Fixed Deposit Calculator
Calculate returns on your Fixed Deposit investments in India
FD Details
Minimum: ₹1,000
Current rates: 5.5% - 8.5%
Cumulative: Interest compounded, Non-cumulative: Interest paid regularly
Enter your FD details to calculate returns
Current FD Rates in India (2024)
| Bank | General Public | Senior Citizens | Tenure |
|---|---|---|---|
| SBI | 6.20% - 6.75% | 6.70% - 7.25% | 1-10 years |
| HDFC Bank | 6.00% - 7.00% | 6.50% - 7.50% | 1-10 years |
| ICICI Bank | 6.00% - 7.00% | 6.50% - 7.50% | 1-10 years |
| Axis Bank | 6.10% - 7.00% | 6.60% - 7.50% | 1-10 years |
| PNB | 6.25% - 6.85% | 6.75% - 7.35% | 1-10 years |
| Kotak Mahindra | 6.00% - 7.10% | 6.50% - 7.60% | 1-10 years |
FD Benefits
- ✓Guaranteed returns with capital protection
- ✓DICGC insurance up to ₹5 lakh per depositor
- ✓Higher rates for senior citizens (60+)
- ✓Loan facility against FD (up to 90%)
- ✓Flexible tenure from 7 days to 10 years
- ✓Auto-renewal facility available
Tax Implications
TDS on FD Interest
10% TDS if interest exceeds ₹40,000 per year (₹50,000 for senior citizens)
Tax-Saving FD
5-year lock-in period, ₹1.5 lakh deduction under Section 80C
Premature Withdrawal
Penalty of 0.5-1% on interest rate, minimum 7 days tenure required
How Fixed Deposit Interest is Calculated
Cumulative FD (Compound Interest)
For cumulative fixed deposits, interest is compounded at regular intervals (quarterly, monthly, or annually) and paid at maturity along with the principal amount.
Formula: A = P × (1 + r/n)^(n×t)
- A = Maturity Amount
- P = Principal (Initial Investment)
- r = Annual Interest Rate (as decimal)
- n = Compounding Frequency per year
- t = Time period in years
Example: ₹1,00,000 invested at 7% for 2 years with quarterly compounding:
A = 1,00,000 × (1 + 0.07/4)^(4×2) = ₹1,14,888
Interest Earned = ₹14,888
Non-Cumulative FD (Simple Interest)
For non-cumulative FDs, interest is calculated on the principal amount and paid out at regular intervals (monthly, quarterly, or annually).
Formula: SI = P × r × t
- SI = Simple Interest
- P = Principal Amount
- r = Annual Interest Rate (as decimal)
- t = Time period in years
Example: ₹1,00,000 invested at 7% for 2 years:
SI = 1,00,000 × 0.07 × 2 = ₹14,000
Total Amount = ₹1,14,000
💡 Pro Tip
Cumulative FDs yield higher returns due to the compounding effect. Choose cumulative if you don't need regular income, and non-cumulative if you need periodic payouts for expenses.
Types of Fixed Deposits in India
1. Regular Fixed Deposit
Standard FD with a fixed tenure and interest rate. Interest can be compounded or paid periodically.
- ✓ Tenure: 7 days to 10 years
- ✓ Interest: 6.00% - 7.50%
- ✓ Premature withdrawal allowed with penalty
2. Tax Saving FD (80C)
5-year lock-in FD that qualifies for ₹1.5 lakh deduction under Section 80C of Income Tax Act.
- ✓ Lock-in: 5 years (no premature withdrawal)
- ✓ Interest: 6.50% - 7.50%
- ✓ Tax deduction on principal only
3. Senior Citizen FD
Special FDs for individuals aged 60+ with additional interest rate of 0.50% - 0.75%.
- ✓ Age requirement: 60 years and above
- ✓ Extra interest: 0.50% - 0.75%
- ✓ Higher TDS threshold: ₹50,000
4. Flexi Fixed Deposit
Links savings account with FD. Auto-sweeps excess funds and allows partial withdrawals.
