FD Calculator
Find your fixed deposit maturity amount and interest with quarterly, monthly, half-yearly or yearly compounding, or monthly and quarterly payouts.
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Tool guide
What this tool does
The FD Calculator estimates the maturity value of a fixed deposit for any tenure in years, months and days. Choose the compounding frequency, a senior citizen rate or a non-cumulative payout option, and see interest earned, effective yield and the balance each year.
A fixed deposit locks money with a bank or NBFC at a fixed rate for a chosen period. Cumulative FDs reinvest the interest, which most Indian banks compound quarterly, and pay everything at maturity. Non-cumulative FDs pay interest out monthly or quarterly instead, which suits people who need regular income. The same quoted rate therefore produces different results depending on the option you pick.
For cumulative deposits the calculator uses A = P × (1 + r/n)^(n·t), with simple interest for any leftover broken period and, optionally, simple interest for tenures under six months as many banks do. Monthly payouts use the discounted rate P × ((1 + r/4)^(1/3) − 1), so they are a little lower than a straight one-twelfth of the yearly interest. The results are estimates; your bank’s rounding may differ by a few rupees.
How to use FD Calculator
- Select the currency and enter the deposit amount.
- Enter the interest rate quoted by the bank.
- Set the tenure using Years, Months and Days; for 1 year 6 months enter 1 and 6.
- Choose the interest payout: cumulative, monthly or quarterly.
- For cumulative deposits, pick the compounding frequency; quarterly is standard for Indian banks.
- Turn on Senior citizen rate and enter the extra rate if it applies.
- Read the maturity amount, interest earned and effective annual yield, and download the year-wise table if needed.
Tips for better results
- A 7% FD compounded quarterly yields about 7.19% a year; use the effective yield to compare with other products.
- Splitting a large deposit into several smaller FDs (laddering) lets you break one early without losing interest on all of it.
- Submit Form 15G or 15H if your total income is below the taxable limit, to avoid TDS on interest.
- Deposits with banks in India are insured by DICGC up to ₹5 lakh per depositor per bank.
Common use cases
- Comparing FD offers across banks and tenures.
- Planning a monthly income from a deposit after retirement.
- Parking an emergency fund or a down payment for a fixed period.
- Checking the senior citizen benefit for a parent’s deposit.
Common mistakes to avoid
- Forgetting that FD interest is taxable at your slab rate, which lowers the post-tax return.
- Comparing a monthly payout amount with cumulative interest divided by 12.
- Breaking an FD early without checking the premature withdrawal penalty, usually 0.5% to 1% of the rate.
Frequently asked questions
How do banks calculate FD interest?
Most Indian banks compound cumulative FD interest quarterly using A = P × (1 + r/4)^(4t). Deposits shorter than six months typically earn simple interest, and any odd days are paid at simple interest for that broken period.
Why is the monthly payout less than yearly interest divided by 12?
Banks discount the monthly payout because you receive the money earlier than with quarterly compounding. The calculator uses P × ((1 + r/4)^(1/3) − 1), the usual bank method.
Is FD interest taxable?
Yes. Interest is added to your income and taxed at your slab rate. Banks deduct TDS once yearly interest crosses the threshold set in the Income Tax Act, unless you submit Form 15G or 15H.
What does effective annual yield mean?
It is the yearly rate that would give the same maturity value with one compounding per year. It lets you compare deposits with different compounding frequencies on equal terms.
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