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Fixed Deposit Calculator


Note: In India, banks use quarterly compounding to calculate interest in rupee

Fixed Deposit Return Amount

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is your principal amount

` 0

is your maturity amount

` 0

is your interest amount

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Fixed Deposit (FD) is a type of term deposit offered by banks and other non-banking financial companies (NBFC). Fixed Deposit offer higher interest rates than savings accounts but on certain terms and conditions. For instance, the invested amount should be locked for a fixed tenure ranging between 7 days and 10 years at a fixed rate of interest. Interests earned on FDs are either paid out at regular intervals or are reinvested, depending on the investor’s choice. The maturity amount of the fixed deposit is paid out at the end of the tenure. Fixed deposit calculator can be used to check the interest and maturity amount that the depositor will get when the tenure ends.

Highest FD Rates in India across Tenures

Bank Name Rate of Interest (% p.a) Tenure
Fincare Small Finance Bank 9.00% 24 months 1 day to 36 months
ESAF Small Finance Bank 8.25% 365 to 727 days
Suryoday Small Finance Bank 8.75% >24 months to 36 months
Equitas Small Finance Bank 8.30% 2 years 1 day to 3 years
Ujjivan Small Finance Bank 8.30% 799 days
Utkarsh Small Finance Bank 9.00% 456 days to less than 2 years
Jana Small Finance Bank 8.60% > 1 year to 2 years
IDFC First Bank 8.00% 1 year 1 day to 2 years
DCB Bank 7.80% 18 months
RBL Bank 7.75% 24 months to less than 36 months
IndusInd Bank 7.25% 1 year to 1 year 2 months

Data updated on 18-October-2019, Source: Bank Websites. Higher rates are available to senior citizens, typically 0.5% more than standard rate.

Top Banks Tax-saver FD Rates in India

Tax-saver FDs have a tenure of 5 years and are eligible for a tax deduction under Section 80C of the Income Tax Act, 1961 up to Rs 1.5 lakh. However the interest on these FDs is fully taxable at your slab rate. Senior Citizens can get tax-exempt interest up to Rs 50,000 per year from fixed deposits under Section 80TTB.

Bank Name FD Interest Rates (in % p.a.)
Regular Citizens Senior Citizens
IndusInd Bank 7.15% 7.65%
DCB Bank 7.75% 8.25%
Ujjivan Small Finance Bank 7.00% 7.50%
Kotak Mahindra Bank 6.25% 6.75%
Yes Bank 7.25% 7.75%
ICICI Bank 7.25% 7.75%
HDFC Bank 6.75% 7.25%
SBI 6.25% 6.75%
RBL Bank 7.50% 8.00%
Axis Bank 6.75% 7.25%

Data updated on 18-October-2019, Source: Bank Websites. Higher rates are available to senior citizens, typically 0.5% more than standard rate.

Tax on Fixed Deposits

  • Interest on fixed deposits is fully taxable at your slab rate.
  • If the interest exceeds Rs 10,000 in a year, TDS (Tax Deducted at Source) is deducted on it, by the concerned bank.
  • The applicable TDS rate is 10% for resident Indians.
  • For NRIs, the TDS rate is 30% but no TDS is deducted for interest on NRE (Non Resident External) Fixed Deposits since the interest on such FDs is free of tax.
  • If you are a resident Indian but your income from all sources is below the exemption limit of Rs 2.5 lakh per annum, you can submit Form 15G/15H to your bank in order to prevent it from deducting TDS.
  • Interest on fixed deposits up to Rs 50,000 per annum is tax free for senior citizens under Section 80TTB and no TDS is deducted on the same.

Fixed Deposit Tenure

Fixed Deposit has a time period or tenure for which the sum invested gets fixed or locked. You can avail an FD for a tenure of anywhere between 7 days and 10 years. Different financial institutions offer different tenure options. However, it is best if you compare fixed deposits offered by different financial institutions and then make a choice. What is worth noting here is that the tenure you choose will also decide the interest rate the bank will offer you. Longer the tenure, higher will be the FD interest rates.

