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Fixed Deposit Calculator

A Fixed Deposit or an FD is a savings deposit scheme offered by all banks and non-banking financial institutions. Under an FD, you are required to deposit a lump sum amount for a pre-decided time period for the purpose of earning interest. The rate of interest is predefined as well. It is a safe investment option with minimum risk, high returns and flexible tenures. An FD calculator is a free online tool which helps in calculating the rate of interest for a sum deposited over a period of time. The tool is freely available on all banking websites. You simply need to enter the requested information such as amount, duration etc. and it will automatically calculate the interest earned. You also have the option to calculate the maturity amount, interest earned on an annual, quarterly, semi-annually or monthly basis. It is an excellent tool for calculating your investment before investing in an FD.

How Does FD Calculator Work?

The FD calculator works on the basis of the input provided. Simply put in the amount value and the tenure, and it will automatically calculate the maturity amount and interest that will be earned as per the prevailing rate of interest. You can select the various tenures suitable to your investment. The initial invested amount will be calculated on the basis of simple interest or compound interest as per the policy of the bank/financial institution. An FD calculator is an excellent tool for calculating the interest earned before opening a fixed deposit account.

How to calculate Fixed Deposit Maturity Amount?

You can calculate your fixed deposit maturity amount with the help of an FD calculator. Simply visit any of the FD calculator tool available online and submit the following details:

  1. FD Type - Cumulative/non-cumulative
  2. Principal amount
  3. Tenor Post submission, the calculator will determine and showcase your interest earned, along with the maturity amount.

How to Calculate Monthly Interest?

You can calculate monthly interest on your FD by using the FD calculator. Enter all the requested details and submit. Post submission, the calculator will showcase your monthly interest earned on an FD.

Types of Fixed Deposits

There are two types of fixed deposits:

  • Periodic Interest Payout: Under this type, you will receive a fixed interest on a quarterly basis and the rate of interest remains fixed.
  • Cumulative Deposit: Under this type, the returns are paid on a compounding basis as per the principal amount. The interest is calculated on a compounding basis and is paid in addition to the principal amount.

FD Calculation Formula

For Periodic Interest Payout, the formula is based on simple interest, where:

SI = PTR/100 SI=Simple Interest P=Principal Amount T=Time Period R=Rate of interest

For Cumulative Deposit, the formula is based on compound interest, where:

A = P (1+ r/n) n*t A= Amount to be received

P=Principal amount R=Rate of interest N=Number of times the interest is compounded per year T=Tenure

Factors to be considered

A few factors to consider before calculating the rate of interest with an FD calculator:

  • Deposit Amount: This is the starting amount of investment. You can invest with an amount as minimum as ₹1,000.
  • Interest Rate: The rate of interest depends on the bank where you open an FD account.
  • Deposit Tenure: This is the time period of investment which can vary from 7 days to 10 years.
  • Frequency of compound/simple Interest: The frequency refers to the payout on a quarterly, annual, semi-annual or monthly basis.

Top 10 Banks Fixed Deposit Interest Rates in India

Bank NameFD Interest Rates Regular CitizensFD Interest Rates Senior Citizens
IndusInd Bank8.00%8.50%
DCB Bank7.00%7.50%
Kotak Mahindra Bank7.30%7.80%
YES Bank7.25%7.75%
ICICI Bank6.90%7.40%
HDFC Bank7.30%7.80%
SBI6.80%7.30%
RBL Bank8.00%8.50%
Axis Bank7.30%7.95%
DBS7.50%7.50%
IDFC Bank7.00%7.50%
Bandhan Bank7.35%8.10%
Canara Bank7.00%7.50%
Federal Bank7.30%7.80%
OBC6.75%7.25%
Bank of Baroda6.70%7.20%

Note: FD Rates are subject to change as per the banks discretion.

FAQ's On Fixed Deposit Calculator

Why use FD Calculator?

You should use an FD calculator as it is an excellent tool to calculate the maturity amount and interest earned. It is a simple tool available online for free. It helps in better planning of your investments.

Can we get monthly interest on fixed deposits?

Yes, you can get monthly interest on FDs.

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