FD Calculator
Calculate FD maturity amount, interest earned and effective yield for any bank's fixed deposit.
Indicative FD interest rates — major Indian banks
Illustrative rates for the general public by tenure. These are indicative only and change frequently — typical ranges are roughly 6.5–7% for 1 year, 6.5–7.25% for 3 years and 6.5–7.5% for 5 years. Senior citizens usually get an additional 0.25–0.5% over these rates.
| Bank | 1 Year | 2 Years | 3 Years | 5 Years |
|---|---|---|---|---|
| SBI | 6.80% | 7.00% | 6.75% | 6.50% |
| HDFC Bank | 6.60% | 7.00% | 7.00% | 7.00% |
| ICICI Bank | 6.70% | 7.00% | 7.00% | 7.00% |
| Axis Bank | 6.70% | 7.10% | 7.10% | 7.00% |
| Kotak Mahindra | 7.10% | 7.10% | 7.00% | 6.20% |
Rates are indicative and change frequently. Always check the official bank website for the latest rates before investing.
How FD interest is calculated
In a cumulative FD, the interest is reinvested each quarter and you receive the full maturity amount at the end. In a non-cumulative FD, the interest is paid out (monthly, quarterly or annually) and is calculated on a simple-interest basis. Banks in India follow quarterly compounding as the standard convention, so n = 4 in the compound formula above.
A = 1,00,000 × (1 + 0.07/4)4×5 = 1,00,000 × (1.0175)20
Maturity ≈ ₹1,41,478, so interest earned ≈ ₹41,478.
A = 5,00,000 × (1 + 0.0725/4)4×3 = 5,00,000 × (1.018125)12
Maturity ≈ ₹6,20,222, so interest earned ≈ ₹1,20,222.
FD maturity at a glance — ₹1 lakh at 7%
Approximate maturity value of a ₹1,00,000 cumulative fixed deposit at a 7% annual rate with quarterly compounding, for common tenures.
| Tenure | Rate | Maturity Amount | Interest Earned |
|---|---|---|---|
| 1 Year | 7.00% | ₹1,07,186 | ₹7,186 |
| 2 Years | 7.00% | ₹1,14,888 | ₹14,888 |
| 3 Years | 7.00% | ₹1,23,144 | ₹23,144 |
| 5 Years | 7.00% | ₹1,41,478 | ₹41,478 |
| 10 Years | 7.00% | ₹2,00,160 | ₹1,00,160 |
Illustrative figures for a regular (non-senior) cumulative FD. Use the calculator above for your exact principal, rate and tenure.
Frequently asked questions
How is FD interest calculated?
For cumulative FDs, banks use compound interest with the formula A = P × (1 + r/n)^(n×t), where P is the principal, r is the annual rate as a decimal, n is the number of compounding periods per year and t is the tenure in years. Indian banks compound quarterly, so n = 4. For example, ₹1,00,000 at 7% for 5 years quarterly compounded matures to about ₹1,41,478. Non-cumulative FDs use simple interest, A = P × (1 + r × t), and pay the interest out periodically.
What is the FD maturity formula?
The maturity amount of a cumulative fixed deposit is A = P × (1 + r/n)^(n×t). With quarterly compounding (n = 4), a ₹1,00,000 deposit at 7% for 5 years gives A = 1,00,000 × (1.0175)^20 ≈ ₹1,41,478. The interest earned is simply the maturity amount minus the principal.
Are FD rates higher for senior citizens?
Yes. Most banks offer senior citizens (aged 60 and above) an extra 0.25% to 0.50% over the regular FD rate for the same tenure. Use the Senior Citizen option in the calculator above to add this bonus automatically.
Is FD interest taxable?
Yes. FD interest is added to your total income and taxed at your income tax slab rate. If total interest from a bank exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year, the bank deducts TDS at 10%. If you don't have a PAN on record, TDS is 20%. A deduction under Section 80C is only available for a 5-year tax-saver FD, not for ordinary fixed deposits.
Can I break an FD before maturity?
Yes, most banks allow premature withdrawal with a penalty of 0.5–1% off the applicable rate. Some tax-saving FDs (under Section 80C) have a mandatory 5-year lock-in and cannot be broken.
What is the DICGC insurance limit for FDs?
DICGC (Deposit Insurance and Credit Guarantee Corporation) insures deposits up to ₹5 lakh per depositor per bank — including principal and interest across all deposits in that bank. This covers savings, current, FD and RD accounts combined.
What is the difference between cumulative and non-cumulative FDs?
Cumulative FDs reinvest the interest — you receive the total (principal + compounded interest) at maturity. Non-cumulative FDs pay interest monthly, quarterly, or annually. Non-cumulative is suitable for retirees needing regular income.
Can I get a loan against my FD?
Yes. Most banks offer overdraft or loan against FD at an interest rate of 0.5–2% above the FD rate. You can borrow up to 90% of the FD value without breaking the deposit, keeping your interest income intact.