Calculate maturity amounts and interest earned for Fixed Deposits (FD) and Recurring Deposits (RD) online instantly.
Fixed Deposits (FD) and Recurring Deposits (RD) are the safest investment channels in India. An FD requires a one-time lump-sum deposit, whereas an RD involves a fixed monthly saving over a specified tenure. Our calculator helps you evaluate maturity amounts for both channels instantly.
The calculator implements the standard banking quarterly compounding interest formula: A = P * (1 + r/n)^(n*t).
| Deposit Type | Compounding Frequency | Formula | Best Used For |
|---|---|---|---|
| Fixed Deposit (FD) | Quarterly (4 times a year) | A = P * (1 + r/4)^(4*t) | Lump-sum savings & high safety |
| Recurring Deposit (RD) | Quarterly | Standard monthly compound formula | Monthly salary savings plan |
| Senior Citizen FD | Quarterly | Additional 0.5% interest rate | Retirees & income safety |
By default, Indian banks compound FD interest on a quarterly basis (n=4 times a year).
FD maturity value is calculated using the formula: `A = P * (1 + r/n)^(n*t)`, where P is principal, r is annual rate, n is compounding frequency (4), and t is tenure in years.
In an RD, you deposit money monthly. Since each monthly installment earns interest for a different duration, the interest is calculated for each installment and compounded quarterly.
Yes. Almost all Indian banks offer senior citizens (aged 60+) an additional interest rate of 0.50% on both FD and RD accounts.
Yes. Interest earned on FD is taxable under 'Income from Other Sources'. Banks deduct TDS at 10% if the annual interest exceeds ₹40,000 (₹50,000 for senior citizens).
If your total annual taxable income is below the exemption limit, you can submit Form 15G (Form 15H for senior citizens) to the bank to prevent TDS deduction on your FDs.
Yes, but banks levy a premature withdrawal penalty, typically reducing the interest rate by 0.5% to 1.0% of the contracted rate.
A Tax-Saving FD has a lock-in period of 5 years. Investments up to ₹1.5 Lakhs are deductible under Section 80C, but the interest earned is still taxable.
This calculator computes cumulative compounding returns. Non-cumulative FDs with monthly or quarterly payouts yield slightly lower overall maturity values.
Under the DIGC scheme, deposits in scheduled banks are insured up to ₹5,000,000 (including principal and interest) per bank.