FD Calculator
See how much your fixed deposit will be worth at maturity and how much interest it earns. Most banks compound FD interest every quarter, which this calculator uses by default.
How to use it
- Enter the deposit amount, the bank's interest rate and the tenure.
- Switch to Senior citizen to add the usual extra 0.50%.
- Check whether your yearly interest crosses the TDS limit.
How it is calculated
Maturity = P x (1 + r/n)^(n x t), where P is the deposit, r the yearly rate, n the number of compounding periods a year (4 for quarterly) and t the tenure in years.
Frequently asked questions
How much interest will Rs 1 lakh earn in a 5-year FD?
At 7% compounded quarterly, Rs 1 lakh grows to about Rs 1.41 lakh, so about Rs 41,478 is interest.
When does the bank deduct TDS on FD interest?
When your interest from one bank crosses Rs 50,000 in a year (Rs 1 lakh for senior citizens). TDS is 10% with PAN. Form 15G or 15H stops it if your income is below the taxable limit.
Is FD interest taxable?
Yes. It is added to your income and taxed at your slab rate, whether or not TDS was deducted.
Do senior citizens get a higher rate?
Most banks pay senior citizens about 0.50% more a year.