FD Calculator
Investment Amount
Interest Rate
Total Interest Amount
Total Payout (Principal + Interest)
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Calculate FD returns instantly with our FD calculator. Compare interest rates from different banks/NBFCs. Here’s a table showcasing the highest FD interest rates on Bajaj Markets and the maturity amount assuming a deposit amount of ₹20,000 for the respective tenure.
Bank/NBFC |
Highest Interest Rate (p.a.) |
Invested Amount |
Tenure (in months) |
Maturity Amount |
Shriram Finance Limited |
9.40% |
₹20,000 |
60 |
₹31,341 |
Ujjivan Small Finance Bank |
8.75% |
₹20,000 |
12 |
₹21,750 |
Bajaj Finance Ltd. |
8.65% |
₹20,000 |
42 |
₹26,738 |
Mahindra Finance Ltd. |
8.35% |
₹20,000 |
60 |
₹29,866 |
RBL Bank |
8.85% |
₹5,000 |
16 |
₹22,394 |
YES Bank |
7.75% |
₹20,000 |
120 |
₹42,189 |
PNB Housing Finance Ltd. |
7.95% |
₹20,000 |
36 |
₹25,159 |
Note: The interest rates mentioned are subject to change. Actual rates may vary depending on the policies of the bank or NBFC. It’s advisable to verify the current rates with your bank or NBFC before making any investment decisions.
Use the Fixed Deposit (FD) calculator on Bajaj Markets to estimate the maturity value of your investment. Simply enter the tenure and investment amount to check the interest you can earn upon maturity. Additionally, you can use this FD calculator to compare interest rates, tenures, and potential earnings across various banks and NBFCs to find a suitable option.
Our fixed deposit calculator offers more than just return estimates for your deposits. Here is how it helps:
Comparison
Our calculator allows you to compare interest rates from some of the leading banks and NBFCs. You can also adjust the tenure to see how it impacts your potential earnings.
Quick Calculations
Enter your deposit amount, preferred tenure, and the applicable interest rate. The calculator will instantly display the interest you can expect to earn on your fixed deposit.
User-friendly Design
Designed with a user-centric approach, our FD calculator is ideal for both first-time and seasoned investors. Anyone can use it to know their returns in just a few clicks.
Smart Logic
Built with tried and tested interest formulas, our calculator provides a quick view of the possible return on investment.
You can leverage the simplicity and efficiency of our FD calculator to compare interest rates and tenures from different banks and NBFCs. Review your potential returns and directly book your next FD on Bajaj Markets. Streamline the entire process – from comparison to finalising your investment.
Here is how you can use the FD calculator:
Begin by entering your user type, deposit amount, preferred tenure, and the payout frequency. Our calculator will instantly display the following results:
Rate of interest
Interest earned
Maturity amount
Calculating FD returns involves understanding both simple and compound interest. These formulas help estimate how much your investment will grow over time, enabling you to make informed decisions.
Simple Interest
Simple interest is calculated on the initial principal amount for the entire tenure. Here’s the formula for calculating it:
Simple Interest (SI) = P * R * T
Wherein,
P stands for Principal amount
R stands for Rate of interest
- T stands for Tenure
Example:
If you invest ₹50,000 at an interest rate of 7% p.a. for a tenure of 3 years, the simple interest would be:
Interest = 50,000 * 7% * 3 = ₹10,500
Compound Interest
Compound interest is calculated on the initial principal and the interest accumulated over previous periods. Here’s the formula for calculating it:
A = P(1 + r/n)^(nt)
Wherein,
A is the total amount of money collected after n years, including interest
P is the initial principal amount
r is the interest rate
n is the frequency of interest compounded per annum
- t is the tenure
Example:
If you invest ₹50,000 at an interest rate of 7% p.a. for a duration of 3 years, compounded annually, the interest earned would be:
In this case, P = ₹50,000, r = 7%, n = 1 (compounded annually), and t = 3 years
Hence, A = ₹50,000(1 + 0.07/1)^(1*3) = ₹61,252.45
Interest earned would be A - P = ₹61,252.45 - ₹50,000 = ₹11,252.45.
