Customers can easily calculate the maturity amount as per the applicable SBI FD rates with the help of SBI FD Calculator. This tool is available free of cost. SBI offers various types of fixed deposit schemes to its customers for a period of 7 days to 10 years with the minimum deposit amount as low as Rs. 1,000.
How does SBI FD Calculator work?
Customers need to follow the below-mentioned steps to calculate the interest and maturity amount using SBI FD Calculator:
Step1: Go to Paisabazaar’s Fixed Deposit Calculator
Step 2: Enter the deposit amount
Step 3: Now, enter SBI FD Interest Rate (as mentioned below)
SBI FD Interest Rates (p.a.) | ||
Tenure | Regular Citizens | Senior Citizens |
7 days to 45 days | 3.50% | 4.00% |
46 days to 179 days | 4.50% | 5.00% |
180 days to 210 days | 5.00% | 5.50% |
211 days to less than 1 year | 5.00% | 5.50% |
1 year to less than 2 years | 5.70% | 6.20% |
2 years to less than 3 years | 5.70% | 6.20% |
3 years to less than 5 years | 5.70% | 6.20% |
5 years and up to 10 years | 5.70% | 6.20% |
Note – The Interest rate is applicable on deposits below Rs. 2 crore with effect from 30th March 2020.
Step 4: Lastly, enter the deposit tenure i.e. for how long one needs to save money
Note: Customers can choose the tenure both in months and years.
For example, a customer wants to invest Rs. 5 lakh for a tenure of 3 years at an interest rate of 6.50% with an annual interest payout frequency. With SBI, he/she will be able to earn a total amount as mentioned in the table given below:

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Fixed Deposit Return Amount | ||
Rs. 5,00,000 Principal Amount | Rs. 6,07,335 Maturity Amount | Rs. 1,07,335 Interest Amount |
SBI FD Calculator can help all the investors to check their potential returns for the deposit amount and tenure they wish to invest for. Using the FD calculator online, they can also compare the returns for different tenure options as well as for fixed deposits offered by different banks.
Also Read: Best Fixed Deposit Interest Rates in 2020 for Indian Citizens
Simple Interest vs. Compound Interest
Check the difference between simple interest and compound interest in the following table:
Simple Interest | Compound Interest |
Simple interest refers to the interest which is earned on a fixed deposit at a fixed rate of interest for a specific time period. | Compound interest refers to the addition of interest to the principal amount instead of paying it. In short, it is the interest on interest. |
Simple interest can only be earned on the principal amount. Due interest is credited to the account of the depositor. There is no addition to the principal amount. | Compound interest earned in the first year/month is added to the principal amount. For the second year, the principal amount becomes the sum of the original deposit amount + interest earned. This continues till the end of the tenure. This way, compound interest is earned on the principal amount as well as on the interest accrued over the time |
Return on the principal is less as the interest earned is not compounded. | Higher returns on principal as compared to the simple interest because of the power of compounding |
The principal amount remains the same during the tenure. | The principal amount increases as the interest is compounded and later added to the amount invested |
The formula for Simple Interest is P*R*T/100 | The formula for Compound Interest is P(1+r/100)-P |

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Let’s look at the examples of both Simple Interest and Compound Interest:
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 customer invests Rs. 10,000 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
A = P (1+r/n) ^ (n * t)
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 per annum, then at the time of maturity,
Maturity Amount= 10,000 {(1+0.1/1)3} = Rs. 13,310
Compound Interest = Rs. 3,310

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Interest Payout vs. Reinvestment of Interest
Interest payout refers to a process in which the interest earned on the deposit is paid out to the investor on monthly, quarterly, half-yearly or yearly, depending upon the option than an investor chooses.
An individual, for example, is investing Rs. 1.5 lakh in 1 year and is earning an interest of 8% p.a. He/she gets Rs. 1,000 per month and Rs. 3,000 per quarter.
However, the reinvestment option is a popular fixed deposit mode of investing money in which the customers can usually invest for a period of 6 months to 10 years. In reinvestment option or cumulative fixed deposit, the interest is usually reinvested with the principal amount and is compounded as per the maturity. But, in a non-cumulative fixed deposit, the interest earned is credited to the savings account linked to the FD account.