Calculate the maturity value and interest earnings on your Fixed Deposit with this comprehensive FD Calculator. Enter your deposit amount, tenure, and interest rate to see how your investment will grow. Supports both cumulative (compound interest) and non-cumulative (periodic payout) FD types.
Check Current FD Interest Rates
FD interest rates are updated frequently by banks. Click on the links below to check the latest rates directly from official bank websites:
Tip
Interest rates vary based on deposit amount, tenure, and customer type (Regular/Senior Citizen). Senior citizens typically receive an additional 0.25% to 0.50% interest. Always verify the exact rate applicable to your deposit before investing.
How FD Interest is Calculated
Compound Interest (Cumulative FD)
In cumulative FDs, interest is compounded and paid at maturity along with the principal.
Simple Interest (Non-Cumulative FD)
In non-cumulative FDs, interest is paid out periodically (monthly, quarterly, etc.) and not compounded.
Frequently Asked Questions
What is the difference between Cumulative and Non-Cumulative FD?
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In a Cumulative FD, the interest is compounded and reinvested back into the deposit. You receive the principal plus all accumulated interest at maturity. This option is ideal for wealth building and offers higher returns due to compounding. In a Non-Cumulative FD, interest is paid out periodically (monthly, quarterly, half-yearly, or yearly) instead of being reinvested. At maturity, you only receive the original principal amount. This option is suitable for those who need regular income, such as retirees.
What is the minimum and maximum tenure for a Fixed Deposit?
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Most banks in India offer Fixed Deposits with a minimum tenure of 7 days and a maximum tenure of 10 years. Some banks may offer special FD schemes with different tenure options. Short-term FDs (less than 6 months) typically earn simple interest, while longer-term FDs benefit from quarterly compounding.
Do senior citizens get higher FD interest rates?
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Yes, most banks offer an additional interest rate of 0.25% to 0.50% per annum to senior citizens (aged 60 years and above) on their Fixed Deposits. Some banks also offer extra benefits to super senior citizens (aged 80 years and above). For example, SBI offers an additional 0.50% under its Wecare scheme, and ICICI Bank offers an extra 0.10% on select tenures for senior citizens.
Is TDS applicable on FD interest?
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Yes, Tax Deducted at Source (TDS) is applicable on Fixed Deposit interest. If your total interest income from FDs with a bank exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), TDS at 10% is deducted. If you don’t provide your PAN, TDS is deducted at 20%. You can submit Form 15G (for individuals below 60) or Form 15H (for senior citizens) to avoid TDS if your total income is below the taxable limit.
Can I withdraw my FD before maturity?
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Yes, premature withdrawal is allowed for most Fixed Deposits, but it comes with a penalty of 0.5% to 1% on the interest rate. The interest is recalculated at the rate applicable for the actual tenure of the deposit, minus the penalty. Some banks offer FDs with premature withdrawal facility without penalty, though the interest rates may be slightly lower.
What is a Tax-Saving FD?
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A Tax-Saving FD is a special Fixed Deposit with a lock-in period of 5 years. The investment amount (up to ₹1.5 lakh per financial year) qualifies for tax deduction under Section 80C of the Income Tax Act. However, the interest earned on tax-saving FDs is taxable as per your income tax slab. Premature withdrawal is not allowed for tax-saving FDs.
Are Fixed Deposits safe? What happens if a bank fails?
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Fixed Deposits with scheduled commercial banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh per depositor per bank. This includes principal and interest. If a bank fails, the DICGC ensures you get your money back up to this limit. For higher amounts, consider spreading your deposits across multiple banks.
What is quarterly compounding in FD?
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Quarterly compounding means the interest is calculated and added to the principal every 3 months (4 times a year). In the next quarter, interest is calculated on this new, higher principal. This results in slightly higher returns compared to yearly compounding. Most Indian banks compound FD interest quarterly for cumulative deposits.
Important Information
This calculator provides estimates based on the inputs provided. Actual maturity amounts may vary slightly depending on the bank’s calculation method, the exact number of days in the tenure, and any applicable taxes. Interest rates are subject to change without notice. Please consult with your bank for exact figures before making investment decisions.