- ✓ Automatic sweep-in facility
- ✓ Partial withdrawal without penalty
- ✓ Better returns than savings account
5. Corporate Fixed Deposit
FDs offered by companies/NBFCs with higher interest rates but without DICGC insurance.
- ✓ Interest: 7.50% - 9.00%
- ✓ Higher returns, higher risk
- ✓ Check company credit rating (AAA/AA)
6. Post Office FD
Government-backed time deposits with guaranteed returns and 100% safety.
- ✓ Tenure: 1, 2, 3, 5 years
- ✓ Interest: 6.90% - 7.50%
- ✓ 100% government guarantee
Fixed Deposit vs Other Investment Options
| Investment | Returns | Risk | Liquidity | Tax Benefits |
|---|---|---|---|---|
| Fixed Deposit | 6.5% - 7.5% | Very Low | Medium (penalty) | 80C (tax-saving FD) |
| Recurring Deposit | 6.5% - 7.5% | Very Low | Low (penalty) | None |
| PPF | 7.1% | Zero | Very Low (15 years) | 80C + Tax-free |
| Debt Mutual Funds | 7% - 9% | Low to Medium | High (no penalty) | Indexation benefit |
| Equity Mutual Funds | 12% - 15% | High | High (no penalty) | 80C (ELSS) |
| National Savings Certificate | 7.7% | Zero | Very Low (5 years) | 80C |
| Savings Account | 3% - 4% | Very Low | Very High | None |
When to Choose Fixed Deposits?
- ✓ Capital Protection: When you cannot afford to lose principal amount
- ✓ Guaranteed Returns: When you need predictable, fixed income
- ✓ Short to Medium Term: For goals 1-5 years away
- ✓ Emergency Fund: Park 6 months' expenses in short-term FDs
- ✓ Conservative Investors: Ideal for risk-averse individuals and retirees
Smart FD Investment Strategies
1. FD Laddering Strategy
Divide your corpus across multiple FDs with different maturity dates to maintain liquidity and optimize rates.
Example: ₹10 Lakh Investment
- • ₹2L in 1-year FD @ 6.75% → Matures in Year 1
- • ₹2L in 2-year FD @ 7.00% → Matures in Year 2
- • ₹2L in 3-year FD @ 7.10% → Matures in Year 3
- • ₹2L in 4-year FD @ 7.20% → Matures in Year 4
- • ₹2L in 5-year FD @ 7.40% → Matures in Year 5
Benefit: Access funds every year without premature withdrawal penalties. Reinvest at current best rates.
2. Diversification Across Banks
Don't put all funds in one bank. DICGC insurance covers only ₹5 lakhs per depositor per bank.
Strategy: If you have ₹20 lakhs, split across 4-5 banks (₹4-5 lakhs each) to ensure complete insurance coverage.
3. Timing Your FD Investments
FD rates are linked to RBI's repo rate. Lock in long-term FDs when rates are high, short-term when rates are rising.
Rising Rate Environment: Invest in short-term FDs (6-12 months) and ladder. Roll over as rates increase.
Stable/Falling Rates: Lock in long-term FDs (3-5 years) to secure current higher rates.
4. Optimize for Regular Income
Retirees needing monthly income can create a non-cumulative FD portfolio with staggered monthly payouts.
Example: 12 non-cumulative FDs with quarterly interest payouts starting in different months can create near-monthly income flow.
5. Combine FD with Tax Planning
- • Utilize 5-year tax-saving FD for ₹1.5L deduction under 80C
- • Submit Form 15G/15H to avoid TDS if income below taxable limit
- • Consider FD in spouse's name if they are in lower tax bracket
- • Time FD maturity across financial years to spread tax liability
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Master Fixed Deposit Investing
Read our comprehensive guide on FD investment strategies, laddering techniques, tax planning, and maximizing returns in 2025.
Read Complete FD Investment Guide →