FD Calculator: Fixed Deposit (FD) Calculator is an online tool that estimate total maturity amount based on your investment with fixed interest rate for a period. This tool help you make clear fixed deposit decision based on FD interest rates and tenure. The minimum and maximum period for fixed deposits is 7 days and 10 years respectively.
How to Use FD Calculator
FD calculator gives you the final maturity value of the fixed deposit investment for specific period. To use this calculator you have to enter investment, interest rate and number of years. Now it will show the total maturity amount.
Easy steps to use FD Calculator Online:
- Enter your total investment.
- Select number of years to fixed deposit.
- Enter your FD interest rate.
- Now, check your total maturity amount, investment and interest earned.
Fixed Deposit (FD) popularly known as FD is a financial instrument offered by banks which give investors with a higher rate of interest than a usual savings account, until the specified maturity date. It can or might not necessitate the formation of a separate account.
They are believed to be very secure investments. The outlining criterion for a fixed deposit are that the cash cannot be withdrawn from the Fixed Deposit as evaluated to a recurring deposit or a demand deposit earlier than maturity.
A few banks may propose extra services to Fixed Deposit holders, for example, loans against Fixed Deposit certificates at competitive interest rates. It’s significant to make a note of that banks may proffer lesser interest rates in uncertain economic conditions. The interest rate varies between 3 and 8.25 %.
The term of a Fixed Deposit can differ from 7/ 15 / 45 days to 1.5 years and can be as elevated as 10 years. These investments are more secure than Post Office Schemes as they are covered by the Deposit Insurance and Credit Guarantee Corporation.
Fixed deposits are an elevated – interest capitulating Term deposit and obtainable by banks in India. The most admired form of Term deposits are Fixed Deposits, while other forms of term Deposits are Recurring Deposit & Flexi Fixed Deposits.
Benefits of FD as compare to Lump sumps investment
The major benefit is that fixed deposits from reputed banks are a secure investment because such banks are cautiously regulated by the Reserve Bank of India. The other advantage of fixed deposits is that you have the alternative of receiving regular income through the interest payments that are made each month or quarter. This alternative is particularly helpful for retirees.
If you’re not sure where to start or how to pick a bank for FD that offer higher return, then you should check out current FD Interest Rates from various private and government Banks such as SBI, ICICI, HDFC and Axis Bank.
FD Interest Rates 2021
Majority of private and public sector banks offering FD interest rates from 3% to 7.5%. FD interest rate varies based on tenure of fixed deposit and type of citizen ( general and senior citizen).
Following table shows the list of top banks and their current FD interest rates 2021:
|Name of Bank||General Citizens||Senior Citizens|
|SBI||3.30% to 5.70%||3.80% to 6.50%|
|ICICI Bank||2.75% to 5.75%||3.25% to 6.30%|
|HDFC Bank||3.00% to 6.00%||3.50% to 6.50%|
|PNB||3.50% to 5.75%||4.00% to 6.25%|
|Canara Bank||3.00% to 5.30%||3.00% to 5.80%|
|Axis Bank||3.50% to 6.10%||3.50% to 6.60%|
|Kotak Bank||3.00% to 5.00%||3.50% to 5.50%|
|Bank of Baroda||3.50% to 5.70%||4.00% to 6.20%|
|IDFC Bank||4.00% to 7.25%||4.50% to 7.75%|
|Bank of India||4.00% to 5.80%||4.50% to 6.30%|
Fixed Deposit (FD) – FAQ
What is the tenure of Fixed Deposit?
The tenure or period of fixed deposit ranges from minimum of 7 days to maximum of 10 years. One can choose FD as per requirements and higher interest rate.
Which banks are offering highest FD interest rates?
Few well known banks that offering highest FD rates are IDFC Bank, Axis Bank, HDFC Bank, ICICI bank and SBI. Usually, the majority banks are offering FD interest rates in the range of 3-6%.
Can i prefer FD in post office over bank?
FDs offered fixed returns so it really doesn’t matter. Usually, rural people prefer FD in post office over bank. It’s recommended to FD in highest interest rate offering bank.
Which is the best bank for fixed deposit?
SBI, ICICI Bank, HDFC Bank, Axis Bank and IDFC Bank are few best banks for fixed deposits. Always select a bank that offering highest FD interest rate for 5 years over 10 years.