Fixed Deposit Calculator
Calculate FD maturity amount & interest across all compounding frequencies. Compare all options side by side.
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%
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Best FD Interest Rates in India
| Bank / Institution | Regular Rate | Senior Citizen Rate | Tenure |
|---|---|---|---|
| SBI | 6.50% – 7.25% | 7.00% – 7.75% | 1–5 yrs |
| HDFC Bank | 6.60% – 7.40% | 7.10% – 7.90% | 1–5 yrs |
| ICICI Bank | 6.70% – 7.25% | 7.20% – 7.75% | 1–5 yrs |
| Post Office (POMIS) | 7.40% | 7.40% | 5 yrs |
| Small Finance Banks | 8.00% – 9.50% | 8.50% – 10.00% | 1–3 yrs |
Rates are indicative. Always check current rates on the bank's official website before investing.
FD Formula
A = P × (1 + r/n)^(n×t)
P = Principal | r = Annual rate/100 | n = Compounding frequency/yr | t = Years
P = Principal | r = Annual rate/100 | n = Compounding frequency/yr | t = Years
Example: ₹1 lakh at 7% for 5 years with quarterly compounding → Maturity = ₹1,41,478
Frequently Asked Questions
FD interest is calculated using the compound interest formula: A = P(1 + r/n)^(nt). Most bank FDs use quarterly compounding (n=4). Post Office FDs and some bank FDs use annual compounding. The more frequent the compounding, the higher the maturity value.
Banks typically offer the highest interest rates for 1–3 year FDs. For very long tenures (5+ years), returns may not be much higher and you miss out on reinvesting at potentially higher rates. A laddering strategy — splitting FD across multiple tenures — offers a good balance of returns and liquidity.
Yes. FD interest is taxable as 'income from other sources' at your income tax slab rate. Banks deduct TDS at 10% if interest exceeds ₹40,000/year (₹50,000 for senior citizens). Submit Form 15G (below 60 years) or 15H (senior citizens) to avoid TDS if your total income is below the taxable limit.
Yes, most FDs can be broken prematurely. Banks charge a penalty of 0.5%–1% on the applicable interest rate. For example, if your FD rate is 7% and you break it before maturity, you'll earn 6%–6.5% instead. Some tax-saving FDs (5-year) cannot be broken prematurely.
Under the Deposit Insurance and Credit Guarantee Corporation (DICGC), each depositor is insured up to ₹5 lakh per bank (principal + interest combined). This covers savings, FD, RD, and current accounts in the same bank. To protect more than ₹5 lakh, consider spreading deposits across multiple banks.