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Principal
Total Interest
Total Interest : ₹49,919
Maturity Amount : ₹1,19,80,558
Deposit Amount : ₹69,80,558
Do you want to build a financially sound future protecting yourself from inflation and financial instability? Then, it is high time, you start investing. There are several investment avenues in India including fixed deposits, mutual funds, government savings schemes, recurring deposits, PPFS, and so on. But, the investment plan that you are going to choose will ultimately depend on your specific needs.
Fixed deposits or FDs are a really good pick when it comes to investment options with predictable returns and low risk. Use an FD calculator to compute the maturity and interest amounts offered by various banks beforehand and then choose the FD that you are going to invest in. Once you enter the interest rates provided by different banks and your preferred tenure, the calculator will instantly display the results. So, what are you waiting for? Use the FD calculator on the Creditmantri website and get instant results.
How Does CreditMantri’s FD Calculator Work?
Follow the steps below to use the FD calculator on the CreditMantri website and get immediate results
- Step 1 : Input the data for the fields - Deposit amount, tenure, rate of interest (p.a.), and type of fixed deposit in the calculator,
- Step 2 : After this is done, the maturity amount and the total interest are computed and displayed automatically.
Fixed Deposit Interest Rates of Top Banks for 2024
Here are the fixed deposit interest rates of top banks in India for the year 2024.
| Bank | FD interest rates p.a. for general citizens (7 days to 10 years) | FD interest rates p.a. for senior citizens (Tenure from 7 days to 10 years) |
|---|---|---|
| HDFC | 3.00% to 7.25% | 3.50% to 7.75% |
| ICICI Bank | 3.00% to 6.90% | 3.50% to 7.50% |
| SBI | 3.50% to 6.50% | 4.00% to 7.50% |
| Kotak Bank | 2.75% to 6.20% | 3.25% to 6.70% |
IDFC First Bank | 3.00% to 7.00% | 3.50% to 7.50% |
| Axis Bank | 3.00% to 7.00% | 3.50% to 7.75% |
| PNB | 3.50% to 6.50% | 4.30% to 7.30% |
| Bank of Baroda | 4.25% to 6.50% | 4.75% to 7.50% |
| Indian Overseas Bank | 4.00% to 6.50% | 4.50% to 7.00% |
| Indian Bank | 2.80% to 6.10% | 3.30% to 6.60% |
| IDBI Bank | 3.00% to 6.25% | 3.50% to 6.75% |
| IndusInd Bank | 3.50% to 7.25% | 4.00% to 7.75% |
| Union Bank of India | 3.50% to 6.50% | 4.00% to 7.00% |
Bank of India | 3.00% to 6.00% | 3.50% to 6.50% |
Disclaimer:The interest rates given above are as of March when this page was written and are subject to change. For exact interest rates, contact the respective banks or refer to their website.
Benefits of Fixed Deposits
Fixed rate of interest: They offer a fixed rate of interest which is higher than regular savings accounts. Since the rate remains constant, investors can calculate the returns accurately.
Low risk: Fixed deposits are well known for their safety and dependency. In case of defaults, they are insured to a certain extent by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Flexible investment tenure: Fixed deposits come with flexible repayment periods. This flexibility enables investors to choose the tenure that best suits their financial goals and needs.
Convenience: Investing in fixed deposits is easy and hassle-free. You can make the deposit both online and offline.
Liquidity: Fixed deposits are highly liquid and can be easily converted into cash in case of exigencies.
How to Calculate the Fixed Deposit Interest Rate and Maturity Amount?
Fixed deposit interest rates are typically calculated using two methods: simple interest and compound interest.
Simple Interest:
In this method, the interest amount is calculated only on the principal amount and it remains constant throughout the tenure. It is paid out at regular intervals - Monthly, quarterly, half-yearly, and annual.
Formula:
SI = P x R x T/100
Where P is the principal amount
R is the rate of interest per annum
T is the tenure in years
M = P + SI
Let us take an example: Suppose you invest 10,000 Rs. at 5% p.a. for 5 years, then
SI = 10,000 x 5 x 5/100 = 2500
M = 10,000 + 2500 = 12,500
So, the interest you will earn on a deposit amount of Rs. 10,000 at the end of 5 years is 2,500. And if you invest INR 10,000 in a fixed deposit with 5% p.a. simple interest, you will get back INR 12,500 at the end of 5 years.
Compound Interest:
In this method, the interest is earned on both the principal and the interest amounts. Many banks provide compound interest on fixed deposits. But, you should make sure that you get a good interest rate.
Formula
M = P * (1 + Quarterly Interest) ^ Number of quarters
Where,
P = Amount deposited initially.
Number of quarters = (Years * 12 + months)/3
Quarterly Interest = Interest / 4
Interest = Maturity minus Principal
Let us take the same example above. Then
P = 10,000
Number of quarters = (5*12 + 0)/3
Quarterly interest = 5/400 = 0.0125
M = 10,000 * (1 + 0.0125) ^20
= 10,000 * (1 + 0.0125) ^(20)
= 12820.37
= 12820
Therefore the Interest accrued on the FD at the end of 5 years is 12820 - 10,000 = Rs. 2820
It is tough and time-consuming to do the calculations manually. Hence, using the fixed deposit calculator for accurate and easy results is ideal.
FAQs on FD Calculator
1. Is the FD calculator free to use?
Yes, CreditMantri’s FD calculator is an absolutely free online tool.
2. How much FD is tax-free?
The lock-in period for tax-saving FD schemes is usually 5 years. The invested amount of upto Rs 1.5 lakh is eligible for tax deduction every year under Section 80C of the Income Tax Act.
3. Is it necessary to furnish documents for using the online FD calculator?
PNo, you do not have to furnish any documents to use the online FD calculator
4. How many years will it take for an FD to double?
The number of years in which an FD will double is computed by the formula: 72/annual interest rate. If Rs. 30,000 is invested as an FD in a bank for a rate of interest of 12%, then the FD will double in 72/12 = 6 years.
5. Which has a higher interest rate? FD or RD?
FDs yield higher interest than RDs at maturity. Recurring deposit interest rates are lower and RDs pay the interest along with the principal amount at maturity.
Disclaimer:This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.