FD Interest Rates

Interest rates on FD are higher as compared to savings accounts and depend upon the Fixed Deposit amount and tenure. Interest rate on Fixed Deposit varies from one bank to another. Hence, compare fixed deposit rates of different banks to make a smarter choice. The interest payout or compounding frequencies vary between FD schemes and are usually done on a quarterly, half-yearly or yearly basis. However, keep in mind that the interest rate for tax-saving FDs is decided at the start of every financial year by the government and is same across banks.

Investment Amount in FD Account

Investment in a Fixed Deposit is made only once and the minimum amount for opening an FD varies in case of different financial institutions. You can start with as low as Rs 5000 and invest even up to Rs 10 Crores or more. Enter the principle amount, tenure and interest rate in the FD calculator to get the maturity amount details.

Benefits of Investing in a Fixed Deposit

    • Assured returns: FD is a secure investment and yields assured returns for your investment.
    • Inculcates saving habit: The investment made in an FD is locked for a fixed time-period and helps develop a habit of saving.
    • Better returns than savings accounts: It yields better returns as compared to a savings account as the interest rate is higher. In a savings account, you can earn interest at up to 6%, whereas in an FD account, FD interest rates start from 7%.
    • Early withdrawal: You can withdraw the money invested in a Fixed Deposit even before the maturity date by paying a nominal penalty charge.
    • Interest payment available at different intervals: Interest can be paid out at maturity, annually or monthly basis depending on the term you choose.
    • Flexible tenure options: You can enjoy the benefit of flexible tenure options and fix your money as long as you want to. You can invest your money for a time period ranging from 1 week to 10 years.

Useful Article – Advantages of fixed deposit investment

Fixed Deposit vs Recurring Deposit

Both FD and RD are term deposits which earn interest at the same rate for the entire tenure of the deposit. At maturity, the invested amount is paid out along with the accrued interest. However, FD of same amount and same tenure as that of RD fetches more returns. The reason being, in case of FD you make a lump sum investment and so the entire money earns interest for one year. Whereas, in RD the first installment earns interest for 12 months, the second for 11 months, third for 10 months and so on.

Useful Article – FD vs. RD: Which is the better option?

Simple Interest vs. Compound Interest

Simple interest is the interest earned on an investment at a pre-decided rate of interest for a specific number of periods. Simple interest is calculated by multiplying the principal amount, the rate of interest per annum and the time for which the money is lent in years.

Simple Interest (SI) = P x r x t/100

Where, P= Principal amount

r= Rate of interest per annum

t= no. of periods (in years)

For example, if a sum of Rs 10,000 is invested for 3 years at 10% interest rate per annum, then at the time of maturity,

SI = 10,000*10*3/100 = Rs 3,000

Total Amount = Rs 13,000

Compound interest is the interest earned on principal as well as interests. It is calculated by multiplying the principle amount with the interest rate raised to the number of periods in years for which the interest will be compounded.

A = P (1+r/n) ^ (n * t)

Where, A = Maturity Amount

P = Principal amount

r = rate of interest (in decimals)

n = number of compounding in a year

t = number of years

For example, if a sum of Rs 10,000 is invested for 3 years at 10% compound interest rate (quarterly compounding), then at the time of maturity,

A= 10,000 {1 + (0.1/4)} ^ (4 * 3)

A = 10,000 (1 + 0.025) ^ (12)

A = 10,000 (1.025) ^ (12) = Rs. 13,449 (approximately)

Compound Interest (CI) Earned over 3 years = Maturity Amount – Principal Amount

CI = 13,449 – 10,000 = Rs. 3,449

Fixed Deposit is a smart choice to make when you have a lump sum amount to invest but if you can allocate only a certain amount from your income every month towards investment, then recurring deposit is a better choice to make.

