Fixed Deposit Calculator with Real-Time Bank Rates India

* Bank rates are updated on 18/04/2025

FD Calculator

How to use the FD calculator

1. Choose a bank category or select “All Banks.”

2. Pick a bank from the list of 43 for which you want to calculate your fixed deposit (FD).

3. Enter the principal amount for your FD.

4. Select the investment period.

5. Optionally, you can enter a custom interest rate.

6. If you are 60 years old or above, check the box for senior citizen status.

7. Click the “Calculate” button.

You will then see the interest rate, interest earned, and maturity details in the Maturity Details section.

What is Fixed Deposit and how it works?

Fixed deposits are a type of savings account offered by banks and financial institutions that allow you to deposit a lump sum of money for a specific period at a predetermined interest rate.

Here’s how they work:

Deposit Amount:You choose an amount to deposit, which usually has to meet a minimum requirement set by the institution.
Tenure:You select a fixed term for the deposit, which can range from a few months to several years.
Interest Rate:The bank will provide you with a fixed interest rate that remains constant throughout the deposit period.
Maturity Period:At the end of the agreed term, the deposit matures, and you can withdraw your initial investment along with the earned interest.
Early Withdrawal:If you need to access your funds before maturity, you may incur penalties or receive a lower interest rate.

Fixed deposits are considered a safe investment option, as they typically offer higher interest rates compared to regular savings accounts and are often insured by the government up to a certain limit.

Types of Fixed Deposits

Banks provide a range of fixed deposit options designed to meet various financial needs.

Regular fixed deposit: It is a common investment type where you deposit a lump sum for a specific tenure at a predetermined interest rate.
Tax-Saving Fixed Deposit: Commonly referred to as a 5-year FD, this type of deposit provides tax benefits under Section 80C of the Income Tax Act.
Senior Citizen FD: Banks provide higher interest rates on fixed deposits for senior citizens (60 years and above), usually ranging from 0.25% to 0.50% above standard rates.
Super Senior Citizen FD: A Special Term Deposit Account for Super Senior Citizens (80 years and above) offers an extra 0.25% interest rate on top of the increased rate for regular Senior Citizens across all deposit amounts.
Flexi FD: Flexi-fixed deposits offer a unique “Auto-sweep feature,” which transfers any excess balance above a specified amount into a fixed deposit account for a default term of one year.
Callable and Non-Callable FD:

Callable Fixed Deposit – This type of fixed deposit allows the account holder to withdraw part or all of the deposit amount before the maturity date. However, banks may impose a penalty for early withdrawal. A key feature of callable fixed deposits is that they do not have a lock-in period.

Non-Callable Deposit – Non-callable fixed deposits do not allow for early withdrawal of the invested amount before the maturity date, except in specific circumstances such as the account holder’s bankruptcy, business liquidation, or death. These deposits come with a lock-in period.

Cumulative and Non-Cumulative FD:

Cumulative Fixed Deposit (FD): In a cumulative FD, the interest earned is compounded annually and reinvested along with the principal amount. This means that the interest earned each financial year is added to the initial investment, resulting in higher overall returns at maturity.

Non-Cumulative Fixed Deposit (FD): In a non-cumulative FD, the investor can choose the frequency of interest payments. The interest on a non-cumulative FD can be received monthly, quarterly, semi-annually, or annually.

Overall, a cumulative FD typically offers higher returns than a non-cumulative FD.

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What are Corporate Fixed Deposits? How safe are corporate FDs?

Corporate fixed deposits are investment products offered by companies, Non-Banking Financial Companies (NBFCs), and financial institutions. Similar to traditional bank fixed deposits, they involve depositing a lump sum amount for a fixed tenure at a predetermined interest rate. However, corporate fixed deposits have some unique features that distinguish them from regular bank deposits.

Higher Interest Rates

One of the main advantages of corporate fixed deposits is that they generally offer higher interest rates compared to bank fixed deposits. On average, corporate fixed deposits provide returns that are 1-3% higher, making them an appealing choice for investors looking to maximize their savings. For instance, if a bank fixed deposit offers an interest rate of 5.5%, a corporate fixed deposit might offer a rate of 7% or more for the same tenure.

