FD Calculator Guide – Fixed Deposit Maturity & Interest India 2024
Everything you need to know about calculating FD returns, understanding compounding, comparing bank rates, and maximising post-tax FD income.
Calculate your FD maturity amount instantly — enter principal, rate and tenure.
Open FD Calculator →FD Maturity Formula
Most bank fixed deposits use quarterly compounding:
Maturity = P × (1 + r/4)^(4×t)
Where P = principal (₹), r = annual rate as decimal (e.g. 7% → 0.07), t = tenure in years.
Example: ₹1,00,000 at 7% for 3 years (quarterly compounding): 1,00,000 × (1.0175)^12 = ₹1,23,144.
Compounding Frequency Comparison
| Frequency | ₹1L at 7% for 3 years | Effective Yield |
|---|---|---|
| Simple Interest | ₹1,21,000 | 7.00% |
| Annual | ₹1,22,504 | 7.00% |
| Quarterly | ₹1,23,144 | 7.19% |
| Monthly | ₹1,23,296 | 7.23% |
How to Use the FD Calculator
- Enter principal: The amount you're depositing (₹10,000 to ₹1 crore+).
- Set interest rate: Check your bank's current FD rate table for the exact tenure.
- Enter tenure: Can be in years, months, or days. The calculator handles fractional tenures.
- Select compounding: Most banks use quarterly; some use monthly or yearly.
- Enter your tax slab: The calculator shows post-TDS and post-tax effective return.
TDS on FD Interest
Banks deduct TDS at 10% when annual FD interest exceeds ₹40,000 (₹50,000 for senior citizens). TDS is deducted on accrual basis, not at maturity. The actual tax you owe depends on your slab — if you're in the 30% slab, you'll need to pay the remaining 20% at the time of filing.
To avoid TDS: Submit Form 15G (below 60 years) or Form 15H (60+) if your total income is below the basic exemption limit.
Senior Citizen FD Rates
All banks offer an additional 0.25%–0.75% interest to senior citizens (60+) over and above the regular FD rate. This makes FDs especially attractive for retirees. Some banks also offer a "super senior citizen" rate for 80+ age group.
Frequently Asked Questions
Maturity = P × (1 + r/n)^(n×t) for compound interest. P = principal, r = annual rate (decimal), n = compounding periods per year (4 = quarterly), t = years. For simple interest: Maturity = P + P×r×t.
Yes, FD interest is fully taxable at your income tax slab. Banks deduct TDS at 10% if annual interest exceeds ₹40,000. Submit Form 15G/15H if your income is below the taxable limit to skip TDS.
Small finance banks (ESAF, Unity, Suryoday) typically offer 8–9% pa. Large banks (SBI, HDFC, ICICI) offer 6.5–7.5%. Check DICGC insurance (₹5L per bank) before chasing the highest rate. The FD calculator helps compare effective yields across different rates and tenures.