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FD Calculator

Fixed deposit maturity, interest and post-tax yield (India)

By UtilityKit Team · Reviewed for accuracy by UtilityKit Editors · Updated May 2026

About FD Calculator

An FD Calculator turns a few inputs — principal, annual rate, tenure and compounding — into the three numbers Indian depositors actually need before booking a Fixed Deposit: the maturity amount, the total interest, and the post-tax interest after applying their slab. This tool defaults to quarterly compounding because that is the standard schedule used by every major Indian bank — SBI, HDFC, ICICI, Axis, Kotak, and the cumulative variant of India Post Time Deposit — and reproduces those banks' published maturity figures to the rupee. You can switch to monthly, half-yearly or annual compounding to model special offers or NRE/FCNR products quoted on a different basis.

Why use FD Calculator

Quarterly Compounding by Default

Every nationalised and private bank in India compounds rupee FDs once a quarter. Tools that default to annual compounding underestimate maturity by 1–3% over multi-year tenures. This calculator matches your bank's FD advice to the rupee on the same inputs.

Post-Tax Interest, Not Just Headline Rate

Indian FD interest is taxable at your slab as Income from Other Sources. A 7.5% FD held by a 30%-slab depositor effectively yields ~5.25%. The post-tax row makes that real and makes inflation comparisons honest.

TDS Threshold Alert

Section 194A requires banks to deduct 10% TDS once aggregate annual FD interest from one bank crosses ₹40,000 (or ₹50,000 if you are a senior citizen). The tool warns you when your annualised interest will breach that line, so you can plan a Form 15G/15H or simply expect TDS in your AS26.

Effective Annualised Yield

When you compare a 7.0% quarterly-compounded FD against a 7.05% annually-compounded FD, the effective yield is the apples-to-apples figure. The tool computes it as (Maturity ÷ Principal)^(1/years) − 1 and shows it next to the headline rate.

Tenure in Years OR Months

Banks quote short FDs in days or months and long FDs in years. The unit toggle handles both natively — no conversion arithmetic on your side, no off-by-one errors.

100% In-Browser, Zero Tracking

Numbers like principal, rate, slab and senior-citizen status are personal financial data. This calculator never sends a single byte to any server; the entire computation happens locally in your browser.

How to use FD Calculator

Enter the deposit amount in rupees in the Principal field — for example 1,00,000 for one lakh
Set the annual interest rate exactly as quoted by the bank, for example 7.10 for 7.10% p.a.
Enter the tenure as a number, then choose Years or Months from the unit dropdown to match the deposit term
Pick the compounding frequency — Quarterly is correct for almost every Indian rupee FD; switch only for special products
Choose your tax slab to see the post-tax interest, and toggle the Senior Citizen flag to apply the higher ₹50,000 TDS threshold
Read the maturity amount, total interest, post-tax interest and effective annualised yield in the result cards
Watch the TDS notice below — it tells you whether the bank will deduct tax at source on this deposit

When to use FD Calculator

Before booking a Fixed Deposit at SBI, HDFC, ICICI, Axis, Kotak or any cooperative bank to confirm the maturity figure on the deposit slip
When comparing two FD offers with different compounding frequencies — convert both to effective yield first
When deciding between a Tax-Saving FD and an ELSS or PPF, by comparing the post-tax effective yield over five years
When projecting the post-retirement income from a Senior Citizen Savings Scheme alternative or a fixed-income ladder
When advising parents or grandparents on whether to file Form 15H to skip TDS on their FD interest
When sanity-checking a bank's FD advice or interest-credit entry in your savings statement

Examples

Standard 5-year FD at SBI rate

Input: Principal: ₹1,00,000, Rate: 7.0% p.a., Tenure: 5 years, Compounding: quarterly, Slab: 30%

Output: Maturity ₹1,41,478 — Total interest ₹41,478 — Post-tax interest ₹29,034 — Effective yield 7.19% p.a.

Senior citizen 3-year FD

Input: Principal: ₹5,00,000, Rate: 7.75% p.a., Tenure: 3 years, Compounding: quarterly, Senior: yes, Slab: 5%

Output: Maturity ₹6,29,355 — Total interest ₹1,29,355 — Annualised interest ₹43,118 (below ₹50,000 senior TDS threshold) — Post-tax interest ₹1,22,887

Short-tenure FD in months

Input: Principal: ₹2,50,000, Rate: 6.50%, Tenure: 18 months, Compounding: quarterly, Slab: 20%

Output: Maturity ₹2,75,471 — Total interest ₹25,471 — Post-tax interest ₹20,377 — Effective yield 6.66% p.a.

