Fixed Deposit Calculator

Fixed Deposit Amount
0
1Cr
Rate of Interest
0
20%
How long do you want to save ?
1
50
Maturity Amount
0
Interest Earn
0
Maturity By
0
Interest Earn
Maturity Amount

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:

  1. Deposit amount
  2. Rate of interest being offered
  3. 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 citizens
Ujjivan Small Finance Bank7.00%7.50%
Jana Small Finance Bank7.75%8.35%
Equitas Small Finance Bank7.50%8.10%
AU Small Finance Bank7.00%7.50%
Capital Small Finance Bank6.50%7.00%
Fincare Small Finance Bank8.00%8.50%
ESAF Small Finance Bank8.00%8.50%
North East Small Finance Bank8.00%8.50%
Suryoday Small Finance Bank8.35%8.85%
Utkarsh Small Finance Bank8.20%8.70%

Tenure: 3 Years

Name of the Bank Interest rate (%)
General public Senior citizens
Ujjivan Small Finance Bank7.50%8.00%
Jana Small Finance Bank8.40%9.00%
Equitas Small Finance Bank7.80%8.30%
AU Small Finance Bank7.77%8.27%
Capital Small Finance Bank7.25%7.75%
Fincare Small Finance Bank9.00%9.50%
ESAF Small Finance Bank7.30%7.80%
North East Small Finance Bank7.25%7.75%
Suryoday Small Finance Bank8.75%9.25%
Utkarsh Small Finance Bank8.00%8.50%

Tenure: 5 Year

Name of the Bank Interest rate (%)
General public Senior citizens
Ujjivan Small Finance Bank7.00%7.50%
Jana Small Finance Bank8.25%8.85%
Equitas Small Finance Bank7.00%7.50%
AU Small Finance Bank7.50%8.00%
Capital Small Finance Bank7.10%7.60%
Fincare Small Finance Bank8.00%8.50%
ESAF Small Finance Bank7.30%7.80%
North East Small Finance Bank6.75%7.25%
Suryoday Small Finance Bank8.25%8.75%
Utkarsh Small Finance Bank8.35%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 Senior citizens
RBL Bank6.65%7.15%
IDFC First Bank7.50%8.00%
Lakshmi Vilas Bank7.35%7.85%
Bandhan Bank7.25%8.00%
IndusInd Bank7.25%7.75%
Yes Bank7.25%7.75%
DCB Bank7.00%7.50%
Deutsche Bank7.00%7.00%
South Indian Bank6.80%7.30%
Federal Bank6.75%7.25%

Tenure: 3 Year

Name of the Bank Interest rate (%)
General public Senior citizens
RBL Bank7.50%8.00%
IDFC First Bank7.25%7.75%
Lakshmi Vilas Bank7.50%8.10%
Bandhan Bank7.35%8.10%
IndusInd Bank7.15%7.65%
Yes Bank7.25%7.75%
DCB Bank7.85%8.35%
Deutsche Bank7.00%7.00%
South Indian Bank6.80%7.30%
Federal Bank6.80%7.30%

Tenure: 5 Year

Name of the Bank Interest rate (%)
General public Senior citizens
RBL Bank7.25%7.25%
IDFC First Bank7.25%7.75%
Lakshmi Vilas Bank7.50%8.10%
Bandhan Bank7.25%8.00%
IndusInd Bank7.15%7.65%
Yes Bank7.25%7.75%
DCB Bank7.75%7.75%
Deutsche Bank6.80%7.30%
South Indian Bank6.80%7.30%
Federal Bank6.80%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 Senior citizens
State Bank of India5.80%6.30%
Punjab National Bank6.40%6.90%
Bank of Baroda6.25%6.75%
IDBI Bank6.45%6.95%%
Union Bank6.15%6.15%
Bank of India6.00%6.50%
Canara Bank5.95%6.45%
Allahabad Bank6.45%6.45%
Central Bank6.00%6.00%
Syndicate Bank6.40%7.00%

Tenure: 3 Year

Name of the Bank Interest rate (%)
General public Senior citizens
State Bank of India6.25%6.75%
Punjab National Bank6.25%6.75%
Bank of Baroda6.25%6.25%
IDBI Bank6.25%6.75%%
Union Bank6.30%6.30%
Bank of India6.25%6.75%
Canara Bank6.00%6.50%
Allahabad Bank6.35%6.35%
Central Bank6.25%6.25%
Syndicate Bank6.25%6.75%

Tenure: 5 Year

Name of the Bank Interest rate (%)
General public Senior citizens
State Bank of India6.25%6.75%
Punjab National Bank6.25%6.75%
Bank of Baroda6.25%6.75%
IDBI Bank6.25%6.75%%
Union Bank6.30%6.30%
Bank of India6.25%6.75%
Canara Bank6.25%6.75%
Allahabad Bank6.25%6.25%
Central Bank6.25%6.25%
Syndicate Bank6.25%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 Senior citizens
ICICI Home Finance Ltd.7.35%7.60%
DHFL7.70%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 LTD7.50%7.75%
HUDCO7.50%7.75%

Tenure: 3 Year

Name of the Bank Interest rate (%)
General public Senior citizens
ICICI Home Finance Ltd.7.45%7.70%
DHFL7.85%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 LTD7.50%7.75%
HUDCO7.50%7.75%

Tenure: 5 Year

Name of the Bank Interest rate (%)
General public Senior citizens
ICICI Home Finance Ltd.7.40%7.65
DHFL8.00%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 LTD7.55%7.80%
HUDCO7.25%7.50%

Note: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

  1. SI refers to the simple interest
  2. P refers to the principal amount
  3. R refers to the rate of interest in percent (%)
  4. 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:

YearFD AmountInterest RateInterest earned (Principal x Interest Rate)
First year₹ 2,00,00010%₹ 20,000
Second year₹ 2,00,00010%₹ 20,000
Third year₹ 2,00,00010%₹ 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

  1. A = Maturity amount
  2. P = Principal amount
  3. R = Rate of interest
  4. 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:

YearFD AmountInterest RateInterest earned (Principal x Interest Rate)
First year₹ 2,00,00010%₹ 20,000
Second year₹ 2,20,00010%₹ 22,000
Third year₹ 2,42,00010%₹ 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:

  1. It computes the interest earned and maturity amount in seconds
  2. There is no room for errors
  3. Makes a complicated calculation for multiple tenure, amount and rates easy
  4. 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

  1. Passport
  2. PAN card
  3. Voter ID card
  4. Driving license
  5. Government ID card
  6. Photo ration card
  7. Senior citizen ID card

Address proof

  1. Passport
  2. Telephone bill
  3. Electricity bill
  4. Bank Statement with Cheque
  5. Certificate/ ID card issued by Post office

FAQs

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 can’t 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.