FD Calculator
Enter your deposit amount, interest rate and tenure to see the maturity value and total interest your fixed deposit will earn.
Runs entirely in your browser — your numbers never leave this page.
How it works
A fixed deposit (FD) locks your money with a bank for a fixed tenure at a guaranteed rate. Indian banks compound FD interest quarterly by default:
Maturity = P × (1 + r/4)4t
where P is the principal, r the annual rate (as a decimal), and t the tenure in years.
- Quarterly compounding means interest earned each quarter starts earning interest too — slightly better than simple annual interest.
- Senior citizens (60+) typically get an extra 0.25–0.50% on FD rates at most banks.
- Tax: FD interest is fully taxable at your slab rate — there is no special FD tax break. TDS of 10% applies if interest exceeds Rs 50,000/year (Rs 1,00,000 for seniors).
- Premature withdrawal usually costs a 0.5–1% penalty on the rate, and you lose the compounding benefit.
- Deposits up to Rs 5 lakh per bank are insured by DICGC.
Frequently asked questions
How is FD interest calculated in India?
Most banks compound quarterly: maturity = P × (1 + r/4)^(4t). A Rs 1 lakh FD at 7.5% for 5 years grows to about Rs 1,44,994 — Rs 44,994 of it interest.
Is FD interest taxable?
Yes, fully taxable at your income-tax slab rate. It is not tax-free like PPF. TDS of 10% is deducted if your interest crosses Rs 50,000 in a year (Rs 1,00,000 for senior citizens).
What extra do senior citizens get on FDs?
Typically 0.50% extra over the standard rate at most Indian banks. Some small finance banks offer even more. This calculator adds 0.50% when you tick the box.
What happens on premature withdrawal?
Banks usually cut 0.5–1% off the contracted rate and pay interest for the period actually completed. You also lose future compounding.
Are FDs insured?
Yes — DICGC insures deposits up to Rs 5 lakh per depositor per bank, covering principal and interest together.
FD vs RD — what is the difference?
An FD invests a lump sum once; a recurring deposit (RD) invests a fixed amount monthly. Both compound quarterly at similar rates — the difference is only how you put money in.
Can I avoid TDS on FD interest?
If your total income is below the taxable limit, submit Form 15G (or 15H for senior citizens) to your bank to prevent TDS deduction.
What is the 5-year tax-saving FD?
A 5-year FD eligible for 80C deduction up to Rs 1.5 lakh. The catch: it cannot be broken early, and the interest is still fully taxable.
Do different banks offer different FD rates?
Yes — small finance banks often pay 0.5–1.5% more than large public/private banks. Compare DICGC-insured options before chasing the highest rate.
Is quarterly compounding better than annual?
Slightly, yes. More frequent compounding means interest starts earning interest sooner. The difference on a 5-year FD is roughly 0.1–0.2% of extra effective yield.