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Fixed Deposit Calculator

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Note: In India, banks use quarterly compounding to calculate interest in rupee

Fixed Deposit Return Amount

` 0

is your principal amount

` 0

is your maturity amount

` 0

is your interest amount

PNB Housing Fixed Deposit (FAAA RATED)

Get upto 8.70%* interest rate on your Fixed Deposit. Apply now to get a call back from fixed deposit expert.

Fixed Deposit (FD) is a type of term deposit offered by banks and other non-banking financial companies (NBFC). Fixed Deposit offer higher interest rates than savings accounts and do not compromise on the safety of one’s money (returns) like other investment options like mutual funds. Interest earned on FD is either paid at regular intervals or is reinvested, depending on the investor’s choice. The maturity amount of the fixed deposit is paid out at the end of the tenure.

Highest FD Interest Rates for 2019 across Tenure

The following FD rates are for deposits up to Rs. 2 crore. Type of fixed deposits included here are domestic term deposits for residents. (Investors residing in India and earning in INR)

By Small Finance Banks

(Small finance banks are those banks that are equipped to provide basic banking services of lending and acceptance of deposits. These banks are established for inclusion of borderline sections of economy like small business units, small farmers and non-organized sector bodies along with micro & small industries.)

  • Tenure: 1 Year
Name of the Bank Rate of Interest
Regular Citizens Senior Citizens
Suryoday Small Finance Bank 8.35% 8.85%
Utkarsh Small Finance Bank 8.20% 8.70%
Ujjivan Small Finance Bank 8.10% 8.60%
Jana Small Finance Bank 8.00% 8.60%
ESAF Small Finance Bank 8.00% 8.50%
North East Small Finance Bank 8.00% 8.50%
Fincare Small Finance Bank 8.00% 8.50%
Equitas Small Finance Bank 7.50% 8.00%
Capital Small Finance Bank 7.25% 7.75%
AU Small Finance Bank 7.00% 7.50%
  • Tenure: 3 Years
Name of the Bank Rate of Interest
Regular Citizens Senior Citizens
Fincare Small Finance Bank 9.00% 9.50%
Suryoday Small Finance Bank 8.75% 9.25%
Jana Small Finance Bank 8.40% 9.00%
Utkarsh Small Finance Bank 8.00% 8.50%
Equitas Small Finance Bank 7.80% 8.30%
AU Small Finance Bank 7.77% 8.27%
Ujjivan Small Finance Bank 7.50% 8.00%
ESAF Small Finance Bank 7.30% 7.80%
North East Small Finance Bank 7.25% 7.55%
Capital Small Finance Bank 7.25% 7.75%
  • Tenure: 5 Years
Name of the Bank Rate of Interest
Regular Citizens Senior Citizens
Utkarsh Small Finance Bank 8.35% 8.85%
Jana Small Finance Bank 8.25% 8.85%
Suryoday Small Finance Bank 8.25% 8.75%
Fincare Small Finance Bank 8.00% 8.50%
AU Small Finance Bank 7.50% 8.00%
ESAF Small Finance Bank 7.30% 7.80%
Capital Small Finance Bank 7.10% 7.60%
Equitas Small Finance Bank 7.00% 7.50%
Ujjivan Small Finance Bank 7.00% 7.50%
North East Small Finance Bank 6.75% 7.25%

By Commercial Banks Across Tenure

(These banks encompass all banking-related services including NRI services, business loans, trade & forex along with basic lending and accepting deposits.)

  • Tenure: 1 Year
Name of the Bank Rate of Interest
Regular Citizens Senior Citizens
RBL Bank 7.60% 8.10%
IDFC First Bank 7.50% 8.00%
Lakshmi Vilas Bank 7.25% 8.10%
Bandhan Bank 7.25% 8.00%
IndusInd Bank 7.25% 7.75%
Yes Bank 7.25% 7.75%
DCB Bank 7.00% 7.50%
Deutsche Bank 7.00% 7.00%
South Indian Bank 6.80% 7.30%
Federal Bank 6.75% 7.25%
  • Tenure: 3 Years
Name of the Bank Rate of Interest
Regular Citizens Senior Citizens
DCB Bank 7.85% 8.35%
Lakshmi Vilas Bank 7.50% 8.10%
Bandhan Bank 7.35% 8.10%
RBL Bank 7.35% 7.85%
IDFC First Bank 7.25% 7.75%
Yes Bank 7.25% 7.75%
IndusInd Bank 7.15% 7.65%
Deutsche Bank 7.00% 7.00%
South Indian Bank 6.80% 7.30%
Federal Bank 6.80% 7.30%
  • Tenure: 5 Years
Name of the Bank Rate of Interest
Regular Citizens Senior Citizens
Deutsche Bank 7.75% 7.75%
DCB Bank 7.65% 8.15%
RBL Bank 7.50% 8.00%
Bandhan Bank 7.25% 8.00%
Lakshmi Vilas Bank 7.25% 7.85%
IDFC First Bank 7.25% 7.75%
Yes Bank 7.25% 7.75%
IndusInd Bank 7.15% 7.65%
South Indian Bank 6.80% 7.30%
Federal Bank 6.80% 7.30%

