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Fixed Deposit Calculator

Calculate maturity amount and interest for fixed deposits

FD Details

Enter FD details and click Calculate

How to Use

  1. Enter the Principal Amount you plan to deposit.
  2. Enter the Rate of Interest offered by your bank (check the bank's FD rate card).
  3. Set the Tenure and choose whether interest compounds monthly, quarterly, half-yearly or yearly.
  4. Click Calculate to see Maturity Amount, Total Interest Earned, and Effective Annual Yield.

What is a Fixed Deposit?

A Fixed Deposit (FD) is the most popular savings instrument in India. You lock in a lump sum with a bank or post office for a fixed period at a guaranteed interest rate. Unlike savings accounts (which yield ~3–4%), FDs offer 6–8%+ and are virtually risk-free up to ₹5 lakh per depositor per bank (DICGC insurance cover).

Compound Interest Formula

A = P × (1 + r/n)n×t

A = maturity amount, P = principal, r = annual rate (decimal), n = compounding frequency per year, t = years.

Key Features

  • Guaranteed returns — rate is locked at opening, immune to market swings.
  • Flexible tenure — typically 7 days to 10 years.
  • Premature withdrawal — allowed with a penalty (usually 0.5–1% lower rate).
  • Loan against FD — borrow up to 90% of the FD value without breaking it.
  • TDS — banks deduct 10% TDS if interest exceeds ₹40,000 per year (₹50,000 for seniors). Submit Form 15G/15H if income is below the taxable limit.

Senior Citizen FDs

Most banks offer an additional 0.25% – 0.75% p.a. to depositors above 60 years. For a ₹10 lakh deposit over 5 years, this can add ₹15,000–45,000 extra.

Tax-Saving FD

5-year FDs qualify for deduction under Section 80C (up to ₹1.5 lakh per year). Interest is still taxable, but the initial investment reduces your taxable income.

Frequently Asked Questions

Yes. FD interest is added to your income and taxed at your applicable slab rate. Banks deduct TDS at 10% if interest exceeds ₹40,000 per year (₹50,000 for senior citizens). If your income is below the taxable limit, submit Form 15G (individuals) or Form 15H (seniors) to avoid TDS.

₹5 lakh per depositor per bank — covering both principal and interest across all accounts in that bank. If you have ₹8 lakh in one bank and it fails, only ₹5 lakh is protected. Spread large deposits across multiple banks or go with India Post (government-guaranteed, no cap).

Yes — premature withdrawal is allowed at most banks but attracts a penalty of 0.5–1% lower interest rate. Some tax-saving FDs (5-year) cannot be broken prematurely. Check your bank's terms before opening.

Small finance banks (SFBs) typically offer 8–9.5% for regular depositors and up to 9.5–10% for senior citizens. However, DICGC cover still applies only up to ₹5 lakh. Public sector banks (SBI, Bank of Baroda) offer 6.5–7.5%. India Post FDs offer 6.9–7.5% with full government backing.

Cumulative FD: interest compounds and is paid at maturity — you get more because interest earns interest. Non-cumulative FD: interest is paid at regular intervals (monthly, quarterly, half-yearly, annually) — preferred by retirees needing regular income.

Bank FDs use compound interest, typically compounded quarterly. Post Office FDs also compound quarterly. The formula is A = P × (1 + r/n)^(n×t). This calculator lets you choose the compounding frequency so you can compare exactly.

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