Fixed Deposit (FD) Calculator
Fixed Deposits are the safest investment choice for millions of Indians. Use our tool to find the exact maturity value of your savings.
Fixed Deposit
₹1,41,478
Current FD Rates (Approx)
This is an estimate. Actual bank rates may vary based on your age (Senior Citizens get +0.50%) and exact deposit dates.
Why use an FD Calculator?
Manual calculation of compound interest with different frequencies (monthly/quarterly) can be complex and prone to errors. Our FD calculator provides instant, precise results so you can plan your goals better.
Flexible Tenures
Calculate for any period—from 7 days to 10 years.
Compounding Logic
Switch between Monthly, Quarterly, or Annual compounding easily.
Comparison
See live estimates against current major bank interest rates.
Types of Fixed Deposits in India
- Standard FD: Fixed tenure (7 days to 10 years) with a fixed interest rate.
- Tax-Saving FD: 5-year lock-in with 80C benefits.
- Cumulative FD: Interest is compounded and paid at maturity (Growth option).
- Non-Cumulative FD: Interest is paid out monthly or quarterly (Income option).
FD Interest Rates 2026 — Major Banks Comparison
- SBI: 6.80% – 7.10% (1-5 years); 7.30% – 7.60% (Senior Citizens)
- HDFC Bank: 7.00% – 7.25% (1-3 years); 7.50% – 7.75% (Senior Citizens)
- ICICI Bank: 6.90% – 7.20% (1-2 years)
- Post Office TD (5-year): 7.5% (guaranteed by Government of India)
- Best Rate: Small Finance Banks — up to 9.5% (higher risk)
Tax on FD Interest: Old Regime vs New Regime
Interest earned on FDs is taxed as Income from Other Sources at your applicable income tax slab rate — regardless of which tax regime you choose. There is no capital gains tax benefit on FDs.
- FD interest must be declared in your ITR even if TDS was not deducted.
- Banks issue Form 26AS or AIS showing all TDS deductions — verify these when filing.
- Senior citizens can claim an additional deduction of up to ₹50,000 on interest income under Section 80TTB.
5 Smart FD Tips for Indian Investors
- FD Laddering: Instead of one large FD, split into multiple FDs with different tenures (1yr, 2yr, 3yr). This gives you liquidity and lets you reinvest at better rates when each matures.
- Senior Citizen Advantage: Open FDs in the name of a parent above 60 for an extra 0.5% rate and ₹50,000 80TTB deduction.
- Compare Small Finance Banks: DICGC insures deposits up to ₹5 lakh — so smaller bank FDs are safe within this limit but offer 1-2% higher rates.
- Reinvest at Maturity: Always check rates at maturity — don't let the bank auto-renew at an old/lower rate.
- Track with Our Calculator: Use this FD calculator to compare cumulative vs non-cumulative payout before deciding.
Frequently Asked Questions
How is FD interest calculated?
Most Indian banks use quarterly compounding for FDs. The formula is A = P(1 + r/n)^(nt), where A is maturity value, P is principal, r is annual interest rate, n is compounding frequency (4 for quarterly), and t is time in years.
Do senior citizens get higher FD rates?
Yes, almost all banks and post offices offer an additional 0.50% interest rate to senior citizens (aged 60 and above) on their fixed deposits.
Is FD interest taxable?
Yes, interest earned on FDs is taxable as per your income tax slab. Banks also deduct TDS (Tax Deducted at Source) at 10% if the interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
What is a 5-year Tax Saving FD?
A Tax Saving FD has a mandatory lock-in of 5 years and offers tax deduction under Section 80C up to ₹1.5 lakh. However, the interest earned remains taxable.
Can I withdraw my FD before maturity?
Yes, premature withdrawal is usually allowed but with a penalty (typically 0.5% to 1% reduction in interest rate). Tax-saving FDs cannot be withdrawn before 5 years.
What is the formula for calculating FD maturity?
For cumulative FDs (interest compounded and paid at maturity), the formula is: A = P × (1 + r/n)^(n×t), where A is maturity amount, P is principal, r is annual interest rate (decimal), n is compounding frequency (4 for quarterly), and t is years. Most banks compound FDs quarterly.
What is the maximum FD interest rate in India in 2026?
Small Finance Banks like Unity Small Finance Bank, Jana Small Finance Bank, and ESAF Small Finance Bank offer the highest FD rates in India, ranging from 8.5% to 9.5% for 1-2 year tenures in 2026. Major banks like SBI and HDFC offer 6.8%-7.25%.
How does TDS work on FD interest?
Banks deduct TDS (Tax Deducted at Source) at 10% if your annual FD interest across all accounts in that bank exceeds ₹40,000 (₹50,000 for senior citizens). If your total income is below the taxable limit, submit Form 15G (or 15H for seniors) at the bank to prevent TDS deduction.
What is the difference between cumulative and non-cumulative FD?
A cumulative FD (growth option) compounds interest and pays everything at maturity — ideal for long-term savings goals. A non-cumulative FD (income option) pays out interest at regular intervals (monthly, quarterly, annually) — ideal for retirees or those needing regular income.
Is a 5-year Tax Saving FD worth it?
A Tax Saving FD offers Section 80C deduction up to ₹1.5 lakh, but comes with a 5-year lock-in (no premature withdrawal). The interest earned is fully taxable. It is suitable if you are in the 20-30% tax bracket, have no other 80C investments, and want a risk-free option.