# Fixed Deposit or FD Calculator

A fixed deposit (FD) is a type of term investment offered by several banks and NBFCs. These deposits typically offer a higher rate of interest, subject to certain terms and conditions. The amount you deposit in an FD is locked for a predetermined period which can vary between 7 days and 10 years.

The interest rate for F.Ds is fixed at the time of opening the deposit and independent of any fluctuations in the market. Some financial institutions even allow one to break their F.Ds prematurely on paying a certain penalty fee. An FD calculator can be used to determine the interest and the amount that it will accrue at the time of maturity. It is a simple-to-use tool available at the TAXAJ website.

### FD Calculator Online

Rs.

Yr

%

Total Value:Rs. 10,008

Calculating the maturity amount of an FD can be a complicated and time-consuming process. An online FD calculator enables one to figure it without breaking a sweat.

• FD maturity calculations are complex involving multiple variables. An FD deposit calculator does all the hard work and gives you the accurate figures just at the click of a button.
• It helps you save a lot of time on these complex calculations.
• A fixed deposit return calculator enables you to compare the maturity amount and interest rates of FDs offered by different financial institutions. You can make an informed decision when you have all the figures at your disposal.

The formula to determine FD maturity amount

There are two types of FD that you may avail- simple interest FD and compound interest FD. TAXAJ has calculators for both these types of FD.

The fixed deposit calculator for simple interest FD uses the following formula –

M = P + (P x r x t/100), where –

• P is the principal amount that you deposit
• r is the rate of interest per annum
• t is the tenure in years

For example, if you deposit a sum of Rs. 1,00,000 for 5 years at 10% interest, the equation reads –

M= Rs. 1,00,000 + (1,00,000 x 10 x 5/100)

= Rs. 1,50,000

For compound interest FD, the FD return calculator uses the following formula –

M= P + P {(1 + i/100) t – 1}, where –

• P is the principal amount
• i is the rate of interest per period
• t is the tenure

For example, if you take the same variables, the compound interest FD will accrue,

M= Rs. 1,00,000 {(1 + 10/100) 5-1}

Or, Rs. 1,61,051

## How to use TAXAJ’s FD calculator?

Follow the steps mentioned below to use an FD deposit calculator conveniently.

• Ensure you have all the related data available with you.
• Enter the variables as mentioned in the formula on their designated slots.
• The FD maturity amount will be displayed instantly.