tenures. Currently, the bank is offering a highest interest rate of 5.25 percent for 5 year tenure. Senior citizens fd rates are 0.50 percent higher than the general rates.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2020-02-11 : Revised FD rates for Indian Bank
    Indian Bank changed its fixed deposits rate. FD rate for 7 to 45 days is 4.50%, for 46 to 90 days it is 5% and 91 to 120 days it is 5.50%. The fixed deposit rate for 121 days to 364 days is 5.75%. Further, the FD rate for one year is 6.40%, above one year to less than two years it is 6.30% and for and above two years it is 6.25%. The revised rates will be effective from 10 February 2020.
  • 2020-01-06 : New FD rates for Indian Bank
    With effect from January 3, 2020, Indian Bank revised its interest rates on FD on certain tenors by 5-25 basis points. The rate is reduced by 25 basis points for a period of 91-120 days to 5.50%, and for 121 days to less than a year it is set at 5.75%. For a period of one year the FD rate is reduce by 5 basis points to 6.40%. In addition to that, the rate is reduced by 20 basis points above 1 to 2 years and by 25 basis points for 2 years and above. For tenors of 7-90 days the rates remain unchanged.
*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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