Fixed Deposit Calculator
Calculate FD maturity and interest for Indian users, with charts, tailored for Financeskill.in.
Frequently Asked Questions
What is a Fixed Deposit?
A Fixed Deposit (FD) is a financial instrument offered by banks in India where you invest a lump sum for a fixed tenure at a predetermined interest rate, earning guaranteed returns.
How is FD interest calculated?
FD interest can be Simple (Principal × Rate × Time / 100) or Compound (Principal × (1 + Rate/(100×Frequency))^(Frequency×Time)). This calculator supports both, with quarterly compounding for compound interest.
What is the benefit of senior citizen FDs?
Senior citizens (aged 60+) typically receive an additional 0.5% interest rate on FDs in India, increasing returns. Check the 'Senior Citizen' option to apply this.
Is FD interest taxable in India?
Yes, FD interest is taxable under 'Income from Other Sources' as per your income tax slab. TDS is deducted if interest exceeds ₹40,000 (₹50,000 for senior citizens) annually per bank.
Can I withdraw my FD prematurely?
Yes, but premature withdrawal may incur a penalty (e.g., 0.5% to 1% lower interest rate) and depends on the bank’s policy. Check with your bank for specifics.
Why use charts in the FD calculator?
The line chart shows how your FD grows over time, and the pie chart breaks down principal vs. interest, helping you visualize returns.