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How can a Fixed Deposit calculator help you?
Using an Fixed Deposit calculator can benefit depositors in the following ways:
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Easy to use: Using an online FD interest calculator for FD maturity and interest computation is easy. Users are usually required to enter a few basic details such as the principal amount, FD tenure and compounding frequency (quarterly, half-yearly and annual compounding) in the online calculator to get results.
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Know the maturity amount: Before investing in an FD scheme, prospective depositors should know the expected amount in advance so as to determine whether the investment scheme will serve their investment goals at maturity or not.
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Accurate calculation: Using an online Fixed Deposit calculator for calculating FD interest amount and maturity amount saves depositors from complex calculations and eliminates the risk of error caused due to miscalculations.
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Make comparisons for FD selection: FD interest rates vary across banks and NBFCs/HFCs. Using an Fixed Deposit calculator can help depositors calculate and compare maturity amounts and interest income after considering FD features like tenure, interest rate, payout option and compounding frequency (quarterly, half-yearly, annual compounding) offered by various banks and NBFCs/HFCs. This would further help depositors choose the optimum FD scheme after considering the above-mentioned FD schemes.
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How is Fixed Deposit Interest Calculated?
There are two methods of calculation of interest on a fixed deposit, viz. Simple Interest and Compound Interest.
What is Simple Interest?
Simple interest is the interest earned on an investment at a pre-decided rate of interest for a specific period of time. It is calculated by multiplying the principal amount, the rate of interest per annum and the time for which the money is lent in years.
Simple Interest Formula:
SI = P x R x T/ 100
Where,
SI = Simple Interest
P = Principal (amount invested)
R = Rate of Interest (in %)
T = Tenure (time for which deposit is kept in FD account)
For example, if a sum of Rs 10,000 is invested for 3 years at 10% p.a. then at the time of maturity,
SI = 10,000*10*3/100 = Rs 3,000
Maturity Amount = Rs 13,000
Also Check: Which Bank/NBFC provides Highest FD Interest Rate in India
Top 20 Scheduled Banks based on FD Rates
Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| Unity Small Finance Bank | 9.00 | 7.85 | 8.15 | 8.15 | 0.50 |
| North East Small Finance Bank | 9.00 | 7.00 | 9.00 | 6.25 | 0.50 |
| Suryoday Small Finance Bank | 8.60 | 8.05 | 8.60 | 8.25 | 0.50 |
| Shivalik Small Finance Bank | 8.55 | 6.00 | 7.50 | 6.50 | 0.50 |
| Utkarsh Small Finance Bank | 8.50 | 8.00 | 8.50 | 7.75 | 0.60 |
| Jana Small Finance Bank | 8.25 | 8.25 | 8.25 | 8.20 | 0.50 |
| Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 | 0.50 |
| ESAF Small Finance Bank | 8.25 | 6.00 | 6.75 | 6.25 | 0.50 |
| Equitas Small Finance Bank | 8.25 | 8.20 | 8.00 | 7.25 | 0.50 |
| SBM Bank | 8.25 | 7.05 | 7.30 | 7.75 | 0.50 |
| RBL Bank | 8.10 | 7.50 | 7.50 | 7.10 | 0.50 |
| DCB Bank | 8.05 | 7.10 | 7.55 | 7.40 | 0.50 |
| Bandhan Bank | 8.05 | 8.05 | 7.25 | 5.85 | 0.50-0.75 |
| AU Small Finance Bank | 8.00 | 7.25 | 7.50 | 7.25 | 0.50 |
| IDFC First Bank | 7.90 | 6.50 | 6.80 | 6.75 | 0.50 |
| YES Bank | 7.75 | 7.25 | 7.25 | 7.25 | 0.50-0.75 |
| Induslnd Bank | 7.99 | 7.75 | 7.25 | 7.25 | 0.50 |
| Central Bank of India | 7.45 | 7.00 | 6.00 | 5.75 | 0.50 |
| Punjab & Sind | 7.45 | 6.30 | 6.00 | 6.00 | 6.00 |
| HDFC Bank | 7.40 | 6.60 | 7.00 | 7.00 | 0.50 |
The rates are updated as of 25 November 2024
How to Use Paisabazaar’s Fixed Deposit Calculator?
