Fixed Deposit Calculator

Last Updated : Sep 1, 2023
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This Fixed Deposit (FD) Calculator helps you to calculate earned interest and maturity amount for value of your investment.

Fixed Deposit

Fixed Deposit (FD) is a term deposit provided by banks with higher interest rate than a regular savings account. It's a very popular and safe investment because of fixed interest rate for whole matuarity periods.

Interest rate for fixed deposit are based on perticular bank and term of deposit. The longest permissible term for FDs is 10 years. Generally, the longer the term of deposit means higher rate of interest. Usually in India the interest is compounded quartly (three months) in banks. There interest is credited to the customer's savings account or sent them to by cheque. The customer may choose to have the interest reinvested in the FD account. In this case, the deposit is called the Cumulative FD or compound interest FD. For such deposits, the interest is paid with the invested amount on maturity of the deposit at the end of the term.

Fixed Deposits have lower liquidity and banks can refuse to repay FDs amount before expiry of the deposit. However you could take loan at lower interest rate as per banks norms before maturity date and this is knowns premature withdrawal. Also banks can charge a penalty for premature withdrawal.

Customer have to pay taxes on the interest earned during a financial year and it depends on tax section. If you looking for long term investment, you could look for some alternatives like PPF account, It's very safe and it has tax benefits. PPF Calculator is very useful tool for get approx returns on ppf.

Banks issue a separate receipt for every FD because each deposit is treated as a distinct contract. This receipt is known as the Fixed Deposit Receipt (FDR), that has to be surrendered to the bank at the time of renewal or encashment. Many banks offer the facility of automatic renewal of FDs where the customers do give new instructions for the matured deposit. On the date of maturity, such deposits are renewed for a similar term as that of the original deposit at the rate prevailing on the date of renewal.

Benefits of FD

  • A wide range of tenures, ranging from 7 days to 10 years, to suit your investment plan. Fixed deposits are very flexible in nature because one can have fixed deposit with maturity for 1 month or 1 year or 10 year and also one can make fixed deposit with any amount unlike real estate where one needs to invest heavily.

  • It is very safe investment and safe custody of your fixed deposit receipts

  • Static and forecast returns on terms of investment.

  • It's very suitable for conservative investors.

Limitations of FD

  • No flexibility to access your funds. FD have lower liquidity.

  • Relatively low investment returns.

  • Not suitable for long term wealth creation or the investors with high risk appetite.

  • In fact if you withdraw before the agreed duration, you will be penalised. Also, there is no tax benefit in this investment.

  • So, even from a taxation point this is not the best of investment options.

FD Interest Rates

BankInterest Rate
Kotak Bank6.75%

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