Flexible Tenure Options

Corporate fixed deposits (FDs) offer a diverse range of tenure options, allowing investors to select a duration that aligns with their financial objectives. Whether you are seeking a short-term investment lasting a few months or a long-term commitment over several years, corporate FDs cater to different investment horizons. This flexibility enables you to tailor your investments according to your liquidity needs and future plans.

Tax Benefits and Implications

Tax Deduction on Investment

Investing in corporate FDs can provide tax benefits under Section 80C of the Income Tax Act. If you choose a corporate FD with a tenure of 5 years or more, you can claim a tax deduction of up to ₹1.5 lakh on your investment. This deduction can significantly lower your taxable income and help you save on taxes.

TDS on Interest Income

It is important to note that the interest earned from corporate FDs is subject to Tax Deducted at Source (TDS). If your total interest income from corporate FDs exceeds ₹5,000 in a financial year, the issuing company will deduct TDS at a rate of 10% before crediting the interest to your account. However, if you fall under a lower tax bracket or have no taxable income, you can submit Form 15G or 15H to avoid TDS deduction.

Taxation of Interest Income

The interest earned on corporate fixed deposits (FDs) is subject to taxation according to your income tax slab rate. For instance, if you are in the 30% tax bracket, the interest income from your corporate FD will be taxed at that rate. It is important to consider these tax implications when calculating your net returns from corporate FDs.

Safety and Risk Factors

Importance of Credit Ratings

When deciding to invest in a corporate FD, assessing the creditworthiness of the issuing company is crucial. Credit rating agencies like CRISIL, ICRA, and CARE evaluate companies based on their financial stability and ability to repay debts. To minimize the risk of default, look for companies with high credit ratings, such as AAA or AA.

Lack of Deposit Insurance

Unlike bank fixed deposits (FDs), which are insured up to ₹5 lakh by the DICGC, corporate FDs lack deposit insurance. If a company goes bankrupt or defaults, you risk losing your investment. It’s vital to research the company’s financial health before investing.

Liquidity and Premature Withdrawal

Corporate FDs allow for premature withdrawals after a minimum lock-in period, usually three months. However, early withdrawals may incur penalties or lower interest rates. Be sure to understand the terms regarding withdrawals before you invest.

Different types of Banks in India

Indian banks are categorized into three broad types:

Commercial Banks:Including public sector, private sector, and foreign banks.
Cooperative Banks:Further subdivided into urban and rural cooperative banks.
Regional Rural Banks:Formed to cater to the banking requirements of rural India.

Reserve Bank of India (RBI) is India’s central bank. It has the responsibility for regulating and overseeing the Indian banking system, together with the conduct of the nation’s monetary policy and foreign exchange reserves.

Commercial Banks of India

The most common kind of bank found in India, commercial banks are involved in the provision of numerous financial services both to individuals and enterprises. Among the services include savings accounts, loans, as well as investment products.

a) Public Sector Banks

They are government-owned and run by the government of India. They comprise a major segment of the banking sector in India. Some of the largest public sector banks are:

– State Bank of India
– Punjab National Bank
– Bank of Baroda
– Canara Bank
– Bank of India
– Union Bank of India
– Indian Bank
– Central Bank of India
– Bank of Maharashtra
– Indian Overseas Bank
– UCO Bank
– Punjab & Sind Bank
– Allahabad Bank
– Andhra Bank (merged into Union Bank of India)
– Corporation Bank (merged into Union Bank of India)
– Oriental Bank of Commerce (merged with Punjab National Bank)
– Syndicate Bank (merged with Canara Bank)
– United Bank of India (merged with Punjab National Bank)
– Vijaya Bank (merged with Bank of Baroda)
– Dena Bank (merged with Bank of Baroda)

These banks are central to the Indian economy and offer basic banking facilities to millions of clients.

b) Private Sector Banks

Private sector banks are managed and owned by private firms or individuals. Private sector banks have gained growing prominence in the Indian banking industry in recent times. Some of the key private sector banks are:

– Axis Bank
– HDFC Bank
– ICICI Bank
– Kotak Mahindra Bank
– Yes Bank
– IndusInd Bank
– IDFC First Bank
– Bandhan Bank
– Federal Bank
– IDBI Bank
– Jammu and Kashmir Bank
– Karnataka Bank
– Karur Vysya Bank
– South Indian Bank
– RBL Bank
– City Union Bank
– DCB Bank (Development Credit Bank Ltd.)
– Tamil Nādu Mercantile Bank
– Nainital Bank
– Lakshmi Vilas Bank (merged with DBS Bank India Limited)
– Ratnakar Bank (now RBL Bank)

These banks display the variety and presence of private sector banks within the Indian economy.

c) Foreign Banks in India

Foreign banks are international bank branches that have operations in India. They offer a range of financial services, such as corporate banking, investment banking, and retail banking. Some of the prominent foreign banks in India are:

– Australia and New Zealand Banking Group Ltd.
– National Australia Bank
– Westpac Banking Corporation
– Bank of Bahrain & Kuwait BSC
– AB Bank Ltd.
– HSBC (Hongkong and Shanghai Banking Corporation)
– Citibank
– Deutsche Bank
– DBS Bank Ltd.
– United Overseas Bank Ltd.
– J.P. Morgan Chase Bank
– Standard Chartered Bank
– Barclays Bank PLC
– The Royal Bank of Scotland N.V. (RBS)

These banks are very influential in the Indian banking industry by providing various services to people and companies.

Regional Rural Banks (RRBs)

Regional Rural Banks (RRBs) were set up in 1975 to bring banking to the rural sector. They are sponsored by the commercial banks and the Government of India. RRBs are essential for financial inclusion and rural growth. Some of the key Regional Rural Banks are:

– Assam Gramin Vikash Bank
– Baroda UP Bank
– Dakshin Bihar Gramin Bank
– Karnataka Gramin Bank
– Manipur Rural Bank
– Mizoram Rural Bank
– Punjab Gramin Bank
– Tamil Nadu Grama Bank
– Utkal Grameen Bank
– Uttarakhand Gramin Bank

Cooperative Banks

These banks are owned and managed by their members. They offer various financial facilities like savings bank account, loans, and farm credit. Cooperative banks play a major role in the rural economy.

Scheduled Banks
Scheduled banks are commercial banks under the control of the Reserve Bank of India (RBI). They are part of the Second Schedule of the Reserve Bank of India Act, 1934. Scheduled banks can be divided into three types: public sector banks, private sector banks, and foreign banks.

Non-Scheduled Banks
Non-scheduled banks do not come under RBI regulation. They are small banks that serve certain niche markets. Some of the key Non-Scheduled Banks are:

– The Andaman and Nicobar State Cooperative Bank Ltd.
– The Manipur State Cooperative Bank Ltd.
– The Sikkim State Cooperative Bank Ltd.
– The Assam Cooperative Apex Bank Ltd.
– The Tirupati Cooperative Bank Ltd.
– Hindustan Cooperative Bank Ltd.
– Coastal Local Area Bank Ltd.
– Subhadra Local Area Bank Ltd.
– Krishna Bhima Samruddhi

Local Area Banks (LABs)

Local area banks (LABs) were introduced in 2013 with the motive to offer banking facilities to unserved areas. They are backed by commercial banks and the Indian Government. LABs are a major driver for financial inclusion.