Also Read: Compare Fixed Deposit Account and Recurring Deposit Account

Factors That Can Affect Fixed Deposit Interest Rates

While Fixed Deposits have fixed rate of interest throughout their tenure, the interest rate can change at maturity and the FD renewal or reinvestment is always done at the interest rate at maturity. The interest rates may increase or decrease with time depending on bank norms. Therefore, it is best to compare the fixed deposits and re-invest in the scheme which offers higher interest.

The following are some of the certain factors that can affect FD interest rates

  • Reserve Bank of India (RBI)– Reserve Bank of India is the Central Bank of the country bestowed with the authority of managing the monetary policy of the country. To achieve maximum credit control and to ensure proper flow of funds in the country, RBI implements certain regulations on banks. Such regulations control the interest rates of different financial products.
  • Recession– Simply put, recession means economic slowdown. During times of recession, RBI increases money supply in the market by lowering the interest rate on the cash stock or deposits in the bank as a result FD interest rates decrease.
  • Inflation– Inflation means price rise which can lead to rupee devaluation and reduction of purchasing power over lent amount. Therefore, to remunerate the loss in interest of the lent loans, banks attract more cash by offering higher interest rates on term deposits.

FD Maturity Calculator

An online financial tool that allows you to calculate the maturity amount or the returns on your fixed deposit is a Fixed Deposit Calculator. This FD calculator is similar to a normal calculator and it works on your inputs. You just need to enter a few details related to your fixed deposit, such as the Fixed deposit amount, tenure and interest rate, and this online financial tool displays the maturity yields of your FD scheme.

Paisabazaar’s Compound Interest Calculator

Compound interest calculator is used to calculate the interest amount and the maturity amount at compounding interest rate. It can be used to find out the amount the depositor will get under reinvestment deposit schemes. Paisabazaar’s compound interest calculator takes input like the principle amount, rate of interest and the loan tenure either in months or years. The result is shown on the screen instantly.

Paisabazaar’s Fixed Deposit Calculator

At Paisabazaar, we are happy to offer you an easy-to-use and convenient online financial tool, the fixed deposit interest calculator. This FD calculator can be accessed anytime and anywhere by just visiting our website. Forget the hassles of complex and lengthy calculations, and just utilize our fixed deposit calculator to calculate the amount that your fixed deposit will yield at the end of its maturity period.

How does Paisabazaar’s Fixed Deposit Calculator work?

Our FD Interest Calculator is the simplest type of interest calculator. It is user-friendly and saves your time by displaying the result within seconds! Paisabazaar’s fixed deposit calculator determines the returns of an FD according to the following inputs:

  1. Deposit Amount

It is the amount that you invest in an FD. This investment has to be made only once and you have the freedom to invest any amount according to your wish, with Rs 5,000 being the minimum.

  1. Rate of Interest

It is the rate of interest that is offered on the deposit amount. And it varies with the deposit amount and tenure.

  1. Deposit Tenure

It is the tenure for which the investment is made. Flexible tenure options are available ranging between 7 days and 10 years.

The moment you enter the above mentioned details, the FD calculator displays the maturity amount instantly! This maturity amount is calculated based upon the FD details you enter. Our FD interest calculator saves your time and can be used infinite number of time for free!

The FD Calculator is of great use if you are considering investing money in any of the FD Schemes. You can calculate the returns on FD schemes offered by different banks and financial institutions. Based upon the results, you can choose the FD scheme which offers you the highest benefits. Fixed deposit calculator, thus allows you to make a wiser choice by giving you the opportunity to compare the returns of different Fixed Deposits available in India.

We understand that your hard-earned money needs to be deposited in a way so as to yield the best returns. Therefore, we advise you to make use of our FD Calculator which gives accurate and quick solutions within seconds of your inputs.

Also Read – Best investment options for beginners

FD Calculator by Banks/Financial Institutions

SBI FD Calculator Indian Bank FD Calculator
HDFC FD Calculator Canara Bank FD Calculator
ICICI FD Calculator Axis FD Calculator
PNB FD Calculator BOB FD Calculator
BOI FD Calculator Bandhan Bank FD Calculator