Tips

Indian bank FDs almost always compound quarterly — switch the default only if the deposit terms explicitly say monthly or annual
Submit Form 15G (under-60) or Form 15H (senior, total income below basic exemption) at every bank where you hold FDs, at the start of the financial year, to prevent TDS
Spread large deposits across multiple banks to keep the per-bank annual interest below ₹40,000 / ₹50,000 if you want to avoid the TDS workflow entirely
For comparison shopping, always compute the effective annualised yield — a 7.0% quarterly FD beats a 7.10% annual FD
Tax-Saving FDs lock funds for five years and qualify for §80C; if you are already maxed out on EPF + PPF + ELSS, a regular FD is more flexible
Senior citizens get a 0.50%-point rate bonus at most banks plus the higher ₹50,000 TDS threshold and a ₹50,000 §80TTB deduction on bank interest

Frequently Asked Questions

Is FD interest taxable in India?▾

Yes. Interest on Fixed Deposits is fully taxable at your applicable slab rate as Income from Other Sources. You must declare it in your ITR every assessment year — even if no TDS has been deducted, even if you have not withdrawn the interest, and even on cumulative (reinvestment) FDs where interest accrues but is not paid out until maturity.

What is the TDS threshold on FD interest?▾

Under Section 194A, banks deduct 10% TDS once your aggregate FD interest from a single bank crosses ₹40,000 in a financial year. For Resident Senior Citizens (60+) the threshold is ₹50,000 from FY 2018-19 onwards. If your PAN is not on record with the bank, TDS is deducted at 20% instead of 10%. Submit Form 15G (under-60) or Form 15H (senior citizens) at the start of the year if your total income falls below the basic exemption — the bank will then not deduct TDS at all.

What is the premature withdrawal penalty on a Fixed Deposit?▾

Most Indian banks charge a penalty of 0.50% to 1.00% on the applicable card rate when an FD is closed before maturity. The interest is recalculated at the rate that would have applied for the actual period the deposit ran, minus the penalty. Some banks waive the penalty for senior citizens or for sweep-in linked accounts; check the specific terms of your deposit before booking.

How does quarterly compounding differ from monthly compounding for an FD?▾

With quarterly compounding (the Indian default), interest is added to the principal four times a year, so the effective yield on a 7.0% FD is about 7.19%. With monthly compounding, interest is added 12 times a year, lifting the effective yield to about 7.23%. The difference is small but compounds over long tenures — on a 5-year ₹10 lakh FD it is roughly ₹2,000.

What is a Tax-Saving FD and how is it different?▾

A Tax-Saving FD has a mandatory 5-year lock-in and qualifies for a deduction up to ₹1.5 lakh under Section 80C in the old tax regime. Premature withdrawal is not allowed, you cannot avail a loan against it, and only one holder gets the 80C benefit on a joint deposit. The interest, however, remains fully taxable at your slab — only the principal qualifies for the deduction.

Can I claim a refund if TDS was deducted but my income is below the taxable limit?▾

Yes. File your ITR and claim the deducted TDS as a refund. The TDS amount will appear in your Form 26AS / AIS. If you knew in advance that your total income would be below the basic exemption limit, submitting Form 15G (under-60) or Form 15H (senior citizens) to the bank at the start of the financial year prevents TDS from being deducted in the first place.

Are NRE and NRO Fixed Deposits taxable the same way?▾

No. Interest on an NRE FD is fully exempt under Section 10(4) so long as you remain a non-resident under FEMA — banks deduct no TDS and no Indian tax is payable. Interest on an NRO FD is taxed at 30% plus surcharge and cess as TDS at source, with no minimum threshold. This calculator's TDS logic applies to ordinary Resident FDs, not to NRE deposits.

Why does my bank's FD advice show a slightly different number than this calculator?▾

Banks round to the nearest paisa or rupee at every quarterly compounding step, while the formula A = P(1 + r/n)^(nt) compounds in one calculation. On any normal FD the difference is below ₹5 per ₹1 lakh. Larger discrepancies usually mean the bank's compounding frequency, day-count convention or interest payout schedule differs from your inputs — re-check the deposit terms.

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Glossary

Principal (P): The amount of money you deposit at the start of an FD. The maturity amount A grows from P at the deposit's contractual rate over the chosen tenure.
Compounding Frequency (n): The number of times per year interest is added to the FD balance. Indian banks use n = 4 (quarterly) by default, which means interest is credited every three months and starts earning interest on itself from the next quarter.
Effective Annualised Yield: The actual annual return after intra-year compounding. Formula: (1 + r/n)^n − 1. Always equal to or greater than the nominal rate r when n > 1; the gap widens with larger n.
Section 194A: The Income Tax Act provision that requires banks to deduct 10% TDS on FD interest once it crosses ₹40,000 in a financial year (₹50,000 for senior citizens). Rate is 20% if PAN is not submitted.
Form 15G / 15H: Self-declarations submitted to a bank by depositors whose total income is below the basic exemption limit, requesting non-deduction of TDS on interest. 15G is for non-seniors, 15H for senior citizens.
Cumulative vs Non-Cumulative FD: A cumulative (reinvestment) FD pays the entire interest at maturity along with the principal. A non-cumulative FD pays interest periodically — monthly, quarterly or annually — and is preferred by retirees who need a regular income stream. The maturity formula here assumes a cumulative FD.
Tax-Saving FD: A Fixed Deposit with a mandatory 5-year lock-in that qualifies for a §80C deduction up to ₹1.5 lakh in the old regime. Cannot be broken early, cannot be pledged for a loan, and the interest remains fully taxable.