FD Calculator
Calculate fixed deposit maturity amount and interest earned. Supports cumulative & non-cumulative FD.
Fixed Deposit Calculator
FD Maturity Details
FD Rates — Top Banks 2026
| Bank | General | Senior |
|---|---|---|
| SBI | 6.50% | 7.00% |
| HDFC | 7.00% | 7.50% |
| ICICI | 7.00% | 7.50% |
| Axis | 7.00% | 7.50% |
| Kotak | 7.00% | 7.50% |
| PNB | 6.75% | 7.25% |
| BOB | 6.75% | 7.25% |
Fixed Deposit (FD) Calculator
A Fixed Deposit (FD) is one of the most popular and trusted investment instruments in India. Also known as a term deposit, an FD allows you to deposit a lump sum amount with a bank or financial institution for a fixed tenure at a predetermined interest rate. Unlike savings accounts, FDs offer higher interest rates and guaranteed returns, making them ideal for conservative investors who prioritize capital safety over market-linked returns.
Our FD calculator helps you determine the exact maturity amount and interest you will earn on your fixed deposit. Simply enter your deposit amount, interest rate, tenure, compounding frequency, and FD type to get instant results. The calculator supports both cumulative FDs (where interest is reinvested) and non-cumulative FDs (where interest is paid out at regular intervals).
How FD Interest is Calculated
For cumulative FDs, banks use the compound interest formula to calculate the maturity amount:
M = P × (1 + r/n)^(n×t)
Where:
- M = Maturity amount
- P = Principal (deposit amount)
- r = Annual interest rate (in decimal, e.g., 7% = 0.07)
- n = Number of times interest is compounded per year
- t = Tenure in years
Example: If you deposit ₹1,00,000 at 7% p.a. for 5 years with quarterly compounding, the maturity amount = 1,00,000 × (1 + 0.07/4)^(4×5) = ₹1,41,478. The interest earned is ₹41,478.
For non-cumulative FDs, the interest is calculated using simple interest for each payout period. Monthly interest = P × r / 12. The total interest over the tenure is paid out periodically rather than compounded.
Cumulative vs Non-Cumulative FD
| Feature | Cumulative FD | Non-Cumulative FD |
|---|---|---|
| Interest Payout | At maturity (end of tenure) | Monthly, quarterly, half-yearly, or yearly |
| Interest Type | Compounded | Simple interest per period |
| Returns | Higher (due to compounding) | Lower (no compounding benefit) |
| Best For | Wealth creation, long-term goals | Regular income, retirees |
| Tax on Interest | Taxed at maturity | Taxed in each payout year |
Choose cumulative FD if you do not need regular income and want to maximize returns through compounding. Choose non-cumulative FD if you need periodic interest income to cover monthly expenses, especially during retirement.
FD Interest Rates 2026
FD interest rates in India vary by bank, tenure, and deposit amount. Below are the approximate rates offered by major banks for general customers (as of 2026). Senior citizens typically get an additional 0.25% to 0.50% over these rates.
| Bank | 1 Year | 3 Years | 5 Years | Senior Citizen Extra |
|---|---|---|---|---|
| SBI | 6.50% | 6.50% | 6.50% | +0.50% |
| HDFC Bank | 6.60% | 7.00% | 7.00% | +0.50% |
| ICICI Bank | 6.60% | 7.00% | 7.00% | +0.50% |
| Axis Bank | 6.70% | 7.00% | 7.00% | +0.50% |
| Kotak Mahindra | 6.50% | 7.00% | 7.00% | +0.50% |
| PNB | 6.50% | 6.75% | 6.75% | +0.50% |
| Bank of Baroda | 6.50% | 6.75% | 6.75% | +0.50% |
Note: Rates are indicative and may vary. Check with your bank for the latest rates. Higher rates may apply for deposits above ₹2 crore (bulk deposits).
Tax on FD Interest
FD interest is fully taxable under the head "Income from Other Sources" as per the Income Tax Act. Here are the key tax rules you should know:
- TDS (Section 194A): Banks deduct TDS at 10% if the total interest earned across all FDs exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). If PAN is not provided, TDS is deducted at 20%.
- Section 80TTB: Senior citizens (60 years and above) can claim a deduction of up to ₹50,000 on interest income from deposits (FD, RD, savings account) under Section 80TTB.
- No TDS if income below threshold: If your total income is below the taxable limit, you can submit Form 15G (below 60 years) or Form 15H (senior citizens) to the bank to avoid TDS deduction.
- Tax-saving FD: A 5-year tax-saving FD qualifies for deduction under Section 80C up to ₹1.5 lakh, but the lock-in period is 5 years with no premature withdrawal allowed.
FD vs RD vs SIP
| Feature | Fixed Deposit (FD) | Recurring Deposit (RD) | SIP (Mutual Fund) |
|---|---|---|---|
| Investment Type | Lump sum | Monthly instalments | Monthly instalments |
| Returns | Fixed, guaranteed | Fixed, guaranteed | Market-linked, variable |
| Risk | Nil (insured up to ₹5L) | Nil (insured up to ₹5L) | Moderate to high |
| Liquidity | Premature withdrawal with penalty | Premature withdrawal with penalty | Highly liquid (except ELSS) |
| Tax Benefit | 80C (5-year lock-in only) | No specific benefit | ELSS qualifies for 80C |
| Best For | Capital safety, retirees | Disciplined saving | Long-term wealth creation |
FDs are best suited for risk-averse investors who want guaranteed returns. If you can take some risk for potentially higher returns over 5-10 years, SIPs in equity mutual funds historically deliver 10-12% annualized returns. RDs are ideal for building a corpus through small monthly contributions.