Fixed Deposit (FD) Calculator
How to Use Online FD Calculator?
To use Paisabazaar Fixed Deposit Calculator, follow these steps:

Enter the deposit amount

Enter the interest rate

Enter the tenure in months or years (the period for which you want FD to be active)

Click the “Calculate” button to get the estimated maturity amount and total interest amount
Note: The FD maturity amount would depend on the deposit amount, FD rates, tenure and type of FD chosen, i.e., cumulative FD and noncumulative FD.
Under noncumulative FD, lenders usually offer a quarterly interest payout option for all tenures wherein the interest is credited quarterly to the current/savings account of the depositor. Depending on the lenders, depositors can also opt for monthly, halfyearly and annual interest payout options of various FD tenures. In the case of the cumulative FD option, the interest component remains invested till the FD maturity.
Monthly interest plans are ideal for retired individuals or for depositors who need a fixed monthly income to meet their daily expenses. The reinvestment or cumulative investment option would help the depositor benefit from the power of compounding, as the interest component remains invested in the FD and starts generating interest income on its own.
Benefits of Using FD Calculator
Using a fixed deposit calculator can benefit depositors in the following ways:

Easy to use: Using an online FD calculator for FD maturity and interest computation is easy. Users are usually required to enter a few basic details such as the principal amount, FD tenure and compounding frequency (quarterly, halfyearly and annual compounding) in the online calculator to get results.

Know the maturity amount: Before investing in an FD scheme, prospective depositors should know the expected amount in advance so as to determine whether the investment scheme will serve their investment goals at maturity or not.

Accurate calculation: Using an online FD calculator for calculating FD interest amount and maturity amount saves depositors from complex calculations and eliminates the risk of error caused due to miscalculations.

