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FD calculator
See what your fixed deposit will be worth at maturity, and how much interest it earns, the way Indian banks work it out.
Year by year
| Year | Deposited | Interest so far | Balance |
|---|
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How FD interest is worked out
Most Indian banks add interest to a cumulative fixed deposit every quarter. Each quarter, the interest earns interest too. The formula is A = P × (1 + r ÷ 400)4t, where P is the deposit, r is the yearly rate and t is the time in years.
For ₹1,00,000 at 7% for 5 years, added quarterly, the deposit grows to ₹1,41,478. That is ₹41,478 of interest. Because of quarterly compounding, 7% a year works out to an effective 7.19% a year.
Tax on FD interest
FD interest is added to your income and taxed at your slab rate. Banks deduct TDS once the interest you earn from that bank passes ₹50,000 in a financial year, or ₹1,00,000 for senior citizens. These limits apply from 1 April 2025. If your total income is below the taxable limit, you can submit Form 15G, or Form 15H if you are a senior citizen, so the bank does not deduct TDS.
Before you book an FD
- Senior citizens usually get about 0.25% to 0.50% more. Enter the exact rate your bank offers.
- Breaking an FD early usually costs a penalty, often 0.5% to 1% off the rate.
- Deposits in a bank are insured up to ₹5 lakh per person per bank by DICGC.
An illustration only, not financial advice. Rates change often, so check the current rate with your bank.
Questions
Is the FD amount taxed at maturity or every year?
Interest is taxable in the year it is earned, even in a cumulative FD where you only receive it at the end.
Why is my bank's figure slightly different?
Banks sometimes count exact days and round each quarter. Small differences of a few rupees are normal.
Are my numbers saved?
No. Everything stays in your browser.
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