FD Calculator
Quickly see what your FD will be worth at maturity. Useful when you're comparing rates across banks or trying to decide between different tenure options before booking.
How to use
- Enter the amount you're depositing.
- Add the interest rate your bank is offering and how long you're locking in.
- Pick the compounding frequency. Most bank FDs compound quarterly.
- Hit Calculate to see your maturity value and total interest earned.
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A Fixed Deposit (FD) is one of the safest investment options in India, offered by banks and NBFCs at a guaranteed interest rate for a fixed tenure. The maturity amount depends on the principal, the annual interest rate, the tenure, and the compounding frequency, which can be monthly, quarterly, half-yearly, or annually. Most Indian banks compound FD interest quarterly.
The maturity formula for compound interest is: A = P × (1 + r/n)^(n×t), where P is the principal, r is the annual rate, n is compounding frequency per year, and t is the tenure in years. Senior citizens typically receive 0.25%–0.50% higher rates than regular customers.
Frequently Asked Questions
Which bank offers the highest FD interest rate in India?
Small finance banks like Unity SFB, Suryoday SFB, and Utkarsh SFB often offer the highest rates (8–9%+). Among large banks, rates vary between 6.5–7.5% for general customers. Always check current rates directly on the bank's website.
Is FD interest taxable in India?
Yes. FD interest is added to your total income and taxed at your applicable income tax slab rate. If your total interest across all FDs with a bank exceeds ₹40,000 per year (₹50,000 for seniors), the bank deducts TDS at 10%.
What happens if I break my FD before maturity?
Premature withdrawal is allowed at most banks, but a penalty of 0.5%–1% is deducted from the applicable rate. The interest is paid at the rate applicable for the period the FD was held, minus the penalty.
Is FD better than RD?
FD is better if you have a lump sum to invest. RD is better for regular monthly savers. FD typically earns slightly more interest since the entire principal earns interest from day one, unlike RD where deposits are staggered.
Disclaimer: Results are estimates for informational purposes only and do not constitute financial, tax, or investment advice. Figures may vary based on actual terms. Always consult a qualified financial advisor before making financial decisions.