FD Calculator — Fixed Deposit
Calculate Fixed Deposit maturity amount with bank presets for SBI, HDFC, ICICI and more.
How Fixed Deposits Work and Why to Compare Rates
A Fixed Deposit (FD) is one of the safest investment instruments in India — your principal is protected and you receive a guaranteed interest return. The interest rate varies significantly across banks (0.5–1% difference can mean thousands of rupees on large deposits) and compounding frequency (quarterly compounding yields more than annual compounding at the same nominal rate). Our FD calculator includes 2024 rate presets for SBI, HDFC, ICICI, Axis and Kotak banks, supports all compounding frequencies, and computes your effective annual yield for accurate comparison.
Frequently Asked Questions
What is the FD interest rate for senior citizens in India 2024? ▼
Senior citizens (60+ years) typically receive 0.25%–0.50% extra interest over the regular rate. For example, if SBI offers 7.1%, senior citizens get 7.35%–7.6%. Some banks offer special 0.5% extra under special schemes.
How is FD interest calculated with quarterly compounding? ▼
Formula: A = P × (1 + r/4)^(4t) where P = principal, r = annual rate, t = tenure in years. Quarterly compounding earns slightly more than annual. At 7%, ₹1 lakh for 1 year: annually = ₹7,000 interest; quarterly = ₹7,186 interest.
Is FD interest taxable in India? ▼
Yes. FD interest is fully taxable as "income from other sources" at your applicable slab rate. TDS of 10% is deducted at source if annual interest exceeds ₹40,000 (₹50,000 for senior citizens). Submit Form 15G (below 60) or 15H (60+) if your income is below the taxable limit.
Which bank gives highest FD interest rate in India 2024? ▼
Small finance banks like Jana, Ujjivan and Equitas offer 8%–9% but carry higher risk. Among large banks, HDFC, ICICI and Kotak offer 7.25%. Post Office FD offers 7.5% for 5 years (tax-saving). Always compare effective yields, not nominal rates.
What is the difference between cumulative and non-cumulative FD? ▼
Cumulative FD: interest is reinvested and paid at maturity (higher total return, good for wealth building). Non-cumulative FD: interest is paid out monthly, quarterly or annually (lower total but provides regular income, good for retirees).
Can I break FD before maturity? ▼
Yes, most FDs allow premature withdrawal with a penalty of 0.5%–1% deducted from the applicable rate. For example, if your 1-year FD rate is 7% and you break it in 6 months, you get approximately 6.5% for 6 months. Some tax-saving FDs (under Section 80C, 5-year lock-in) cannot be broken early.