FD Calculator
Calculated Data
Fixed Deposit (FD) is an investment option offered by banks and financial institutions. FD offers higher returns than a savings account and can be invested for flexible loan tenures. It is a smart decision to know the maturity amount before investing in an FD. You can use an FD calculator to figure out the maturity amount and the interest earned up maturity.
What is FD Calculator?
The fixed deposit (FD) calculator helps you calculate the exact value of your fixed deposit investment upon maturity. You can use it to calculate how much interest you can earn on your savings in the form of a fixed deposit. You need to enter the amount of deposit, the rate of interest and the deposit term to find out the maturity value of the investment.
How to Use FD Calculator?
An FD calculator helps you estimate the amount you will get on maturity. Here is how to use a fixed deposit calculator to arrive at the final maturity value.
You need to input the following variables to use an FD calculator:
- Deposit amount
- Rate of interest being offered
- Deposit tenure (in years/ months)
Click on calculate and find out the maturity value in seconds.
Highest FD Interest Rates for 2020 across Tenure
Interest Rates by Small Finance Banks
Highest interest rates offered on FDs by 10 small finance banks in India are as under:
Tenure: 1 Year
| Name of the Bank | Interest rate (%) | |
|---|---|---|
| General public | Senior citizen | |
| Ujjivan Small Finance Bank | 7.00% | 7.50% |
| Jana Small Finance Bank | 7.75% | 8.35% |
| Equitas Small Finance Bank | 7.50% | 8.10% |
| AU Small Finance Bank | 7.00% | 7.50% |
| Capital Small Finance Bank | 6.50% | 7.00% |
| Fincare Small Finance Bank | 8.00% | 8.50% |
| ESAF Small Finance Bank | 8.00% | 8.50% |
| North East Small Finance Bank | 8.00% | 8.50% |
| Suryoday Small Finance Bank | 8.35% | 8.85% |
| Utkarsh Small Finance Bank | 8.20% | 8.70% |
Tenure: 3 Years
| Name of the Bank | Interest rate (%) | |
|---|---|---|
| General public | Senior citizen | |
| Ujjivan Small Finance Bank | 7.50% | 8.00% |
| Jana Small Finance Bank | 8.40% | 9.00% |
| Equitas Small Finance Bank | 7.80% | 8.30% |
| AU Small Finance Bank | 7.77% | 8.27% |
| Capital Small Finance Bank | 7.25% | 7.75% |
| Fincare Small Finance Bank | 9.00% | 9.50% |
| ESAF Small Finance Bank | 7.30% | 7.80% |
| North East Small Finance Bank | 7.25% | 7.75% |
| Suryoday Small Finance Bank | 8.75% | 9.25% |
| Utkarsh Small Finance Bank | 8.00% | 8.50% |
Tenure: 5 Year
| Name of the Bank | Interest rate (%) | |
|---|---|---|
| General public | Senior citizen | |
| Ujjivan Small Finance Bank | 7.00% | 7.50% |
| Jana Small Finance Bank | 8.25% | 8.85% |
| Equitas Small Finance Bank | 7.00% | 7.50% |
| AU Small Finance Bank | 7.50% | 8.00% |
| Capital Small Finance Bank | 7.10% | 7.60% |
| Fincare Small Finance Bank | 8.00% | 8.50% |
| ESAF Small Finance Bank | 7.30% | 7.80% |
| North East Small Finance Bank | 6.75% | 7.25% |
| Suryoday Small Finance Bank | 8.25% | 8.75% |
| Utkarsh Small Finance Bank | 8.35% | 8.85% |
Read More: Top banks giving interest rate more than 9% on FDs for Senior Citizens
Interest Rates by Commercial Banks
Highest interest rates offered on FDs by 10 commercial banks in India are as under:
Tenure: 1 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| RBL Bank | 6.65% | 7.15% |
| IDFC First Bank | 7.50% | 8.00% |
| Lakshmi Vilas Bank | 7.35% | 7.85% |
| 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 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| RBL Bank | 7.50% | 8.00% |
| IDFC First Bank | 7.25% | 7.75% |
