Fixed deposit details
Maturity estimate
Interest by financial year (April–March) and TDS
| Financial year | Interest earned | TDS estimate | Balance at year end |
|---|
How this FD calculator works
Enter your deposit, the bank's interest rate and the tenure to see the FD maturity amount, total interest, maturity date and an estimate of TDS for each financial year. It follows the method Indian banks publish for cumulative fixed deposits: interest is compounded every quarter and added to your balance, so you earn interest on interest.
Formula: A = P × (1 + r/n)n×t, where P is the deposit, r the yearly rate, n the number of compounding periods per year (4 for quarterly) and t the tenure in years. For tenures with extra days, the calculator compounds the full quarters and adds simple interest for the remaining days, as banks do.
Worked examples (checked against bank examples)
| Deposit | Rate | Tenure | Maturity | Source example |
|---|---|---|---|---|
| ₹1,00,000 | 6.60% | 3 years | ₹1,21,699 | ICICI Bank FD calculator page |
| ₹2,00,000 | 10% | 3 years | ₹2,68,978 | Kotak Mahindra Bank article |
| ₹1,00,000 | 7% | 5 years | ₹1,41,478 | HDFC Bank page (≈ ₹1,41,000) |
Cumulative vs monthly or quarterly payout
- Cumulative (on maturity): interest is reinvested every quarter and paid with your principal at the end. This gives the highest maturity amount.
- Quarterly payout: simple interest of deposit × rate ÷ 4 is credited every quarter. Your principal comes back unchanged at maturity.
- Monthly payout: banks pay the quarterly interest discounted to a monthly figure, so each month is slightly less than one-third of the quarterly payout.
- Short FDs: for deposits under 6 months, most banks pay simple interest. Keep the "Simple interest under 6 months" box ticked for those.
TDS on FD interest
Banks deduct TDS (tax deducted at source) when the interest you earn from one bank in a financial year is more than ₹50,000, or ₹1,00,000 for senior citizens (section 393(1) of the Income-tax Act, 2025; earlier section 194A). The rate is 10% if the bank has your PAN and 20% if it does not. Banks deduct TDS on interest as it accrues, even for cumulative FDs, which is why the table splits interest by financial year. TDS is not an extra tax: it is credited against the tax you owe when you file your return. If your income is below the taxable limit, you can submit Form 121 (earlier Form 15G/15H) to the bank.
Planning other money goals? Compare with the SIP calculator, check a loan with the EMI calculator, or see the tax on your interest in the income tax calculator.
Frequently asked questions
How is FD maturity amount calculated?
For a cumulative FD, maturity = P × (1 + r/4)^(4 × years) with quarterly compounding, the method most Indian banks use. For example ₹1,00,000 at 7% for 5 years grows to about ₹1,41,478.
Do banks compound FD interest quarterly or yearly?
Most Indian banks, including SBI, HDFC Bank and ICICI Bank, compound cumulative FD interest quarterly. Some NBFCs and small finance banks use monthly or yearly compounding, so the calculator lets you choose.
How much interest will I get monthly on an FD?
Pick 'Monthly payout'. Banks pay the quarterly interest discounted to a monthly amount, so ₹1,00,000 at 7% pays about ₹580 a month, slightly less than the ₹583 you get from dividing yearly interest by 12.
When is TDS deducted on FD interest?
When total interest from one bank in a financial year exceeds ₹50,000, or ₹1,00,000 for senior citizens. TDS is 10% with PAN and 20% without PAN. Submitting Form 121 (earlier 15G/15H) can avoid it if your income is not taxable.
Do senior citizens get a higher FD rate?
Most banks add about 0.25% to 0.75% for depositors aged 60 or above, commonly 0.50%. Tick 'Senior citizen' and set the extra rate your bank offers; the TDS limit also changes to ₹1,00,000.
Is FD interest taxable?
Yes. FD interest is added to your income and taxed at your slab rate, whether you receive it monthly or at maturity. Tax-saver FDs give a deduction on the deposit under the old tax regime, but the interest is still taxable.
Why is my bank's figure slightly different?
Banks round interest daily or per quarter, count leap years and may treat broken periods differently. Differences of a few rupees are normal; your FD receipt shows the final amount.