Fixed deposit Compound Interest Calculator
Fixed deposit also sometimes called term deposits is a popular savings option where you can opt for fixed terms depending on your needs. Fixed deposits are available from seven days to five years. The more the term period the more is the interest paid. Senior citizens are offered a higher interest rate. The interest rate is fixed at the time of booking fixed deposits and it remains fixed for that term even if there are fluctuations in interest rates. So fixed deposits are the most reliable fixed income products.
To popularise fixed deposits among investors government of India has introduced tax saver fixed deposits. In these the locking period is five years and the amount invested in this is tax free up-to Rs 1,00,000 under section 80C of Income tax act
On the FD interest part if an investor submits Form 15G stating that he has no taxable income, the bank will not deduct any TDS on the interest earned from this fixed deposit. For senior citizens, form 15H needs to be submitted.
Fixed deposit interest rates vary from bank to bank and keep on changing as per market conditions. ICICI bank, Axis Bank, HDFC bank, SBI bank, Andhra Bank, Punjab National Bank etc. offer very competitive interest on fixed deposits in India. Fixed deposits can also be booked online through online net banking.
The interest earned on FD’s are calculated on a quarterly basis, but may vary from bank to bank. The interest is compounded to get the final rates
To know how much your fixed deposit will become on maturity we have a simple fixed deposit calculator, fill in the amount, term and interest rate offered and see the maturity amount and interest earned on this. Our online fixed deposit compound interest calculator is a handy tool for this.
To use this FD calculator you will need to know the FD interest rates offered by banks as they vary from bank to bank. Find out the bank which offers the best interest rates on fixed deposits.