| Lakshmi Vilas Bank | 7.50% | 8.10% |
| Bandhan Bank | 7.35% | 8.10% |
| IndusInd Bank | 7.15% | 7.65% |
| Yes Bank | 7.25% | 7.75% |
| DCB Bank | 7.85% | 8.35% |
| Deutsche Bank | 7.00% | 7.00% |
| South Indian Bank | 6.80% | 7.30% |
| Federal Bank | 6.80% | 7.30% |
Tenure: 5 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| RBL Bank | 7.25% | 7.25% |
| IDFC First Bank | 7.25% | 7.75% |
| Lakshmi Vilas Bank | 7.50% | 8.10% |
| Bandhan Bank | 7.25% | 8.00% |
| IndusInd Bank | 7.15% | 7.65% |
| Yes Bank | 7.25% | 7.75% |
| DCB Bank | 7.75% | 7.75% |
| Deutsche Bank | 6.80% | 7.30% |
| South Indian Bank | 6.80% | 7.30% |
| Federal Bank | 6.80% | 7.30% |
Interest rates by Public Sector Banks
Highest interest rates offered on FDs by 10 public sector banks in India are as under:
Tenure: 1 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| State Bank of India | 5.80% | 6.30% |
| Punjab National Bank | 6.40% | 6.90% |
| Bank of Baroda | 6.25% | 6.75% |
| IDBI Bank | 6.45% | 6.95% |
| Union Bank | 6.15% | 6.15% |
| Bank of India | 6.00% | 6.50% |
| Canara Bank | 5.95% | 6.45% |
| Allahabad Bank | 6.45% | 6.45% |
| Central Bank | 6.00% | 6.00% |
| Syndicate Bank | 6.40% | 7.00% |
Tenure: 3 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| State Bank of India | 6.25% | 6.75% |
| Punjab National Bank | 6.25% | 6.75% |
| Bank of Baroda | 6.25% | 6.25% |
| IDBI Bank | 6.25% | 6.75% |
| Union Bank | 6.30% | 6.30% |
| Bank of India | 6.25% | 6.75% |
| Canara Bank | 6.00% | 6.50% |
| Allahabad Bank | 6.35% | 6.35% |
| Central Bank | 6.25% | 6.25% |
| Syndicate Bank | 6.25% | 6.75% |
Tenure: 5 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| State Bank of India | 6.25% | 6.75% |
| Punjab National Bank | 6.25% | 6.75% |
| Bank of Baroda | 6.25% | 6.75% |
| IDBI Bank | 6.25% | 6.75% |
| Union Bank | 6.30% | 6.30% |
| Bank of India | 6.25% | 6.75% |
| Canara Bank | 6.25% | 6.75% |
| Allahabad Bank | 6.25% | 6.25% |
| Central Bank | 6.25% | 6.25% |
| Syndicate Bank | 6.25% | 6.75% |
Interest Rates by NBFCs
Highest interest rates offered on FDs by 10 NBFCs in India are as under:
Tenure: 1 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| ICICI Home Finance Ltd. | 7.35% | 7.60% |
| DHFL | 7.70% | 7.95% |
| Mahindra Finance Ltd. | 8.00% | 8.10% |
| Shriram Transport Finance Ltd. | 7.95% | 8.20% |
| Shriram City Union Finance Ltd. | 7.72% | 8.00% |
| Bajaj Finserv Ltd. | 8.00% | 8.35% |
| PNB Housing Finance Ltd. | 8.30% | 8.30% |
| LIC Housing Finance Ltd. | 7.50% | 7.75% |
| HDFC LTD | 7.50% | 7.75% |
| HUDCO | 7.50% | 7.75% |
Tenure: 3 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| ICICI Home Finance Ltd. | 7.45% | 7.70% |
| DHFL | 7.85% | 8.10% |
| Mahindra Finance Ltd. | 8.35% | 8.45% |
| Shriram Transport Finance Ltd. | 8.65% | 8.90% |
| Shriram City Union Finance Ltd. | 8.42% | 9.54% |
| Bajaj Finserv Ltd. | 8.75% | 9.10% |
| PNB Housing Finance Ltd. | 8.40% | 8.40% |
| LIC Housing Finance Ltd. | 7.60% | 7.85% |
| HDFC LTD | 7.50% | 7.75% |
| HUDCO | 7.50% | 7.75% |
Tenure: 5 Year
| Name of the Bank | Interest rate(%) | |
|---|---|---|
| General public | Sentor citizens | |
| ICICI Home Finance Ltd. | 7.40% | 7.65% |
| DHFL | 8.00% | 8.25% |
| Mahindra Finance Ltd. | 8.70% | 8.80% |
| Shriram Transport Finance Ltd. | 8.88% | 9.13% |
| Shriram City Union Finance Ltd. | 8.65% | 10.77% |
| PNB Housing Finance Ltd. | 8.45% | 8.45% |
| LIC Housing Finance Ltd. | 7.60% | 7.85% |
| HDFC LTD | 7.55% | 7.80% |
| HUDCO | 7.25% | 7.50% |
Note: Interest rates are subject to periodic change. Kindly confirm the rates with the bank before you invest.
