Calculate Your FD Returns
SBI
6.5%
HDFC
7.0%
ICICI
6.8%
Axis
6.7%
Post Office
7.2%
Compound Interest
Quarterly
FD Calculation Results
Maturity Amount
₹ 1,34,009
For ₹1,00,000 at 6.5% for 5 years
Deposit Amount
₹ 1,00,000
Total Interest
₹ 34,009
Annual Yield
6.8%
Effective Rate
6.8%
Year-wise Breakdown
| Year | Interest | Balance |
|---|
FD Interest Rates Comparison 2024
Compare fixed deposit interest rates from top Indian banks. Rates are subject to change. Always check with your bank for current rates.
| Bank Name | General Public | Senior Citizens | Min. Deposit | Max. Tenure |
|---|---|---|---|---|
| State Bank of India (SBI) | 6.5% - 7.0% | 7.0% - 7.5% | ₹1,000 | 10 years |
| HDFC Bank | 6.8% - 7.2% | 7.3% - 7.8% | ₹5,000 | 10 years |
| ICICI Bank | 6.7% - 7.1% | 7.2% - 7.6% | ₹10,000 | 10 years |
| Axis Bank | 6.6% - 7.0% | 7.1% - 7.5% | ₹5,000 | 10 years |
| Post Office FD | 6.9% - 7.5% | 7.4% - 8.0% | ₹1,000 | 5 years |
FD Calculator FAQs
How is FD interest calculated?
FD interest is calculated using the formula: A = P(1 + r/n)^(nt) where A = Maturity amount, P = Principal amount, r = Annual interest rate, n = Number of times interest is compounded per year, t = Time in years. Our calculator automatically computes this for you.
What is TDS on fixed deposits?
TDS (Tax Deducted at Source) is deducted at 10% on FD interest if interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year. Banks deduct TDS when interest is credited or paid.
Which bank gives highest FD interest rate?
As of 2024, small finance banks and post office FDs offer higher rates (7.0%-8.0%) compared to major banks. However, consider factors like safety, premature withdrawal rules, and senior citizen benefits.
Can I break my FD before maturity?
Yes, but most banks charge a penalty (0.5%-1% lower interest rate). Some banks don't allow premature withdrawal for specific FD schemes. Always check the terms before investing.
Fixed Deposit Calculator - Complete Guide 2024
What is a Fixed Deposit Calculator?
A Fixed Deposit (FD) Calculator is an online financial tool that helps you calculate the maturity amount and interest earnings on your fixed deposit investment. By entering the principal amount, interest rate, and tenure, you can instantly see how much your investment will grow over time.
Benefits of Using Our FD Calculator
- Accuracy: Get precise calculations for compound interest and maturity amount
- Comparison: Compare FD rates from SBI, HDFC, ICICI, Axis, and other banks
- Planning: Plan your investments for short-term and long-term goals
- Free to Use: No registration or payment required
- Mobile Friendly: Works perfectly on all devices
How Fixed Deposit Interest Works
Fixed deposits offer two types of interest calculation methods:
- Compound Interest: Interest is calculated on principal + accumulated interest. This yields higher returns over longer periods.
- Simple Interest: Interest is calculated only on the principal amount throughout the tenure.
Most banks offer quarterly compounding for better returns. Senior citizens typically get 0.5% higher interest rates.
FD vs Other Investment Options
While FDs offer safety and guaranteed returns, consider other options too:
- RD (Recurring Deposit): Better for regular monthly savings
- Mutual Funds: Higher potential returns but with market risks
- PPF (Public Provident Fund): Tax benefits and long-term savings
- Stock Market: Highest potential returns but highest risk
Tax Implications on FD Interest
FD interest is fully taxable under "Income from Other Sources" in your income tax return. Key points:
- TDS deducted if annual interest exceeds ₹40,000 (₹50,000 for seniors)
- You can submit Form 15G/15H to avoid TDS if total income is below taxable limit
- Interest must be declared in ITR even if TDS is deducted
- Tax-saving FDs under Section 80C have 5-year lock-in period
Tips for Maximizing FD Returns
- Compare rates across banks before investing
- Consider senior citizen FDs for higher rates
- Use cumulative option for compounding benefits
- Ladder your FDs for better liquidity
- Monitor interest rate changes regularly