FD Calculator
Enter your principal, interest rate, and tenure to instantly calculate your fixed deposit maturity amount and total interest earned.
Maturity Amount
₹1,07,291
Total Interest
₹7,291
Effective Yield
7.29%
How to Use the FD Calculator
- Select your preferred bank from the tabs (HDFC, SBI, ICICI, or Axis Bank).
- Enter the principal amount you wish to deposit.
- Set the tenure in years and months.
- Toggle the Senior Citizen option if applicable to get the higher interest rate.
- Choose your preferred interest payout option.
- The maturity amount and total interest are calculated instantly.
FD Calculation Formula
- A = Maturity Amount
- P = Principal (initial deposit)
- r = Annual interest rate (decimal)
- n = Compounding frequency (4 for quarterly)
- t = Time in years
About Fixed Deposits in India
Fixed deposits (FDs) are one of the most popular savings instruments in India, offering guaranteed returns with capital protection. Unlike market-linked investments, FDs provide a predetermined interest rate for a specified tenure, making them ideal for risk-averse investors.
Major banks like HDFC Bank, SBI (State Bank of India), ICICI Bank, and Axis Bank compete for deposits by offering attractive FD rates. Senior citizens generally receive an additional 0.25% to 0.50% over the regular rates, making FDs even more lucrative for retirees looking for safe income.
Our FD calculator compares rates across all four banks simultaneously. For cumulative FDs, interest is compounded quarterly and paid at maturity, resulting in a higher effective yield compared to simple interest. For non-cumulative FDs with monthly or quarterly payouts, interest is credited to your account periodically.
When comparing banks, consider not just the interest rate but also factors like the bank's safety rating, DICGC insurance coverage (up to Rs. 5 lakhs), and ease of premature withdrawal. Our tool shows you the effective annual yield, which accounts for the compounding effect and allows for true apple-to-apple comparisons.
Frequently Asked Questions
How do I use the FD calculator?
Enter your principal amount, select your preferred bank, enter the tenure, and toggle senior citizen if applicable. The calculator instantly shows your maturity amount and total interest earned.
Which bank offers the best FD rates?
As of 2024, Axis Bank offers 7.20% for general citizens and 7.70% for senior citizens, making it competitive. However, rates change frequently, so always check with the bank directly.
What is the formula for FD calculation?
FD uses compound interest: A = P(1 + r/n)^(nt), where P is principal, r is annual rate, n is compounding frequency (4 for quarterly), and t is time in years.