What are the factors that affect fixed deposit interest rates?
Here are the factors considered by banks and other financial institutions while deciding fixed deposit interest rates.
Duration of the deposit
Deposit term is the time for which the amount of deposit is invested in the fixed deposit. Tenure of the deposit varies from bank to bank, typically ranging from 7 days to 10 years. Generally, interest rates offered on fixed deposits change for varying terms.
Age of the applicant
Age of the applicant influences the interest rates applicable on fixed deposits. Banks and other financial companies offer higher interest rates to senior citizens, typically 0.25% to 0.75% higher than regular interest rates. Applicants aged 60 years and above are considered senior citizens. However, some banks and NBFCs consider applicants whose age is 55 years and above in the senior citizen category.
Current economic conditions
The prevailing economic conditions in the country and fiscal policies, like inflation and repo rates by the RBI, also influence the interest rates applicable on fixed deposits.
Amount invested
The total amount you invest in a fixed deposit plays an important role in the way interest rates are decided on fixed deposits. For example, at Axis Bank, the interest rate on the amount below 2 crore for 7 days to 14 days is 3.50%, whereas, for the same period it is 4.00% on an investment of Rs. 2 crore to 4.91 crore.
How to Calculate Fixed Deposit Maturity Amount?
You can calculate the fixed deposit maturity amount using simple and compound interest.
Simple interest rate
Simple interest is calculated on the initial Fixed Deposit amount only.
Formula for simple interest
SI = P x R x T/ 100
Where
- SI refers to the simple interest
- P refers to the principal amount
- R refers to the rate of interest in percent (%)
- T refers to tenure (time for which investment is done)
The following table shows the interest earned on an investment of Rs. 2,00,000 for 3 years at 10% interest rate per annum:
| Year | FD Amount | Interest Rate | Interest earned (Principal x Interest Rate) |
|---|---|---|---|
| First year | 2,00,000 | 10% | 20,000 |
| Second year | 2,00,000 | 10% | 20,000 |
| Third year | 2,00,000 | 10% | 20,000 |
| Total interest earned | 60,000 | ||
| Maturity amount | 2,60,000 | ||
Compound interest
Compound interest is calculated on the principal as well as interest earned on the interest itself.
Formula for annual compounding
A = P (1+R/100) ^N
Where
- A = Maturity amount
- P = Principal amount
- R = Rate of interest
- N = Number of years
The following table shows the compound interest earned on an investment of Rs. 2,00,000 for 3 years at 10% compound interest rate per annum:
| Year | FD Amount | Interest Rate | Interest earned (Principal x Interest Rate) |
|---|---|---|---|
| First year | 2,00,000 | 10% | 20,000 |
| Second year | 2,20,000 | 10% | 22,000 |
| Third year | 2,42,000 | 10% | 24,000 |
| Total interest earned | 66,200 | ||
| Maturity amount | 2,66,200 | ||
Benefits of fixed deposit calculator
Some of the prime merits of using the FD Calculator are as under:
- It computes the interest earned and maturity amount in seconds
- There is no room for errors
- Makes a complicated calculation for multiple tenure, amount and rates easy
- It is easily accessible tool that can be used to compare returns for different combinations of FD rates, tenure and amount
Fixed deposit documents and eligibility
Any individual like resident Indian citizen, NRIs, Hindu Undivided Families (HUFs), and entities like government firms, partnership firms, companies, clubs, trusts and associations can open a fixed deposit account. While documents may vary from applicant to applicant and bank to bank, here are some basic documents you need to present to open fixed deposit accounts.