Make comparisons for FD selection: FD interest rates vary across banks and NBFCs/HFCs. Using an FD calculator can help depositors calculate and compare maturity amounts and interest income after considering FD features like tenure, interest rate, payout option and compounding frequency (quarterly, halfyearly, annual compounding) offered by various banks and NBFCs/HFCs. This would further help depositors choose the optimum FD scheme after considering the abovementioned FD schemes.
Comparison of Top 20 Scheduled Banks based on FD Rates
Banks  Highest FD rate (% p.a.)  1year FD rate (% p.a.)  3year FD rate (% p.a.)  5year FD rate (% p.a.)  Additional interest rate for senior citizens (% p.a.) 
Unity Small Finance Bank  9.00  7.35  7.65  7.65  0.50 
Fincare Small Finance Bank  8.61  7.65  8.11  8.00  0.60 
Suryoday Small Finance Bank  8.60  6.85  8.60  8.25  0.50 
Equitas Small Finance Bank  8.50  8.20  8.00  7.25  0.50 
Jana Small Finance Bank  8.50  8.00  8.50  7.25  0.50 
ESAF Small Finance Bank  8.50  6.00  6.75  6.25  0.50 
Utkarsh Small Finance Bank  8.50  8.00  8.50  7.50  0.60 
SBM Bank  8.25  7.05  7.30  7.75  0.50 
Ujjivan Small Finance Bank  8.25  8.25  7.20  7.20  0.50 
Shivalik Small Finance Bank  8.10  8.10  8.00  7.00  0.50 
AU Small Finance Bank  8.00  6.75  8.00  7.25  0.50 
RBL Bank  8.00  7.50  7.50  7.10  0.50 
DCB Bank  7.90  7.15  7.60  7.40  0.500.60 
Bandhan Bank  7.85  7.25  7.25  5.85  0.500.75 
Induslnd Bank  7.85  7.50  7.25  7.25  0.400.75 
IDFC First Bank  7.75  6.50  7.25  7.00  0.50 
YES Bank  7.75  7.25  7.25  7.25  0.500.75 
Punjab & Sind Bank  7.40  6.20  6.00  6.00  0.50 
Punjab National Bank  7.25  6.75  7.00  6.50  0.50 
Bank of Baroda  7.25  6.75  7.25  6.50  0.501.00 
The rates are updated as of 5 December 2023
How is FD Interest Calculated on FD Calculator?
There are two methods of calculation of interest on a fixed deposit, viz. Simple Interest and Compound Interest.
What is Simple Interest?
Simple interest is the interest earned on an investment at a predecided rate of interest for a specific period of time. It 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 Formula:
SI = P x R x T/ 100
Where,
SI = Simple Interest
P = Principal (amount invested)
R = Rate of Interest (in %)
T = Tenure (time for which deposit is kept in FD account)
For example, if a sum of Rs 10,000 is invested for 3 years at 10% p.a. then at the time of maturity,
SI = 10,000*10*3/100 = Rs 3,000
Maturity Amount = Rs 13,000
Also Check: Which Bank/NBFC provides Highest FD Interest Rate in India
What is Compound Interest?
Compound interest is the interest earned on principal as well as interests. It is calculated by multiplying the principal amount with the interest rate raised to the number of periods in years for which the interest will be compounded.
Formula for Compound Interest:
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
FAQs
Q. How is the interest on a fixed deposit calculated?
The calculation of your FD interest income would primarily depend on the deposit amount, tenure, interest rates and the FD type you opt for such as cumulative FD or noncumulative FD with monthly, quarterly, halfyearly or yearly pay out. You can use an online FD calculator to calculate the interest on your fixed deposit and enter the deposit amount, interest rate and tenure to give the results.
Q. What is the formula to determine the fixed deposit maturity amount?
There are two methods of calculating FD interest, Simple Interest and Compound Interest. On the basis of these interest calculation methods, we can arrive at the FD maturity amount. The formula for calculating FD maturity amount using Simple Interest and Compound Interest is A = P + (P x R x T/100) and A = P + P {(1 + R/100) T – 1}, respectively, where:
• A is the maturity amount
• P is the principal amount
• R is the rate of interest (p.a.)
• T is the tenure (in years)
Q. Why is the principal amount and the fixed deposit maturity amount of my fixed deposit the same?
When your fixed deposit is booked with the quarterly or monthly interest pay out option, the accrued interest is paid at monthly or quarterly intervals. That is why the maturity amount remains the same as the principal amount.
Q. How is the interest on a bank FD calculated?
Usually, the interest for FD with a period of 6 months or less is calculated at simple interest. Compounding of interest is done for FDs with a term period of more than 6 months. When going for monthly interest payout, banks mostly calculate interest on discounted rates.
Q. How does an FD calculator help in financial planning?
Using a Fixed Deposit Calculator makes it easier for depositors to ascertain their FD maturity amount and interest payout beforehand, thereby, helping them align their FD investment with their financial goals and cash flow requirements. For example, using online calculators for FD maturity calculation will help investors determine whether the maturity amount will be sufficient to meet their financial goals. Those using online calculators for FD interest calculation will be able to determine whether the interest income received on opting for payout option would meet their cash flow requirements.
Q. Are there separate FD deposit calculators for different banks?
Banks usually have customised online FD calculators on their websites. These calculators usually fetch their respective bank’s FD card rates as per the customer type and tenure chosen. However, there are also some online FD calculators like Paisabazaar’s FD calculator that allow users to input the interest rate for calculating the FD interest amount and maturity value.
Q. What are the details required to use a Fixed Deposit Calculator?
Deposit amount, tenure of the deposit as well as the prevailing FD rates are required to use a Fixed Deposit calculator.
Q. Is it free to use the FD calculator at Paisabazaar.com?
Yes. The FD calculator available at Paisabazaar.com is free to be used anytime.
Q. Is the maturity amount calculated by the tool an exact figure or an approximate one?
The figures provided by the FD interest calculator are the closest estimate. This is because the rates may change at the time of actual purchase (e.g., in case of premature withdrawal). Thus, the figures are for reference purpose only, providing the best estimate.
Q. Does the fixed deposit interest rates calculator available at Paisabazaar give the same results for FD schemes as tools like SBI Fixed Deposit Calculator and HDFC Calculator does?
Yes. The fixed deposit is calculated using the same formula (simple interest or compound interest) across all the Fixed Deposit interest rate calculators. Therefore, be it SBI or HDFC FD calculator, the maturity amount shall be the same, provided the deposit amount, tenure and the interest rate are the same.
Q. Is there a different Fixed Deposit calculator for senior citizens and tax saving FD schemes?
No, there is no separate FD calculator for senior citizens or tax saving FD schemes. The tool requires only the deposit amount, tenure and the fixed deposit interest rates to calculate the maturity amount.