A fixed deposit calculator helps you calculate the maturity amount for your deposit based on the prevailing interest rate for a particular tenure. The calculator is easy to use and will help you compare different tenures with different interest rates from different banks, thereby making it easier to decide which bank and tenure gives you the highest maturity amount for your fixed deposit.
An FD calculator is an online tool that helps you arrive at an accurate and precise figure for the maturity amount of your fixed deposit, given the interest rates offered by different banks for different tenures. It is easier and faster compared to manual calculations which can be confusing or even give you the wrong answer. With an online calculator, you can be sure that the calculation will be accurate at all times.
BankBazaar’s FD deposit calculator is designed to be easy to use and 100% accurate in calculating the maturity amount of your FD deposit. All you have to do is input the following data.
After that is done, click on the ‘'Calculate’' button and the maturity amount will be instantly displayed on the same page.
There are several advantages to using BankBazaar’s FD interest calculator such as:
You can calculate the compound interest that will accumulate on your fixed deposit using BankBazaar’s compound interest calculator. Again, all you have to do is input the required data and click on the ‘'Calculate’' button to get an accurate figure of how much your compound interest will be.
The interest rate on fixed deposit is usually calculated using two methods – simple interest and compound interest.
Simple Interest:
This is a pre-fixed rate of interest at a fixed period of time. It is calculated by multiplying the rate of interest per annum, the principal amount, and the tenure in years.
To take an example, if you deposit Rs.1 lakh at an interest rate of 10% p.a. for 5 years, then your interest amount at the time of maturity with a simple interest calculation will be the following:
SI: P x R x T/100
SI: 1,00,000 x 10 x 5/100 = 50,000
Maturity amount at the end of the 5-year deposit tenure: Rs.1.5 lakh.
Make use of RD Calculator
This is the interest that is earned on both the principal amount and the interest amount. It is calculated by multiplying the interest rate with the principal amount raised to the number of periods, taken in years, for which the interest is compounded.
A = P (1+r/n) ^ (n * t)
A = Maturity amount
P = Principal amount
r = rate of interest in decimals
n = number of compounding in a year
t = number of years
For a deposit amount of Rs.10,000 that is kept for a tenure of 3 years at a quarterly compounding interest rate of 10%, the interest at the time of maturity would be:
A= 10,000 {1 + (0.1/4)} ^ (4 * 3)
A = 10,000 (1 + 0.025) ^ (12)
A = 10,000 (1.025) ^ (12) = Rs. 13,449 (approximately)
Compound Interest (CI) = Maturity Amount – Principal Amount
CI = 13,449 – 10,000 = Rs. 3,449
Maturity amount at the end of the 3-year deposit tenure: Rs.10,3449
Get Fixed Deposits interest rates by Top Banks Explore FD rates
FD interest rates are affected by a variety of factors such as the tenure of the deposit, age of the applicant (senior citizens typically get higher interest rates), and current economic conditions.
Tenures of less than 6 months have interest rates that are calculated using the simple interest method.
The minimum tenure for fixed deposits is 7 days.
No, there is no need for any documents when using the FD calculator.
You can use the BankBazaar FD interest calculator to calculate the maturity amount you will get from any bank based on their interest rates.
Fixed Deposit Calculator by Other Banks
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