FD Calculator – Fixed Deposit (FD) Calculator Online
Fixed deposit or FD is one of the common investment options from banks to account holders. Depending on the bank, the interest rates on FD vary, but they are usually 7-8%. However, it comes with a restriction with a locking period of 7 days or 10 years. Upon maturity, you may receive the amount and the total interest incurred.
Since they offer higher interest rates than savings accounts, foreign direct investments (FDs) are a superior option for individuals seeking to build wealth over the long term. Besides, it is tax-free and has liquidity benefits. You can use the FD calculator to know the amount you will gain upon maturity according to the interest rate set.
Fixed Deposit (FD) Calculator
To Know about RD Calculator click – RD Calculator
Top 10 Bank FD rate list with interest rate
| Bank Name | ROI | Interest 1-30 Days | Interest 2-6 Months | Interest 1 Years | Interest 2 Years | Interest 3 Years |
|---|---|---|---|---|---|---|
| HDFC Bank | 7.30% | 30 | 62 | 375 | 778 | 1212 |
| SBI | 6.60% | 26 | 56 | 338 | 699 | 1085 |
| ICICI Bank | 7.25% | 29 | 62 | 372 | 773 | 1203 |
| Kotak Mahindra | 6.75% | 27 | 57 | 346 | 716 | 1112 |
| Axis Bank | 7.00% | 28 | 60 | 359 | 744 | 1157 |
| IndusInd Bank | 7.40% | 30 | 63 | 380 | 290 | 1230 |
| Bank of Baroda | 7.20% | 29 | 61 | 370 | 767 | 1194 |
| Punjab National Bank | 6.90% | 28 | 59 | 354 | 733 | 1139 |
| Union Bank of India | 6.60% | 26 | 56 | 338 | 699 | 1085 |
| IDBI Bank | 6.60% | 26 | 56 | 338 | 699 | 1085 |
What is a Fixed Deposit Calculator?
The FD calculator calculates based on principal amount, FD interest rates, and tenure. Users can also determine their FD interest income with the calculator depending on the interest distribution options. Some online fixed deposit calculators show short-term FD interest income using an essential interest basis.
How Does the FD Calculator Help Users?
Figuring out an FD’s maturity amount can take time and effort. However, you can figure out the result with the online FD calculator. Some of the ways it can help users are-
- FD maturity computations are intricate and involve several variables. By entering the details, the calculator provides you with precise numbers.
- It saves your time while performing these intricate computations.
- It allows you to contrast the interest rates and maturity amounts of FDs provided by various financial institutions.
How is FD interest calculation done?
When it comes to FD calculation, there are two ways-
Simple Interest
Simple interest is on predetermined investment length and the interest rate. You can calculate using the calculator and multiply the principal amount with the annual rate of interest along with the tenure.
Basic Interest Calculation:
SI is equal to P x R x T / 100.
Whereas
- SI- Simple Interest.
- P- principal amount.
- R- Interest Rate (percentage)
- T- Tenure, or when a deposit is held in an FD account.
Compound Interest
Compound interest is earned on both principal and interest. It is computed by raising the interest rate by the principal amount and multiplying the result by the years that interest will compound.
Compound Interest Formula:
A = P ^(n * t) (1+r/n)
Whereas
- A- Amount of Maturity
- P- is the principal sum.
- r- Interest Rate (in decimals)
- n- number of compounding years
- t- is the number of years.
Benefits of using the FD Online Calculator
Using the FD online calculator can benefit in different ways. Some of these are-
- Simple to use: The overall process of calculating FD returns with interest is easy with the calculator. To obtain results, users typically need to input a few basic parameters into the online calculator, such as the principal amount, the term of the FD, and the frequency of the compounding timeline.
- Maturity Amount: Potential depositors should know the anticipated amount before investing in a fixed-rate bond (FD) scheme. This will enable them to assess if the plan will meet their investment objectives when maturity comes.
- Precise computation: Depositors can avoid complicated calculations and the possibility of errors resulting from miscalculations with online FD calculators.
Conclusion
FD is the right one to bring good interest returns if you are among those interested in long-term investment. The FD programs are excellent choices for people who wish to start investing and have extra money. The monthly interest FD calculator will help you plan your savings.
FAQs – Fixed Deposit (FD) Calculator
1. How does the FD calculator help you in future planning?
Ans. You can withdraw the money from your fixed deposit or reinvest after the calculator shows the total amount you will receive with interest.
2. How is the interest rate on bank FD calculated?
Ans. For FDs with six months or less, simple interest is used to compute the interest. Banks consider compounding interest with FDs having terms longer than six months. Banks typically use discounted rates to add interest when paying out monthly interest.
3. What details should I enter to use the FD calculator?
Ans. You need to enter the deposit amount, total tenure, and interest rate the bank sets.
4. Will the bank levy a penalty if I withdraw the FD amount early?
Ans. Premature withdrawal of the bank FD is permitted, although there can be a penalty, which depends on the bank’s policies.
5. How much amount can I deposit in FD?
Ans. The amount can vary for FD. However, you can start from Rs 1000, which can go to Rs 10lakhs or above. In short, there is no limit.
6. Does the FD interest fall under tax?
Ans. Yes, you must pay tax for the FD interest rate. The bank deducts the tax amount upon withdrawal.
7. Can I get an FD interest rate pay monthly?
Ans. Yes, you can opt for the monthly payment of the FD. Interest payments on fixed deposits fall into two categories: cumulative and non-cumulative.