FD Calculator — Calculate Fixed Deposit Maturity Amount
Calculate fixed deposit maturity amount and interest
A Fixed Deposit (FD) Calculator helps you find out how much your deposit will grow by maturity. Enter your principal amount, interest rate, tenure, and compounding frequency to instantly calculate the maturity value and total interest earned on your FD.
1How Is FD Interest Calculated?
FD interest is calculated using compound interest: A = P × (1 + r/n)^(nt), where A is the maturity amount, P is the principal, r is the annual interest rate, n is the compounding frequency per year, and t is the tenure in years. For a ₹1 lakh FD at 7% for 5 years compounded quarterly, the maturity amount is approximately ₹1,41,478 — earning ₹41,478 as interest.
2FD Interest Rates in India (2024)
Major banks like SBI, HDFC, ICICI, and Axis offer FD rates between 6.5% and 7.5% for general customers. Senior citizens typically receive 0.25%–0.5% additional interest. Small finance banks and NBFCs offer higher rates of 8%–9.5%, though they carry slightly more risk. Compare rates and use this calculator to find the best option for your savings goal.
3Types of Fixed Deposits
Regular FD offers flexible tenures from 7 days to 10 years. Tax-saving FD has a mandatory 5-year lock-in and qualifies for Section 80C deduction up to ₹1.5 lakh. Cumulative FD reinvests interest until maturity (higher returns). Non-cumulative FD pays interest periodically (monthly, quarterly) — suited for regular income needs.
4Is FD the Best Investment Option?
FD is ideal for risk-averse investors, emergency funds, short-term goals (1–5 years), and senior citizens needing regular income. However, FD returns are fully taxable and often barely beat inflation after tax. For long-term goals (7+ years), equity mutual fund SIPs typically outperform FDs significantly. A balanced portfolio includes both FD for stability and mutual funds for growth.
Frequently Asked Questions
Yes. FD interest is added to your total income and taxed at your applicable income tax slab rate. If interest exceeds ₹40,000 per year (₹50,000 for seniors), the bank deducts TDS at 10%. You can submit Form 15G/15H if your income is below the taxable limit to avoid TDS.