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Calculate your FD maturity amount and interest earned with our easy-to-use calculator
Fixed Deposits are a traditional savings option, usually preferred for their low risk and high liquidity. Get an idea of the trajectory of growth the money in a fixed deposit can achieve. Let go of manual work and use a fixed deposit calculator. Make the right decisions with a reliable and accessible tool that calculates on the basis of the principal amount and the FD interest rate offered.
An FD calculator, or a fixed deposit calculator, is an online tool that generates estimates for returns that a fixed deposit is bound to yield over time. With its help, one can get estimates for returns on the principal amount for the specified timeline. When using the tool, the principal amount and the FD interest rate can be adjusted. Based on these adjustments, the FD returns calculator will provide estimates for returns at various points of time within a specific timeline.
An FD calculator is a simple and accessible tool. It is meant to help you draw quick estimates for the returns you may earn from your fixed deposit account based on the choice of variable factors.
How do Retirement Calculators work?
The calculation of FDs can differ slightly for residents and NRIs:
The interest rates for fixed deposits vary across banks and financial institutions, typically ranging between 3% and 8%, depending on:
The deposit amount
The chosen tenure
The type of FD (cumulative or non-cumulative)
Senior citizens often receive higher interest rates as an added benefit.
Using an FD calculator is simple
In India, the eligibility criteria for opening a fixed deposit (FD) account vary slightly across banks and financial institutions.
Indian residents.
Non-Resident Indians (NRIs) are eligible for special types of FDs such as NRE and NRO deposits.
PAN (Permanent Account Number) card.
Aadhaar card or other government-approved ID proofs (e.g., passport, voter ID, or driving license).
Proof of identity (PAN, Aadhaar, voter ID, etc.).
Proof of address (utility bills, ration card, etc.).
Passport-size photographs.
Passport and visa.
Overseas address proof.
NRE/NRO account details.
Certificate of registration/incorporation.
Proof of address.
Authorised signatory documents.
By leveraging an FD calculator, you can efficiently plan your investments, maximise returns, and achieve your financial goals with ease. Whether you are a resident or an NRI, understanding the nuances of fixed deposits can help secure your financial future.
Yes, FD interest calculators provided by banks, financial institutions, or third-party websites are typically free to use.
It takes just a few minutes to use an FD calculator. You need to input the deposit amount, tenure, fixed deposit interest rate offered by the bank or financial institution, and compounding frequency, to get the results instantly.
An FD calculator helps in:
Estimating the maturity amount based on the deposit amount and tenure.
Comparing returns across different banks and schemes.
Planning investments to meet specific financial goals, such as education, travel, or retirement.
Avoiding manual calculation errors.
Fixed deposit interest rates for senior citizens are typically 0.25% to 0.50% higher than regular rates. For example, if the standard rate is 6%, senior citizens may earn 6.5%. The exact rate varies by bank and tenure.
Interest on an FD is calculated using the formulae:
For simple interest (SI):
A=P(1+rt)
For compound interest (CI):
A = P(1 + rn)nt
However, this manual calculation is not only time-consuming but also has room for error. Using a fixed deposit calculator is a quick and hassle-free way of ensuring that your return estimates are as close as possible to the actual results.
Yes, the interest from an FD is taxable.
Tax Deducted at Source (TDS): If the interest earned exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), TDS of 10% is deducted.
Taxable Income: The interest is added to your total income and taxed as per your applicable income tax slab.
Form 15G/15H: You can submit these forms to avoid TDS if your income is below the taxable limit.
Yes, most banks charge a penalty for premature withdrawal. The penalty is typically:
0.5% to 1% reduction in the applicable interest rate.
Some banks waive the penalty under special conditions or for certain FD schemes.
When it comes to general citizens, FD rates typically range from 3% to 7% annually, depending on the bank, tenure, and market conditions.
The minimum amount required to open an FD varies by bank, but it usually starts at ₹1,000.
The maturity amount is the total sum received at the end of the FD tenure, including the principal and the accumulated interest.
The penalty is calculated as:
Reduction in the applicable interest rate for the completed tenure.
Additional penalty rate (e.g., 0.5% to 1%) charged by the bank.
For instance, if the applicable rate for the tenure is 5% and the penalty is 1%, you will get 4%.
Yes, you can opt for a monthly payout of interest under a non-cumulative FD scheme. The interest is credited to your account at regular intervals (monthly, quarterly, etc.) instead of being compounded.
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Interest rates vary depending on tenure and bank policies.