Identity proof
- Passport
- PAN Card
- Voter ID card
- Driving license
- Government ID card
- Photo ration card
- Senior citizen ID card
Address proof
- Passport
- Telephone Bill
- Electricity with Cheque
- Bank Statement with Cheque
- Certificate/ID card issued by Post office
FAQs related to Afinoz FD Calculator
Q) What is the shortest tenure for which I can invest in a fixed deposit?
Ans) The minimum tenure for a fixed deposit varies from bank to bank. Generally, tenure for fixed deposits starts from as low as 7 days.
Q) What is the minimum amount which can be invested in an FD account?
Ans)Although the minimum amount varies from bank to bank, you can deposit as low as ₹ 50.
Q) What is a fixed deposit calculator?
Ans)Fixed deposit (FD) calculator a tool that helps you calculate the exact value of your fixed deposit investment upon maturity. FD calculator takes inputs like the deposit amount, tenure of the investment and the offered interest rate for the said tenure.
Q) How is the interest on a bank FD calculated?
Ans)There are two types of interest on a bank FD – simple interest and compound interest. Simple interest is calculated on the principal amount only. Whereas, compound interest is calculated on the principal as well as the interest earned on the principal.
Q) What are the inputs required to use an FD Calculator?
Ans)Variables like deposit amount, rate of interest being offered, and deposit tenure (in years/ months) are required to use an FD calculator.
Q) How many times can I use an FD calculator?
Ans)You use an FD calculator for whatever time you want to. FD calculators are available on online platforms like Afinoz.com and can be used for free.
Q) Will I get the exact maturity amount displayed by the FD calculator?
Ans)The figures provided by the FD calculator are the closest estimate. Fixed deposit interest rates are dynamic and may change at the time of actual purchase. Thus, the figures are for reference purposes only, but best estimate.
Q) Can I open a fixed deposit without a PAN card?
Ans)PAN card is compulsory when you apply for any FD scheme.
Q) Does age affect the interest rate applicable on fixed deposits?
Ans)Most of the banks offer senior citizens higher FD rates (e.g. 0.25% to 0.750% extra).
Q) Is the FD calculator available on Afinoz.com as much reliable as calculators on other mainstream banks?
Ans)The fixed deposit calculator on Afinoz uses the same formula (simple interest or compound interest) across all the FD interest rate calculators. Therefore, the result will be the same as provided by banks’ calculator.
Q) Do I need to use a different FD calculator to compute interest for senior citizens and tax saving FD schemes?
Ans)No, there is only one FD calculator. No matter what FD scheme you have, the calculator requires only the deposit amount, tenure and the fixed deposit interest rates to calculate the maturity amount.
Q) Where can I invest in a fixed deposit?
Ans)You can invest in fixed deposits with small banks, commercial banks, public sector banks and non-financial banking companies (NBFCs) on good rates.
Q) Is the interest earned on a fixed deposit taxable?
Ans) Yes. The interest earned on an FD is taxable. However, you can claim tax deductions for up to ₹ 1.5 lakh per financial year under Section 80C of the Income Tax Act, 1961.
Q) Is a fixed deposit a good investment?
Ans)Fixed deposits are one of the safest investment options available. Banks offer attractive interest on FDs, and tenures are also very flexible.
Q) What is the highest interest rate offered on fixed deposits by banks in 2019?
Ans)9.50% p.a. is the highest interest rate offered on fixed deposits by banks for senior citizens in 2019.
Q) Can I prematurely withdraw from a Tax Saver Term Deposit?
Ans)Tax saver term deposit has a lock-in period of 5 years, hence you cant withdraw it prior to the completion of original tenure.
Q) What is the maximum duration for which an FD account can be opened?
Ans)A fixed deposit account can be opened for a maximum duration of 10 years.
Q) Can I open a fixed deposit with all NBFCs for a period of 10 years?
Ans)Not all NBFCs offer the opening of a fixed deposit for 10 years.
Q) Is there a penalty for premature withdrawal of FD?
Ans)Yes, banks charge a penalty for the premature withdrawal of FD.