In Bank Fixed Deposit account, a fixed sum of money is deposited for fixed tenure usually for a period from 7 days to 10 years. A higher interest rate is offered on fixed deposits which vary from bank to bank according to the amount deposited and duration of investment. You can get a fixed interest periodically till its whole term or can directly get whole interest along with the principal at the time of maturity. Find latest updated fixed deposit interest rate as on 26 01 2021, offered by each bank.
Banks offer the deposit period in various forms like days, months or years and even the compounding of interest varies from bank to bank which can be monthly, quarterly, half-yearly or yearly.
You can easily calculate the amount of interest earned and maturity amount using following FD calculator. It is to be noted that the result of this calculator will give you an approximate value and only your bank can provide you the exact value.
Bank FD Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit. It can be used to get the maturity value of FD under reinvestment option. It cannot be used for interest payout option. For using Bank FD Calculator, you have to enter following 4 items in the space provided:
(1) Deposit Amount
It is the principal amount that you would like to deposit in your FD account. Majority of banks ask for a minimum of Rs 100 as principal amount for opening of an FD Account. There is no maximum limit of amount that can be deposited in this account. In FD calculator, you will have to enter the amount that you want to deposit in your FD.
(2) Interest Rate
It is the rate of interest offered by the bank. It depends upon the tenure. It is different for different banks and for different tenures. For longer tenure, it is higher. In FD calculator, you will have to enter the interest rate in this place.
This is the period for which you will open your FD account. There are total 3 options provided in the drop down list which are in days, in months or in years. You can select one of the options and enter the tenure accordingly in this place. Longer the tenure, higher will be the FD interest rates. You can decide term of FD according to your objectives.
You can avail an FD for any term ranging between 7 days and 10 years. Different banks offer options of different tenures.
(4) Interest Compounding
It is compounding of interest. There are total 5 options provided in the drop down list which are simple interest, monthly, quarterly, half yearly and annually. You can select one of the options. Majority of banks usually do quarterly compounding of interest in case of FDs.
After entering/ selecting all the options as mentioned above, you need to press "Calculate" button. This will calculate and display the maturity value of your FD as well as total interest amount that you have earned. There is one "Reset" button which can be used for resetting the values.
Additionally, it will also show you graphical representation of principal and interest amount.