FD Calculator

Choose cumulative if you don't need the interest until the deposit matures. Your interest earns interest, so you end up with more. Choose regular income if you want the interest paid out to use now, for example as monthly or quarterly income in retirement. On ₹5 lakhs at 7.1% for 5 years, the cumulative option earns about ₹33,000 more.

Banks quote a yearly rate but add interest to the deposit every quarter. Each time interest is added, it starts earning interest too, so your money grows a little faster than the quoted rate suggests. At 7.1% compounded quarterly, that works out to about 7.29% a year. This effective rate is also called the annual yield.

Banks usually calculate FD interest quarterly. To pay it monthly, they pay it out earlier than they would otherwise, so they typically offer a slightly lower, discounted rate. Quarterly, half-yearly and yearly payouts are usually paid at the full rate. Check the rate your bank quotes for the payout option you want.

FD interest is added to your income and taxed at your slab rate. For a cumulative FD, interest is taxable each year as it's earned, even though you only receive it at maturity. The calculator shows interest before tax, so your take-home return will be lower if your income is taxable.

Banks deduct TDS, usually at 10%, when your total FD interest with that bank crosses ₹50,000 in a financial year, or ₹1 lakh for senior citizens. Without a PAN, the rate is higher. If your total income is below the taxable limit, you can submit Form 15G, or Form 15H if you're a senior citizen, to avoid TDS. Any TDS deducted counts towards your tax when you file your return.

Most banks offer senior citizens a higher rate, usually about half a percentage point more than the regular rate. Enter the rate your bank quotes for senior citizens to see the difference.

Deposits with banks in India are insured by the DICGC for up to ₹5 lakhs per depositor per bank, covering principal and interest together. Amounts above that aren't insured. Corporate and NBFC fixed deposits aren't covered by this insurance, so they carry more risk, which is often why they offer higher rates.

Most FDs let you withdraw early, but banks usually pay a lower rate, often 0.5% to 1% less than the rate for the period the money was actually deposited. Tax-saving FDs have a 5-year lock-in and can't be withdrawn early. The calculator assumes you keep the deposit for the full term.

A tax-saving FD has a fixed 5-year term and lets you claim a deduction on the amount you deposit, up to the annual limit, if you file under the old tax regime. The interest is still taxable. You can't withdraw it early or take a loan against it.

Not always. If your FD earns 7.1% and prices rise 6% a year, your real gain is only about 1% a year, and less after tax. For short-term goals and emergency funds, an FD's safety and fixed return often matter more. For long-term goals, many people also consider investments with higher expected returns.

Our SIP calculator shows what a monthly investment could grow to instead

Each bank rounds interest its own way and may count days slightly differently, so its maturity value can differ by a few rupees. The calculator rounds each interest credit to the rupee and pays simple interest for any part-quarter at the end, which matches how most Indian banks work.

No. Nothing you enter in this FD calculator is stored.