Note: The above mentioned rates are subject to change without prior notice. Source: Respective bank websites.

What is FD Calculator?

Fixed deposit calculator is a tool designed to get an estimate about the maturity amount that the investor should expect at the end of a chosen tenure for a specified deposit amount at the applicable rate of interest.

How to Use FD Calculator?

To use the FD calculator available here, at Paisabazaar.com, customers are suggested to collect the following details beforehand:

  • Deposit Amount
  • Rate of Interest
  • Tenure (in years/months)

Once all these details are filled in, the only step left is to hit the ‘Calculate’ button post which an estimated amount shall be displayed just below the calculator. The table shall reflect the principal amount, maturity amount and segregated interest amount earned.

Why Should One Use the FD Calculator?

Just like any other financial decision, investing in an FD also entails ticking one’s budget and make it work in unison with the individual’s financial goals. Using an FD calculator before actually investing in one helps investors anticipate and plan their future finances well.

It helps in comparison of various types of FD schemes offered by banks and other financial companies. One can comprehend which scheme provides the best returns at a desired tenure.

Since it’s not like other uncertain investment options like equity mutual funds where returns are not guaranteed, assured returns at fixed rate of interest is the USP of fixed deposits. So why not know what to expect beforehand? Thus using an FD calculator always pays off.

Benefits of Using the Fixed Deposit Calculator

Some of the prime merits of using the FD Calculator present at Paisabazaar are listed here:

  • No scope of errors since it’s an automatic calculator
  • Zeroing-in of cumbersome calculations at multiple tenure, amount and rates thus saving time and effort
  • The tool is free of cost thus customers can use it multiple times and compare returns for different combinations of FD rates, tenure and amount

How is FD Interest Calculated?

There are two methods of calculation of interest on a fixed deposit, viz. Simple Interest and Compound Interest.

What is Simple Interest?

Simple interest is the interest earned on an investment at a pre-decided rate of interest for a specific period of time. It is calculated by multiplying the principal amount, the rate of interest per annum and the time for which the money is lent in years.

Formula for Simple Interest:

SI = P x R x T/ 100

Where,

SI = Simple Interest

P = Principal (amount invested)

R = Rate of Interest (in %)

T = Tenure (time for which deposit is kept in FD account)

For example, if a sum of Rs 10,000 is invested for 3 years at 10% interest rate per annum, then at the time of maturity,

SI = 10,000*10*3/100 = Rs 3,000

Maturity Amount = Rs 13,000

What is Compound Interest?

Compound interest is the interest earned on principal as well as interests. It is calculated by multiplying the principal amount with the interest rate raised to the number of periods in years for which the interest will be compounded.

Formula for Compound Interest:

A = P (1+r/n) ^ (n * t)

Where,

A = Maturity Amount

P = Principal amount

r = Rate of Interest (in decimals)

n = number of compounding in a year

t = number of years

For example, if a sum of Rs 10,000 is invested for 3 years at 10% compound interest rate (quarterly compounding), then at the time of maturity,

A= 10,000 {1 + (0.1/4)} ^ (4 * 3)

A = 10,000 (1 + 0.025) ^ (12)

A = 10,000 (1.025) ^ (12) = Rs. 13,449 (approximately)

Compound Interest (CI) Earned over 3 years = Maturity Amount – Principal Amount

CI = 13,449 – 10,000 = Rs. 3,449

Factors Affecting Fixed Deposit Interest Rates

Banks and other financial institutions providing fixed deposit as an investment option to customer take the following points in consideration while deciding on the FD interest rates:

  • Tenure or Period of Deposit

Tenure or the period of deposit is the period of time for which the deposit amount stays invested in the fixed deposit. This period varies from bank to bank and usually ranges from 7 days to 10 years. Varying terms fetch varying fixed deposit interest rates.

