FD Calculator
Fixed Deposit Maturity Calculator for Indian Banks
Calculate your fixed deposit maturity amount, total interest earned, and effective annual rate. Supports quarterly, monthly, half-yearly, and simple interest compounding. Compare rates across SBI, HDFC, ICICI, Axis Bank, and Post Office.
Fixed Deposit Calculator
Top Bank FD Rates (2026)
| Bank | 1 Year | 2 Years | 5 Years |
|---|---|---|---|
| SBI | 6.80% | 7.00% | 6.50% |
| HDFC Bank | 6.60% | 7.00% | 7.00% |
| ICICI Bank | 6.70% | 7.00% | 7.00% |
| Axis Bank | 6.70% | 7.10% | 7.00% |
| Post Office | 6.90% | 7.00% | 7.50% |
*Rates are indicative. Check your bank for current rates. Senior citizens typically get 0.25–0.50% extra.
What Is a Fixed Deposit?
A Fixed Deposit (FD) is a financial instrument offered by banks and Non-Banking Financial Companies (NBFCs) that provides investors a higher rate of interest than a regular savings account. When you open an FD, you deposit a lump sum for a fixed period — called the tenure — and the bank pays interest at a predetermined rate.
FDs are considered one of the safest investment options in India because the interest rate is locked in at the time of deposit, shielding you from market fluctuations. The deposit is also insured by DICGC up to ₹5 lakh per depositor per bank, adding another layer of safety.
Returns depend on three factors: the principal amount, the annual interest rate, and the compounding frequency. Most Indian banks compound interest quarterly, which is the standard option selected in our FD calculator above.
How to Use the FD Calculator
- Enter the Principal Amount: Type in the amount you wish to deposit. This is the lump sum you will give to the bank.
- Set the Annual Interest Rate: Enter the interest rate offered by your bank. You can check current rates in the table above or on your bank's website.
- Choose the Tenure: Enter the number of years, months, or days for which you want to keep the FD. Switch the tenure type using the dropdown.
- Select Compounding Frequency: Most Indian banks compound quarterly. Choose Simple Interest if the bank states it explicitly — this gives lower returns than compound interest.
- Read Results Instantly: The calculator immediately displays the Maturity Amount (what you receive at the end), Interest Earned, and the Effective Annual Rate.
FD Formula Explained
Compound Interest FD (Standard)
Most Indian banks use compound interest: M = P × (1 + r/n)^(n×t)
- M = Maturity Amount
- P = Principal
- r = Annual interest rate (decimal, e.g., 0.075 for 7.5%)
- n = Compounding frequency per year (4 for quarterly, 12 for monthly)
- t = Tenure in years
Simple Interest FD
Some banks and post offices offer simple interest: Interest = P × r × t. The maturity amount is simply P + Interest. Simple interest FDs are less common but sometimes offered for very short tenures.
Effective Annual Rate (EAR)
The EAR accounts for compounding: EAR = (1 + r/n)^n − 1. A nominal 7.5% compounded quarterly gives an EAR of 7.71%, meaning you effectively earn 7.71% per annum.
Common FD Rates Reference (2026)
| Bank / Institution | 1 Year | 2 Years | 3 Years | 5 Years |
|---|---|---|---|---|
| SBI | 6.80% | 7.00% | 6.75% | 6.50% |
| HDFC Bank | 6.60% | 7.00% | 7.00% | 7.00% |
| ICICI Bank | 6.70% | 7.00% | 7.00% | 7.00% |
| Axis Bank | 6.70% | 7.10% | 7.10% | 7.00% |
| Post Office TD | 6.90% | 7.00% | 7.10% | 7.50% |
| Senior Citizen (add-on) | +0.50% | +0.50% | +0.50% | +0.50% |
*Rates are indicative as of 2026. Always verify with the bank or official website before investing.
FD Calculation Examples
Example 1: 2-Year FD at 7% (Quarterly)
Principal: ₹5,00,000 | Rate: 7% | Tenure: 2 years | Quarterly compounding
Maturity = ₹5,00,000 × (1 + 0.07/4)^(4×2) = ₹5,00,000 × (1.0175)^8 = ₹5,74,749. Interest earned: ₹74,749.
Example 2: 5-Year Post Office FD at 7.5%
Principal: ₹2,00,000 | Rate: 7.5% | Tenure: 5 years | Quarterly compounding
Maturity ≈ ₹2,89,023. Interest earned: ₹89,023. Effective annual rate: 7.71%.
Example 3: Senior Citizen FD at 7.5% + 0.5% = 8%
Principal: ₹10,00,000 | Rate: 8% | Tenure: 3 years | Quarterly compounding
Maturity ≈ ₹12,69,735. Interest earned: ₹2,69,735 — significantly more than the standard rate.
Tips for Maximising FD Returns
- Compare rates before booking: Even a 0.25% difference can add thousands of rupees on large deposits over multiple years.
- Ladder your FDs: Instead of one large FD, split across multiple tenures (1, 2, 3 years). When short-term FDs mature, reinvest at current rates to take advantage of rate changes.
- Choose quarterly compounding: It yields more than half-yearly or annual compounding for the same nominal rate.
- Submit Form 15G/15H: If your total income is below the taxable limit, submit this form to avoid TDS deduction on FD interest.
- Senior citizens get a bonus: Banks offer 0.25%–0.50% higher rates. If a family member qualifies, consider booking the FD in their name.
- Tax-saving FDs for Section 80C: Invest up to ₹1.5 lakh in a 5-year tax-saving FD to claim deductions — but remember the lock-in period.
- Keep DICGC limits in mind: Do not keep more than ₹5 lakh (principal + interest) in a single bank. Spread across multiple banks if needed.
Frequently Asked Questions
Yes. FD interest is taxable as per your income tax slab. Banks deduct TDS at 10% if interest exceeds ₹40,000 per year (₹50,000 for senior citizens). Submit Form 15G/15H to avoid TDS if your total income is below the taxable limit.
DICGC (Deposit Insurance and Credit Guarantee Corporation) insures deposits up to ₹5 lakh per depositor per bank. This covers both principal and interest combined. If a bank fails, DICGC pays you up to ₹5 lakh regardless of your total deposit.
Most banks offer peak rates on 1–3 year FDs. Post Office FD offers 7.5% for 5 years which is currently one of the highest guaranteed returns. Always compare rates across banks before investing — even a 0.25% difference compounds significantly over multiple years.
For compound interest: M = P × (1 + r/n)^(n×t), where P = Principal, r = annual rate (decimal), n = compounding frequency per year, t = tenure in years. For quarterly compounding, n = 4. For simple interest: Maturity = P + (P × r × t).
Yes, most banks allow premature withdrawal but charge a penalty of 0.5%–1% on the applicable interest rate. Tax-saving FDs have a mandatory 5-year lock-in and cannot be broken before maturity. Always check your bank's premature withdrawal policy before booking.
Yes. Most Indian banks offer an additional 0.25% to 0.50% per annum to senior citizens (age 60 and above). Over a long tenure, this extra rate significantly increases the interest earned. Some banks also offer special senior citizen schemes with even higher rates.
A tax-saving FD has a 5-year lock-in period and qualifies for deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh per financial year. The interest earned, however, is still taxable as per your slab. It is suitable for investors in higher tax brackets looking for guaranteed, risk-free returns with a tax benefit on the principal invested.