FD calculator
What a fixed deposit pays, compounded every quarter as Indian banks do. ₹1,00,000 at 7% a year for 5 years matures at ₹1,41,477.82. Choose interest at maturity, or paid to you every quarter or every month.
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Your figures
Results
Maturity amount
₹1,41,477.82
- Deposit
- ₹1,00,000
- Interest earned
- ₹41,477.82
- Effective yearly yield
- 7.19%
Interest paid to you
₹0.00
a quarter
- Number of payments
- 0 payments
- Total interest
- ₹41,477.82
- Deposit back at maturity
- ₹1,00,000
Plus ₹0.00 at maturity, for the part of a quarter left over.
Under six months, the deposit earns simple interest, as it does at many banks.
Fix the figure marked above, and the results will follow.
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How it grows
- Deposit
- Interest
Year by year
| Year | Interest earned so far | Value |
|---|---|---|
| End of year 1 | ₹7,185.90 | ₹1,07,185.90 |
| End of year 2 | ₹14,888.18 | ₹1,14,888.18 |
| End of year 3 | ₹23,143.93 | ₹1,23,143.93 |
| End of year 4 | ₹31,992.94 | ₹1,31,992.94 |
| At maturity | ₹41,477.82 | ₹1,41,477.82 |
How this is calculated
With interest at maturity (a cumulative FD), interest is added to the deposit every quarter, and the next quarter’s interest is earned on both:
Maturity = P × (1 + r ÷ 4)^q
where P is the deposit, r is the yearly rate ÷ 100 and q is the number of whole quarters. ₹1,00,000 at 7% for one year: 1,00,000 × 1.0175^4 = ₹1,07,185.90, an effective yield of 7.19% a year.
- Part of a quarter left over (a tenure like 1 year 1 month, or extra days) earns simple interest on the compounded amount for that time. Days count as 1/365 of a year.
- Shorter than six months: simple interest,
P × r × days ÷ 365, as many banks pay on short deposits. - Paid quarterly: you get
P × r ÷ 4each quarter, and your deposit back at maturity. - Paid monthly: each quarter’s interest is paid as three equal monthly amounts, discounted at the monthly rate (r ÷ 12), so they add up to the quarter’s interest by the quarter’s end. That’s why the monthly payout is a little less than a third of the quarterly one. Some banks work it out differently, so check yours.
- Before tax. FD interest is taxable, and your bank may deduct TDS from it, depending on the tax rules for the year and your situation. The figures here are before any tax.
Questions
Why is my bank’s maturity amount a little different?
Banks differ in how they count days, how they treat a part quarter, and how they round. Some compound on calendar quarters rather than from the day you open the deposit. The difference is usually a few rupees; your FD receipt shows the bank’s figure.
Should I choose monthly or quarterly payout, or cumulative?
A cumulative FD earns the most, because its interest keeps earning interest until maturity. Payouts suit you if you need a regular income from the deposit, such as after retiring. Monthly payouts are slightly smaller than a third of the quarterly ones, because you get the money sooner.
What is the effective yield?
What the FD earns in a year once quarterly compounding is counted. At 7% a year, compounded quarterly, it’s about 7.19%. It’s the fairest way to compare an FD with an investment whose return is quoted yearly.
Do senior citizens get more?
Many banks pay senior citizens an extra rate, often a fraction of a per cent. Enter the rate your bank offers you, and the calculator does the rest.
Quilleaf keeps your FDs growing on their own
Quilleaf is a free app for Android that keeps your money ledger on your phone, with no sign-up. Add your FDs, and FDs, RDs, PPF, EPF and bonds grow on their own from the interest rate and compounding you set.
- A list of what’s Maturing soon.
- Booked an FD from your bank account? Link that entry to the FD: your balance stays as it is, and the money isn’t counted as spent.
More calculators
RD calculator
Recurring deposit maturity, compounded quarterly as banks do.
PPF calculator
Public Provident Fund balance at maturity, year by year, at the rate you set.
Lumpsum calculator
What a one-time investment could grow to at a yearly return.
Inflation calculator
What today’s cost becomes after inflation, and what money will be worth.
These figures are estimates to help you plan, not financial advice. Banks, lenders and fund houses round and time things their own way, and rates change: check with them before you decide.