Glossary
Term |
Definition |
Fixed Deposit (FD) |
A term deposit where you invest a fixed sum for a set period at a predetermined interest rate. |
Maturity |
The date when your FD ends, and you receive your principal plus interest. |
Principal Amount |
The initial sum you invest in the FD. |
Interest Rate (% p.a.) |
The annual percentage at which your investment grows. |
Deposit Tenure (also known as Deposit Tenor) |
The duration of your fixed deposit. |
Compounding Frequency |
Frequency at which the interest is added to the principal (e.g., monthly, quarterly, half-yearly, or annually). |
Payout Frequency |
Frequency at which you receive interest payments (e.g., monthly, quarterly, annually, or at maturity). |
Total Payout |
The total amount you receive at maturity, including principal and interest. |
Deposit Insurance |
FDs issued by banks are insured up to ₹5 Lakhs. This coverage is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). |
Security Rating |
CRISIL safety ratings for FDs range from AAA to D, with AAA being the highest, indicating maximum credibility of the bank/NBFC. |
Interest Formula |
The method of calculating returns based on principal, interest rate, and tenure. |
Annual Compounding |
Interest added to your principal once a year. |
Here is an illustration of the maturity value based on the tenure you choose, assuming a deposit amount of ₹50,000 at an interest rate of 7% p.a., with maturity payout on an annual basis:
Tenure (Years) |
Principal (₹) |
Interest Rate (% p.a.) |
Total Interest Earned (₹) |
Maturity Value (₹) |
1 Year |
₹50,000 |
7% |
₹3,500 |
₹53,500 |
2 Years |
₹50,000 |
7% |
₹7,245 |
₹57,245 |
3 Years |
₹50,000 |
7% |
₹11,252 |
₹61,252 |
5 Years |
₹50,000 |
7% |
₹20,128 |
₹70,128 |
Tenure (Years): The duration of the FD investment.
Principal (₹): The initial investment amount.
Interest Rate (% p.a.): The annual interest rate applied to the FD.
Total Interest Earned (₹): The total interest earned over the tenure.
Maturity Value (₹): The sum of the principal and interest earned, paid at the end of the tenure.
Frequently Asked Questions (FAQ)
How can a fixed deposit calculator assist in financial planning?
An FD calculator helps you compare interest rates, tenures, and estimate the returns upon maturity across different banks and NBFCs available on the platform. These factors contribute to better financial planning and informed decision-making.
How does the interest rate impact my fixed deposit returns?
The interest rate offered determines how much your investment will grow over time. A higher interest rate results in higher returns at maturity.
What factors should I consider when selecting a bank or NBFC for my fixed deposit?
When investing, consider the institution's credit rating. Also, review the interest rate and deposit insurance coverage, if applicable. These factors ensure the safety of your investment and directly impact its profitability.
Is my fixed deposit insured, and what is the coverage amount?
All FDs offered by banks are insured up to ₹5 Lakhs under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme. NBFC FDs are not covered under this scheme. You can check their CRISIL rating to assess security and reliability.
What happens if I don’t withdraw my FD at maturity?
Most issuers offer an option to auto-renew your fixed deposit for the same tenure at the current interest rate. However, if you haven't opted for auto-renewal, the maturity amount will be transferred to your savings account at the end of the tenure.
Can I break my FD before maturity, and what are the penalties?
You can break FDs with a premature withdrawal facility after completing the lock-in period. Typically, NBFCs have a lock-in period of 3 months, though this may vary by provider. Penalties may include an interest rate reduction of 0.5% to 1%, which could reduce your overall returns on the FD. It is important to note that premature withdrawals are not applicable for tax-saver FDs.
Are the returns from FDs taxable?
Yes, the interest you earn from an FD is taxable. The interest earned is added to your income and taxed according to your income slab. TDS is deducted if the interest exceeds ₹40,000 (₹50,000 in case of senior citizens) in a financial year.
For example, if a regular citizen earns ₹60,000 as interest in a year, TDS will be deducted on the ₹20,000 that exceeds the ₹40,000 limit. At a 10% TDS rate, ₹2,000 will be deducted.
Is an FD calculator free to use?
Yes, an FD calculator is completely free to use. By entering your deposit amount, preferred tenure, and payout frequency, you can easily estimate the best-suited interest rate and maturity amount on Bajaj Markets.
How much time does it take to use an FD calculator?
Using an FD calculator typically takes just a few minutes. Simply enter your deposit amount, tenure, and payout frequency. The calculator will quickly showcase the returns and maturity amount. It's a fast and efficient tool for planning your investments.
How can an FD calculator help in comparing different FD options?
An FD calculator helps you compare different fixed deposit options from various providers. You can compare their interest rates, tenures, and maturity amounts, making it easier to choose the most suitable FD.
What is a tax-saving fixed deposit?
A tax-saving fixed deposit allows investors to claim deductions under Section 80C of the Income Tax Act, 1961, (up to ₹1.5 Lakhs in deductions per financial year). However, these FDs have a 5-year lock-in period, during which funds cannot be withdrawn.
What are the risks of auto-renewing a fixed deposit?
Auto-renewing a fixed deposit in a declining interest rate environment can be risky because the renewed FD may offer a lower interest rate than the original. This reduction could affect your overall earnings if rates have changed substantially since your initial investment.
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