India FD Calculator
Find what your fixed deposit will be worth at maturity, and how much interest it earns.
Year-by-year interest
| Year | Interest earned | Balance | TDS |
|---|
How your FD maturity is worked out
Maturity = deposit × (1 + rate per period) raised to the number of periods.
- 1
Rate per quarter
7% ÷ 4
= 1.75% - 2
Number of quarters
5 years × 4
= 20 quarters - 3
Grow the deposit
₹1,00,000
× 1.0175²⁰
= ₹1,41,478 - 4
Interest earned
₹1,41,478
− ₹1,00,000
= ₹41,478
Read more: the formula, a worked example, payout FDs and tax
Most Indian banks compound fixed deposit interest every quarter, so each quarter's interest earns interest itself for the rest of the term.
The formula
maturity = deposit × (1 + rate ÷ n)^(whole periods) × (1 + rate × odd days ÷ 365)
terms under 6 months: maturity = deposit × (1 + rate × days ÷ 365)
quarterly payout = deposit × rate ÷ 4
monthly payout = quarterly payout ÷ (1 + (1 + rate ÷ 12) + (1 + rate ÷ 12)²)
Here n is the number of compounding periods a year (4 for quarterly). Days left over after the last whole quarter earn simple interest on the grown balance, which is how banks work it out.
Worked example
₹1,00,000 at 7% for 5 years, compounded quarterly. The rate each quarter is 7% ÷ 4 = 1.75%, and there are 5 × 4 = 20 quarters. ₹1,00,000 × 1.017520 = ₹1,00,000 × 1.414778 = ₹1,41,478, so you earn ₹41,478 in interest. That's an effective yield of 1.01754 − 1 = 7.19% a year.
Payout FDs
With a payout FD the interest is paid to your account instead of being added to the deposit, so it doesn't compound. A quarterly payout on ₹1,00,000 at 7% is ₹1,750 every quarter. Monthly payouts are slightly less than 7% ÷ 12 (₹583) because the bank pays the quarterly interest early, at a discount: ₹1,750 ÷ 3.0175 = ₹580 a month.
Senior citizens
Most banks add 0.25% to 0.75% a year for depositors aged 60 or over, usually 0.50%. Check your bank's current rate card.
Tax and TDS
FD interest is added to your income and taxed at your slab rate, plus 4% cess. It is taxed as it accrues each year, even in a cumulative FD where you get it only at maturity. A bank deducts TDS of 10% (20% if it doesn't have your PAN) when the interest it pays you in a financial year goes over ₹50,000, or ₹1,00,000 for senior citizens. TDS is not an extra tax: it counts towards the tax you owe. If your total income is below the taxable limit, submit Form 15G (or 15H if you're 60 or over) to stop TDS. A 5-year tax-saver FD qualifies for the section 80C deduction in the old regime, but its interest is still taxable.
| TDS on FD interest | Under 60 | 60 or over |
|---|---|---|
| No TDS if a year's interest from one bank is up to | ₹50,000 | ₹1,00,000 |
| TDS rate above that, with PAN | 10% | 10% |
| TDS rate without PAN | 20% | 20% |
Breaking an FD early
If you close an FD before it matures, banks usually pay the rate for the time it actually ran, minus a penalty of 0.5% to 1%. This calculator uses your booked rate for that time, less the penalty, which is a good first estimate.
Before tax unless shown. TDS here treats each 12 months of the deposit as one financial year and assumes this is your only FD with the bank. Banks count exact days and may round differently, so check your FD receipt for exact figures. TDS limits checked on 9 October 2026.