FD Calculator
Calculate maturity amount and interest earned on your Fixed Deposits (FD). Compare rates across banks comfortably.
Fixed Deposit Details
Maturity Details
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Why Fixed Deposits (FD) are India’s Favorite
Fixed Deposits offer peace of mind. In a volatile market, FDs provide stability.
Types of FDs
- Standard FD: Flexible tenure (7 days to 10 years), standard rates.
- Tax-Saving FD: 5-year lock-in, tax benefits u/s 80C.
- Senior Citizen FD: Higher interest rates for those above 60.
- Flexi-FD: Linked to savings account; auto-sweeps excess money into FD to earn higher interest while maintaining liquidity.
Tips for FD Investors
- Laddering: Don’t put all money in one FD. Split it into different tenures (1yr, 2yr, 3yr) to manage liquidity and interest rate changes.
- Form 15G/15H: Submit these forms at the start of the financial year if your total income is below the taxable limit to avoid TDS deduction.
Frequently Asked Questions
How is FD interest calculated?
FD interest is compounded quarterly in most banks. The formula used is **A = P(1 + r/400)^4n**, where 'n' is years. For monthly payouts, simple interest is often used.
Is FD interest taxable?
Yes, the interest income is added to your total income and taxed as per your slab. TDS @ 10% is deducted if interest exceeds ₹40,000 (₹50,000 for seniors) in a year (if PAN is provided).
What is a Tax-Saver FD?
A Tax-Saver FD has a mandatory lock-in period of 5 years. Investments up to ₹1.5 Lakhs in this FD qualify for tax deduction under Section 80C.
Can I break my FD before maturity?
Yes, practically all FDs (except Tax-Saver) allowed premature withdrawal. However, the bank will charge a penalty (approx 1%) and pay the interest rate applicable for the actual duration the money remained.
Do Senior Citizens get higher rates?
Yes, Senior Citizens (60+) usually get 0.50% extra interest. Super Senior Citizens (80+) may get even higher rates in some banks.
Which is better: FD or Debt Mutual Fund?
FDs offer guaranteed returns and safety. Debt Funds offer potentially higher returns and better tax efficiency (if held long term) but carry some interest rate and credit risk.
Can I get a monthly income from FD?
Yes, you can choose the 'Non-Cumulative' option where interest is paid out monthly, quarterly, or yearly directly to your bank account.
Is my money safe in a Bank FD?
Bank FDs are insured up to ₹5 Lakhs (Principal + Interest) by the DICGC (a subsidiary of RBI). This applies per bank, per depositor.
What is a Corporate FD?
Corporate FDs are offered by companies/NBFCs. They usually offer higher interest rates than banks but carry a higher risk of default. Always check the credit rating (AAA is best) before investing.
How does the 'Reinvestment' or 'Cumulative' plan work?
In a cumulative FD, the interest earned is re-invested back into the principal every quarter. You get the total amount (Principal + Interest) only at maturity. This benefits from the power of compounding.