Payment Banks

Payment banks were launched in 2015 to provide simple banking facilities, including savings accounts, transfer of money, and bill payments. They are not allowed to give loans or credit cards. Payment banks have been specifically introduced for increasing financial inclusion and promoting cashless transactions. Some of the notable payment banks are:

– Airtel Payments Bank Ltd
– India Post Payments Bank Ltd
– FINO Payments Bank Ltd
– Paytm Payments Bank Ltd
– Jio Payments Bank Ltd
– NSDL Payments Bank Ltd

Small Finance Banks

Small finance banks (SFBs) were formed in 2015 to offer banking facilities to under-banked sections of society, i.e., small enterprises and farmers. SFBs provide numerous financial products like savings accounts, loans, and investment schemes. Some of the prominent small finance banks are:

– Au Small Finance Bank Ltd
– Capital Small Finance Bank Ltd
– Fincare Small Finance Bank Ltd
– Equitas Small Finance Bank Ltd
– ESAF Small Finance Bank Ltd
– Suryoday Small Finance Bank Ltd
– Ujjivan Small Finance Bank Ltd
– Utkarsh Small Finance Bank Ltd
– North East Small Finance Bank Ltd
– Jana Small Finance Bank Ltd
– Shivalik Small Finance Bank Ltd

Specialized Banks

Specialized banks are engaged in dealing with specific segments of the economy, like agriculture, industry, or trade. Specialized banks in India are as follows:

– National Bank for Agriculture and Rural Development (NABARD)
– Industrial Development Bank of India (IDBI)

Frequently asked questions

Do you have any questions about fixed deposits? Here are some frequently asked questions you need to know about fixed deposit

1. What is the difference between a Fixed Deposit (FD) and a Recurring Deposit (RD)?

In a Recurring Deposit (RD), a fixed amount is deposited every month, while in a Fixed Deposit (FD), a lump sum amount is deposited for a specific period.

2. Are fixed deposits safe?

Yes, fixed deposits are generally considered safe. They are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India (RBI), established by an Act of Parliament. The DICGC provides coverage of up to ₹5 lakh per depositor.

3.What is the DICGC?

The Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of the Reserve Bank of India (RBI) that provides insurance for bank deposits and guarantees credit facilities. The DICGC covers all types of deposits, including savings, fixed, current, and recurring accounts, up to ₹5 lakh per depositor, per bank.

4.What is the minimum amount required to open a fixed deposit?

The minimum deposit amount usually ranges from Rs 1,000 to Rs 10,000, depending on the bank.

5.What is auto-renewal in fixed deposits (FD)?

Auto-renewal is a feature that enables investors to automatically renew their fixed deposits upon maturity for the same duration as the original deposit.

6.What is the difference between the effective annual yield on a FD and the interest rate?

The interest rate is the percentage at which an FD earns interest, while the effective yield takes compounding and reinvestment of interest into account to estimate overall returns. For example, if the stated interest rate for a particular bank for 1 year is 8%, its annualized yield rate for the same tenure will be 8.24%.

7.Are fixed deposits taxable?

Interest income from fixed deposits is fully taxable. Banks deduct TDS (Tax Deducted at Source) on the interest earned from fixed deposits. TDS will be deducted if the interest accrued on the deposits exceeds Rs. 40,000 in a financial year, or Rs. 50,000 for senior citizens.

8.Can I withdraw my fixed deposit before its maturity date?

You can withdraw your fixed deposit before its maturity date; however, you will likely incur a penalty. Typically, banks impose an early withdrawal penalty that ranges from 0.50% to 1%, depending on the institution.

9.Can I open an FD without a bank account?

Yes, you can open a fixed deposit (FD) without having a bank account at some banks, such as IndusInd Bank, HDFC Bank, and ICICI Bank.

10.Can a fixed deposit be transferred to another person’s account?

A fixed deposit (FD) cannot be directly transferred to another person’s account. However, if you want to gift an FD or consider transferring it, you can take the following actions:
a) Bank Instruction – You can ask your bank to designate the FD (including the principal and interest) for a specified person or purpose. This condition can be stated on the face of the Fixed Deposit and will be effective upon maturity.
b) Nomination – You can file a nomination in favour of a person who will receive the funds in trust upon the original depositor’s death. The proceeds of the deposit will then be allocated according to the depositor’s will.

11.What are some alternatives to fixed deposits (FDs)?

Some options include the National Savings Certificate (NSC), Debt Fund, Public Provident Fund (PPF), Government Securities (G-Secs), Corporate Bonds, Recurring Deposits (RDs), Liquid Funds, Equity Funds, and Fixed Maturity Plans.