To use Paisabazaar Fixed Deposit Calculator, follow these steps:
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Enter the deposit amount
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Enter the interest rate
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Enter the tenure in months or years (the period for which you want FD to be active)
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Click the “Calculate” button to get the estimated maturity amount and total interest amount
Note: The FD maturity amount would depend on the deposit amount, FD rates, tenure and type of FD chosen, i.e., cumulative FD and non-cumulative FD.
Under non-cumulative FD, lenders usually offer a quarterly interest pay-out option for all tenures wherein the interest is credited quarterly to the current/savings account of the depositor. Depending on the lenders, depositors can also opt for monthly, half-yearly and annual interest pay-out options of various FD tenures. In the case of the cumulative FD option, the interest component remains invested till the FD maturity.
Monthly interest plans are ideal for retired individuals or for depositors who need a fixed monthly income to meet their daily expenses. The reinvestment or cumulative investment option would help the depositor benefit from the power of compounding, as the interest component remains invested in the FD and starts generating interest income on its own.
What is Compound Interest?
Compound interest is the interest earned on principal as well as interests. It is calculated by multiplying the principal amount with the interest rate raised to the number of periods in years for which the interest will be compounded.
Formula for Compound Interest:
A = P (1+r/n) ^ (n * t)
Where,
A = Maturity Amount
P = Principal amount
r = Rate of Interest (in decimals)
n = number of compounding in a year
t = number of years
For example, if a sum of Rs 10,000 is invested for 3 years at 10% compound interest rate (quarterly compounding), then at the time of maturity,
A= 10,000 {1 + (0.1/4)} ^ (4 * 3)
A = 10,000 (1 + 0.025) ^ (12)
A = 10,000 (1.025) ^ (12) = Rs. 13,449 (approximately)
Compound Interest (CI) Earned over 3 years = Maturity Amount – Principal Amount
CI = 13,449 – 10,000 = Rs. 3,449
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FAQs on Fixed Deposit Calculator
How is the interest on a fixed deposit calculated?
The calculation of your FD interest income would primarily depend on the deposit amount, tenure, interest rates and the FD type you opt for such as cumulative FD or non-cumulative FD with monthly, quarterly, half-yearly or yearly pay out. You can use an online FD rate calculator to calculate the interest on your fixed deposit and enter the deposit amount, interest rate and tenure to give the results.
What is the formula to determine the fixed deposit maturity amount?
There are two methods of calculating FD interest, Simple Interest and Compound Interest. On the basis of these interest calculation methods, we can arrive at the FD maturity amount. The formula for calculating FD maturity amount using Simple Interest and Compound Interest is A = P + (P x R x T/100) and A = P + P {(1 + R/100) T – 1}, respectively, where:
• A is the maturity amount
• P is the principal amount
• R is the rate of interest (p.a.)
• T is the tenure (in years)
Can we calculate monthly interest for Rs 10 lakh FD in fixed deposit calculator?
The monthly interest on Rs 10 lakh FD would depend on the booked FD rate and tenure. Yes, consumers can use an online Fixed Deposit Calculator to determine monthly interest on their FDs by selecting the monthly payout option in the calculator and adding the desired deposit amount, FD interest rate and tenure.
Can we calculate monthly interest for Rs 1 lakh fixed deposit in calculator?
The calculation of monthly interest on your Rs 1 lakh fixed deposit would depend on the FD tenure and booked FD rate. Individuals can use an online Fixed Deposit interest rate calculator to calculate monthly interest on their FDs simply by choosing the monthly payout option in the tool and adding values for deposit amount, FD rate and tenure.
