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Indian Bank FD Calculator

Indian Bank Fixed Deposit Calculator 2020

Last Updated 14th Sep 2020

Indian Bank FDs have tenures ranging from 1 year to 1 year 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 Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 2.90% to 3.40% ₹ 1,00,056 - ₹ 1,00,130
15 days to 29 days 3.05% to 3.55% ₹ 1,00,125 - ₹ 1,00,282
30 days to 45 days 3.05% to 3.55% ₹ 1,00,251 - ₹ 1,00,438
46 days to 90 days 3.05% to 3.55% ₹ 1,00,384 - ₹ 1,00,875
Indian Bank FD Maturity Calculator
Investment Offers with High Returns offerOffers
Bank/NBFCs Rate Tenure Action
Bajaj Finance FD7.35%60 MonthsAPPLY
PNB Housing Finance FD7.20%120 MonthsAPPLY
DBS Bank Savings Account5.00%N.A.APPLY

Indian Bank Fixed Deposit Calculator

Indian Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at 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. Bank may allow higher interest rate on larger deposits. Indian Bank offers deposit amount in the range of 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 1 year to 1 year.
  • 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 2.90% for a 1 year FD and a rate of 5.25% for a 1 year 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
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.90%. 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 tax saving scheme to save tax on fixed deposit.

Indian Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.
  • 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.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

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. The interest rates for senior citizens are higher than normal rates of Indian Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in Indian Bank FD for a 5-year tenure at an interest rate of 5.15% for depositors below 60 years and 5.65% for senior citizens. The maturity amount for this deposit amount is ₹ 1,29,157 and the total interest earned is ₹ 29,157 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 32,382 which is higher. The maturity schedule of Indian Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.15% for Citizens below 60 years and at 5.65% 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 ₹ 1,720 ₹ 1,01,720 ₹ 1,888 ₹ 1,01,888
2021 ₹ 5,341 ₹ 1,07,061 ₹ 5,880 ₹ 1,07,768
2022 ₹ 5,621 ₹ 1,12,682 ₹ 6,219 ₹ 1,13,987
2023 ₹ 5,916 ₹ 1,18,598 ₹ 6,578 ₹ 1,20,565
2024 ₹ 6,227 ₹ 1,24,825 ₹ 6,958 ₹ 1,27,523
2025 ₹ 4,332 ₹ 1,29,157 ₹ 4,860 ₹ 1,32,383

Indian Bank FD Calculator Formula

Along with 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

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 deposit.

How is Indian Bank FD interest calculated?

The formula to calculate interest on Indian Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

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. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. 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.


Indian Bank News - Sep 2020
  • 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.
  • 2019-11-06 : New FD rates for Indian Bank for certain tenures
    Valid from November 4, 2019, Indian Bank revised its fixed deposit rates on certain tenures. The rates remain the same for some periods. For 7-45 days, the interest rate remains at 4.50%; for 46-90 days, the rate is 5.00%, rate for 91-120 days is 5.75%, and for 121 days to 1 year, the fixed deposit rate is unchanged at 6.00%. In addition to that, for one year, the new rate is 6.45%, and for 1-2 years, the revised rate is 6.50%. Even for 2-5 years and for five years and above the rates remain unchanged at 6.50% and 6.30% respectively.
  • 2019-09-04 : Indian Bank revises its FD rates
    Indian Bank revises its FD rates with effect from September 4, 2019, on certain tenures. For a tenure of 91 days, the rate has been revised to 5.75 percent from 6.25 percent; the tenure for 121 days to 1 year has been revised as 6 percent from 6.50 percent; for 1 year the rate is 6.60 percent which earlier was 6.75 percent. For longer tenure of 3-5 years, the revised rate is 6.50 percent and for 5 years and above the tenure is 6.30 percent. The previous rate for these yearly tenures was 6.75, 6.90, and 6.50 percent, respectively.
  • 2019-02-18 : Indian Bank raises interest rates on term deposits
    Public sector lender, Indian Bank has revised interest rates on domestic term deposits with immediate effect. Indian Bank announced upward revision in the interest rate on domestic term deposits by 50 bps to 90 bps for an amount less than Rs. one crore across various tenors from three years to less than five years, five years and above five years.
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