What is current FD interest rate in India?

FD rates 2024: 6.5-7.5% for 1-3 years. Senior citizens get 0.5% extra. Small finance banks offer 8-9%. Rates vary by bank, tenure, amount. Check bank websites for latest rates. Lock-in period affects rate.

How is FD interest calculated?

Simple FD: A = P(1+rt). Compound FD: A = P(1+r/n)^(nt). P=principal, r=rate, t=time, n=compounding frequency. Quarterly compounding most common. Monthly gives slightly higher returns than quarterly.

Is FD interest taxable?

Yes. FD interest taxed as per income tax slab. TDS 10% if interest >₹40K/year (₹50K for seniors). Submit Form 15G/15H if no tax liability. Add to income, pay tax at slab rate. Tax-saving FD gets 80C benefit.

What is difference between cumulative and non-cumulative FD?

Cumulative: Interest reinvested, paid at maturity. Higher returns via compounding. Non-cumulative: Interest paid monthly/quarterly. Lower returns. Choose cumulative for lump sum, non-cumulative for regular income.

Can I break FD before maturity?

Yes, premature withdrawal allowed. Penalty: 0.5-1% on applicable rate. Calculate reduced rate interest. No interest if broken in 7 days (some banks). Tax-saving FD has 5-year lock-in, no premature withdrawal.

Fixed Deposit Calculator

Calculate FD maturity, interest earned, and post-tax returns

Fixed Deposit Calculator

Calculate FD maturity amount, interest earned, and post-tax returns. Compare different compounding frequencies for maximum returns.

Principal Amount*

FD deposit amount

Interest Rate (Annual)

Current rates: 6.5% - 7.5%

Tenure*

1 years10 years

FD tenure in years

Compounding Frequency

Quarterly compounding is most common

FD Tax Implications

TDS: 10% TDS deducted if interest > ₹40,000/year (₹50,000 for senior citizens). Submit Form 15G/15H if no tax liability.

Tax on Interest: FD interest taxed as per your income tax slab. Add to total income and pay tax accordingly. No capital gains treatment.

Tax-Saving FD: 5-year lock-in FD qualifies for 80C deduction (₹1.5L limit). Interest still taxable. No premature withdrawal allowed.

Frequently Asked Questions

Everything you need to know about this tool