Can we calculate monthly interest for Rs 1 crore FD in fixed deposit interest calculator?
The calculation of monthly interest on Rs 1 crore FD will depend on the booked FD interest rate and tenure. Depositors can use Fixed Deposit calculator to estimate the monthly accrued interest on their FDs by choosing the monthly payout option and entering values the deposit amount, FD rate and tenure.
Can we calculate monthly Interest for Rs 30 lakh FD in online FD calculator?
Banks calculate monthly interest on Rs 30 lakh fixed deposit based on the booked FD rate and tenure. Individuals can use an online Fixed Deposit calculator to calculate monthly interest on their FDs simply by choosing the monthly payout option in the tool and adding values for deposit amount, FD rate and tenure.
Can we calculate monthly interest for Rs 5 lakh fixed deposit in FD return calculator?
The monthly interest on Rs 5 lakh FD will be as per the FD tenure and the booked FD rate. To determine the monthly interest on your FD, you can use an online calculator, wherein you will have to select the monthly payout option in the tool and add the desired deposit amount, FD rate and tenure.
Why is the principal amount and the fixed deposit maturity amount of my fixed deposit the same?
When your fixed deposit is booked with the quarterly or monthly interest pay out option, the accrued interest is paid at monthly or quarterly intervals. That is why the maturity amount remains the same as the principal amount.
How is the interest on a bank FD calculated?
Usually, the interest for FD with a period of 6 months or less is calculated at simple interest. Compounding of interest is done for FDs with a term period of more than 6 months. When going for monthly interest payout, banks mostly calculate interest on discounted rates.
How does an fixed deposit calculator help in financial planning?
Using a Fixed Deposit Calculator makes it easier for depositors to ascertain their FD maturity amount and interest payout beforehand, thereby, helping them align their FD investment with their financial goals and cash flow requirements. For example, using online calculators for FD maturity calculation will help investors determine whether the maturity amount will be sufficient to meet their financial goals. Those using online calculators for FD interest calculation will be able to determine whether the interest income received on opting for payout option would meet their cash flow requirements.
Are there separate FD deposit calculators for different banks?
Banks usually have customised online FD calculators on their websites. These calculators usually fetch their respective bank’s FD card rates as per the customer type and tenure chosen. However, there are also some online FD calculators like Paisabazaar’s Fixed Deposit calculator that allow users to input the interest rate for calculating the FD interest amount and maturity value.
What are the details required to use a fixed deposit calculator?
Deposit amount, tenure of the deposit as well as the prevailing FD rates are required to use a Fixed Deposit calculator.
Is it free to use the fixed deposit calculator at Paisabazaar.com?
Yes. The calculator available at Paisabazaar.com is free to be used anytime.
What factors that affect FD interest rates?
FD interest rates are affected by factors such as the tenure of the deposit, age of the applicant, and current economic conditions.
Is the maturity amount calculated by the tool an exact figure or an approximate one?
The figures provided by the FD interest calculator are the closest estimate. This is because the rates may change at the time of actual purchase (e.g., in case of premature withdrawal). Thus, the figures are for reference purpose only, providing the best estimate.
Does the fixed deposit interest rates calculator available at Paisabazaar give the same results for FD schemes as tools like SBI Fixed Deposit Calculator and HDFC Calculator does?
Yes. The fixed deposit is calculated using the same formula (simple interest or compound interest) across all the Fixed Deposit interest rate calculators. Therefore, be it SBI or HDFC FD calculator, the maturity amount shall be the same, provided the deposit amount, tenure and the interest rate are the same.
Is there a different fixed deposit calculator for senior citizens and tax saving FD schemes?
No, there is no separate Fixed Deposit calculator for senior citizens or tax saving FD schemes. The tool requires only the deposit amount, tenure and the fixed deposit interest rates to calculate the maturity amount.