  • Age of the Applicant

Fixed deposit provides (banks and other financial institutions) offer preferential interest rates to senior citizens which may range anywhere from 0.25% to 0.75% over the regular rate of interest for citizens not falling in the senior citizens category. For some banks the age limit is 60 years and above while some banks encompass investors with 55 years and above in the senior citizen category.

  • Current Economic Conditions

Banks and other financial institutions providing fixed deposits keep on correcting their interest rates as per the changes prevailing in the economy including change in repo rate by the Reserve Bank of India (RBI) and inflation. Thus, it is safe to say that prevailing economic conditions carry the potential to impact rates of interest for fixed deposits.

  • FD Provider – Bank or Company?

Usually, Company fixed deposits provide higher FD rates than banks. But, bank fixed deposit comes with one important feature over corporate fixed deposit. Individuals investing in a bank fixed deposit are covered under the depositor insurance program of Deposit Insurance and Credit Guarantee Corporation (DICGC). This ensures that bank deposits up to Rs. 1 lakh per depositor per bank are covered by insurance in case of any unfortunate event resulting in bankruptcy.

If the investor want to opt for company fixed deposits, it is advisable to to consider company FDs based on the credit ratings. Corporate Fixed Deposits with high credit ratings (for example: FAAA, FAA) are considered to be safe.

FD Calculator by Banks/Financial Institutions

SBI FD Calculator HDFC Bank FD Calculator

Frequently Asked Questions

Q. What is FD Calculator?

An FD calculator is a tool which calculates how much one shall get on investing in a fixed deposit (FD) at the time of maturity. This tool uses inputs like the deposit amount, tenure of the FD and the prevailing fixed deposit rate for the said tenure.

Q. How is the interest on a bank FD calculated?

Usually, the interest for FD with a period of 6 months or less is calculated at simple interest. Compounding of interest is done for FDs with a term period of more than 6 months. When going for monthly interest payout, banks mostly calculate interest on discounted rates.

Q. What are the details required to use an FD Calculator?

Deposit amount, tenure of the deposit as well as the prevailing FD rates are required to use an FD calculator.

Q. Is it free to use the FD calculator at Paisabazaar.com?

Yes. The FD calculator available at Paisabazaar.com is free to be used anytime.

Q. Is the maturity amount calculated by the tool an exact figure or an approximate one?

The figures provided by the FD interest calculator are the closest estimate. This is because the rates may change at the time of actual purchase. Thus, the figures are for reference purpose only, providing the best estimate.

Q. What is the minimum tenure for which one can invest in a fixed deposit?

Customers can deposit for a minimum of 7 days in a fixed deposit. However, this figure may be higher for some banks.

Q. Is the interest earned on a fixed deposit taxable?

Yes. The interest earned on an FD is taxable. However, as per the Section 80C of the Income Tax Act, 1961, investors can claim deductions for up to Rs. 1.5 lakh per financial year.

Q. What is the interest rate for senior citizens for fixed deposits?

Most of the banks provide senior citizens with preferential FD rates (e.g. 0.50% extra). For banks like Axis Bank, preferential interest rates are awarded at different proportions for select tenure.

Q. Does the fixed deposit interest rate calculator available at Paisabazaar.com give same results for FD schemes as tools like SBI FD Calculator and HDFC Calculator does?

Yes. The fixed deposit is calculated using the same formula (simple interest or compound interest) across all the FD interest rate calculators. Therefore, be it SBI or HDFC FD calculator, maturity amount shall be the same if the deposit amount, tenure and the interest rate is the same.

Q. Is it compulsory to provide PAN card for opening a fixed deposit?

Yes. It is mandatory to produce the PAN card when applying for any FD scheme.

Q. Is there a different FD calculator for senior citizens and tax saving FD schemes?

No, there is no separate fixed deposit calculator for tax saving FD schemes or for senior citizens. The tool requires only the deposit amount, tenure and the fixed deposit interest rates to calculate the maturity amount.

Q. Do other financial institutions also provide fixed deposits?

Yes. Investors can earn good returns by investing in fixed deposits with non-financial banking companies (NBFCs) on good rates like Shriram Transport FD Rates (8.00% to 10.77%) and PNB Housing Finance FD rates (8.05% to 8.45%).